The NEW waiting to exchange thread...

saucer

We’re selling a 2 bed flat with share of freehold. FTB offered asking price mid May. No apparent issues with survey, at least as far as we have been told and that was ages ago. There was some delay with managing agents providing information to solicitors but everything appeared fine in terms on enquiries. However we cannot get a target exchange date. We’re pressing our side to press theirs but I wonder if the slowness is our solicitor. All the time passing I am concerned buyer will pull out because of the gloomy interest rate and house price news. This process is so stressful.  Any suggestions?

lis1320

saucer said:

lis1320 said:

We've exchanged!

Updated timeline:
26th June - offer accepted
30th June - memorandum of sale issued
4th July - draft contracts received and initial enquires raised
7th July - searches received from developer, all in date

20th July - mortgage offer received, searches report received from solicitor 
21st July - received report on title and documents for signature
26th July - signed documents returned to solicitor 
27th July - transferred deposit funds
28th July - exchange of contracts 

That is nuts quick!  What happened to the survey? 

Yes, we saved masses of time because the developer (who was going to buy the house if the sellers hadn’t found a buyer) had the searches done already. 

We decided to delay the survey until we move in later in the year. We were on a deadline to exchange (pushed by the developer) and due to some contract issues, we didn’t want to instruct a survey too early in case everything fell through. In the end, the contract was amended and everything happened to quickly, the survey report would have arrived after exchange. Since we’d essentially have to buy the property anyway by then, we decided to wait to have it done after the current owners move out. 

saucer

Resurrecting this thread because it was helpful to me at least. 

I am lead to believe we are going to agree dates early next week. Fingers crossed. Estate agent tells me that the market is completely dead, if that can be believed. 

gazfocus

gazfocus said:

gazfocus said:

Thought I’d join this thread for some venting haha. 

17th February - Offer accepted on our sale. 

18th February - Solicitor instructed
24th February - Documents completed and sent back to solicitor. 

14th March to 6th April - Sporadically received enquiries from buyers solicitors and replied same day. 

6th April - Buyers solicitor requested something additional from the council. 

12th May - Up to date redemption figures received by our solicitor and everything ready to go. 

17th May - Discovered our buyers buyers (FTBs) are having to query something with their lender which has had to go back to the valuer.

This is where we are currently. We’ve been waiting 3 weeks now and have had no movement whatsoever.  Emailed our solicitor today and received an autoreply to say our solicitor is now on leave til 19th June! Really hoping one of the other solicitors in the firm can try and push things along as it’s already been 15 weeks since offer accepted, don’t want to be waiting til the end of the month for completion. 

We are still waiting. 19 weeks now 🙄

Our side is all done, as far as I’m aware, our buyers side of our sale is all ready, and all we are waiting for is the resolution to one query to do with the house our buyers are selling which involves a piece of land. 

Spoke to our estate agent and there’s some progress been made today thanks to the estate agent getting involved and doing some of the leg work that solicitors should have been doing, but we’ve now given the chain a deadline of 14th July to agree a completion date otherwise we will put the house back on the market. 

Our estate agent couldn’t guarantee things would move any further in that timeframe but she agreed the deadline was fair. 

We found out on 4th August that our buyers decided to withdraw their house from the market which meant they were unable to continue with their purchase of our house. We relisted the same day and had 4 viewings yesterday but we are now contemplating putting the house back in the rental market instead. 

Did find out that one of the four that viewed our house yesterday has only just put their own house on the market last week so why the EA allowed them to book a viewing is somewhat puzzling but will see what feedback, if any, we get tomorrow. 

saucer

gazfocus said:

gazfocus said:

gazfocus said:

Thought I’d join this thread for some venting haha. 

17th February - Offer accepted on our sale. 

18th February - Solicitor instructed
24th February - Documents completed and sent back to solicitor. 

14th March to 6th April - Sporadically received enquiries from buyers solicitors and replied same day. 

6th April - Buyers solicitor requested something additional from the council. 

12th May - Up to date redemption figures received by our solicitor and everything ready to go. 

17th May - Discovered our buyers buyers (FTBs) are having to query something with their lender which has had to go back to the valuer.

This is where we are currently. We’ve been waiting 3 weeks now and have had no movement whatsoever.  Emailed our solicitor today and received an autoreply to say our solicitor is now on leave til 19th June! Really hoping one of the other solicitors in the firm can try and push things along as it’s already been 15 weeks since offer accepted, don’t want to be waiting til the end of the month for completion. 

We are still waiting. 19 weeks now 🙄

Our side is all done, as far as I’m aware, our buyers side of our sale is all ready, and all we are waiting for is the resolution to one query to do with the house our buyers are selling which involves a piece of land. 

Spoke to our estate agent and there’s some progress been made today thanks to the estate agent getting involved and doing some of the leg work that solicitors should have been doing, but we’ve now given the chain a deadline of 14th July to agree a completion date otherwise we will put the house back on the market. 

Our estate agent couldn’t guarantee things would move any further in that timeframe but she agreed the deadline was fair. 

We found out on 4th August that our buyers decided to withdraw their house from the market which meant they were unable to continue with their purchase of our house. We relisted the same day and had 4 viewings yesterday but we are now contemplating putting the house back in the rental market instead. 

Did find out that one of the four that viewed our house yesterday has only just put their own house on the market last week so why the EA allowed them to book a viewing is somewhat puzzling but will see what feedback, if any, we get tomorrow. 

That is all really frustrating. If our sale was to fall through we’d probably have to go back to letting but I really don’t want that hassle back. I am so over it

gazfocus

saucer said:

gazfocus said:

gazfocus said:

gazfocus said:

Thought I’d join this thread for some venting haha. 

17th February - Offer accepted on our sale. 

18th February - Solicitor instructed
24th February - Documents completed and sent back to solicitor. 

14th March to 6th April - Sporadically received enquiries from buyers solicitors and replied same day. 

6th April - Buyers solicitor requested something additional from the council. 

12th May - Up to date redemption figures received by our solicitor and everything ready to go. 

17th May - Discovered our buyers buyers (FTBs) are having to query something with their lender which has had to go back to the valuer.

This is where we are currently. We’ve been waiting 3 weeks now and have had no movement whatsoever.  Emailed our solicitor today and received an autoreply to say our solicitor is now on leave til 19th June! Really hoping one of the other solicitors in the firm can try and push things along as it’s already been 15 weeks since offer accepted, don’t want to be waiting til the end of the month for completion. 

We are still waiting. 19 weeks now 🙄

Our side is all done, as far as I’m aware, our buyers side of our sale is all ready, and all we are waiting for is the resolution to one query to do with the house our buyers are selling which involves a piece of land. 

Spoke to our estate agent and there’s some progress been made today thanks to the estate agent getting involved and doing some of the leg work that solicitors should have been doing, but we’ve now given the chain a deadline of 14th July to agree a completion date otherwise we will put the house back on the market. 

Our estate agent couldn’t guarantee things would move any further in that timeframe but she agreed the deadline was fair. 

We found out on 4th August that our buyers decided to withdraw their house from the market which meant they were unable to continue with their purchase of our house. We relisted the same day and had 4 viewings yesterday but we are now contemplating putting the house back in the rental market instead. 

Did find out that one of the four that viewed our house yesterday has only just put their own house on the market last week so why the EA allowed them to book a viewing is somewhat puzzling but will see what feedback, if any, we get tomorrow. 

gazfocus said:

gazfocus said:

gazfocus said:

Thought I’d join this thread for some venting haha. 

17th February - Offer accepted on our sale. 

18th February - Solicitor instructed
24th February - Documents completed and sent back to solicitor. 

14th March to 6th April - Sporadically received enquiries from buyers solicitors and replied same day. 

6th April - Buyers solicitor requested something additional from the council. 

12th May - Up to date redemption figures received by our solicitor and everything ready to go. 

17th May - Discovered our buyers buyers (FTBs) are having to query something with their lender which has had to go back to the valuer.

This is where we are currently. We’ve been waiting 3 weeks now and have had no movement whatsoever.  Emailed our solicitor today and received an autoreply to say our solicitor is now on leave til 19th June! Really hoping one of the other solicitors in the firm can try and push things along as it’s already been 15 weeks since offer accepted, don’t want to be waiting til the end of the month for completion. 

We are still waiting. 19 weeks now 🙄

Our side is all done, as far as I’m aware, our buyers side of our sale is all ready, and all we are waiting for is the resolution to one query to do with the house our buyers are selling which involves a piece of land. 

Spoke to our estate agent and there’s some progress been made today thanks to the estate agent getting involved and doing some of the leg work that solicitors should have been doing, but we’ve now given the chain a deadline of 14th July to agree a completion date otherwise we will put the house back on the market. 

Our estate agent couldn’t guarantee things would move any further in that timeframe but she agreed the deadline was fair. 

We found out on 4th August that our buyers decided to withdraw their house from the market which meant they were unable to continue with their purchase of our house. We relisted the same day and had 4 viewings yesterday but we are now contemplating putting the house back in the rental market instead. 

Did find out that one of the four that viewed our house yesterday has only just put their own house on the market last week so why the EA allowed them to book a viewing is somewhat puzzling but will see what feedback, if any, we get tomorrow. 

That is all really frustrating. If our sale was to fall through we’d probably have to go back to letting but I really don’t want that hassle back. I am so over it

To be honest, it’s not my first choice. We were in the process of buying a renovation project with the cash from sale so would have to bail on that if we put the house back up for rent, but there’s only so long I can sit with an empty house. 

Wren14

Tentatively joining this thread.

We initially sold our house and in the process of buying another when our seller pulled out about three weeks before we were due to exchange. After looking for another house to purchase for a month we decided to stay where we were and lick our wounds.

Fast forward two years and again we are in the process of buying and selling!

Offer accepted on ours in June and had an offer accepted on a new property two days later. Everything seems to be going well, yesterday we received a huge amount of info on the purchase (property forms, land registry documents etc). Everything signed and witnessed and ready to drop off to the conveyancer today.

Starting to feel like it might actually happen this time but also scared incase something goes wrong like last time!

fiish

Completed on 4 August as planned, got distracted with the moving, decorating, and repairs and forgot to circle back here

Summary of times for process steps:
Mortgage application to offer - 16 days (Coventry BS)
Searches - 21 days
L3 survey turnaround - 3 days
Offer accepted to exchange - 69 days ~ 9 weeks 6 days
Offer accepted to completion - 92 days ~ 13 weeks 1 day

FInal timeline:

5th May - offer accepted
9th May - instructed solicitors, obtained mortgage recommendations from broker
10th May - sellers had offer accepted on onward purchase
15th May - mortgage application submitted
24th May - instructed searches
31st May - mortgage offer received
8th June - Level 3 survey appointment
11th June - L3 survey report, more enquiries through solicitors
13th June - searches back, more enquiries by solicitors
26th June - final report, replies to enquiries, and documents to sign from solicitors
5th July - returned signed paperwork to solicitors
13th July - paid deposit, contracts exchanged
4th August - completion

Wren14

Congratulations Fiish! Your timeline makes me think I might be close to exchange 🤞

CleverFable

I would also like to join...we are 10 months in (due to various issues, losing buyers, section 20s - see my other threads ) and we are so close now I can't believe the end is finally in sight!

The chain has agreed on a completion date, contracts are signed and I believe exchange will be on Monday when one of the solicitors is back from their holiday so fingers crossed.