The NEW waiting to exchange thread...

matthew91822

matthew91822 said:

After some renegotiation we were to exchange today. Then the buyer pulled out. Breaking the chain and so I've now lost the house I am buying and ready to exchange on. 

When are we going to change to the Scottish system of offer accepted being contractual. Awful people, why do it now after 9 months.

I think I have been one of the most unluckiest people trying to sell an empty house. Chain free

Sale - Chain free

2022

28/02: Marketed

14/03: Offer accepted

22/11 Ready to exchange

29/11: buyer demands 20k price reduction and we renegotiate

01/12: Date of exchange but buyer pulls out. (what a ****)

02/12: Remarket the property but get zero viewings until January.

2023

04/01: Insanely low offer (at that time) rejected - hindsight I should have accepted because it was 21% more than we sold it for

07/02: Offer accepted

14/03: Buyer pulled out - they 'didn't like the trees' (then why offer)

22/04: Offer accepted

29/04: Buyer pulled out - they  wanted a different property (again why offer)

03/05: Offer accepted

22/05: Buyer pulled out - no reason stated (they went awol)

09/06: Offer accepted

Today: Exchanged & completed (for 28% less than 2022)

Glad to see the back of the place at long last.

Charly_H

I am struggling to see any end to this house selling process! Put it on the market in Feb 2023, we have had 4 offers and 3 of which have fell through previously. We have had a very unlucky journey up to this point.

My current buyer is selling a leasehold flat and we are 21 weeks into the sale from when the offer was accepted, does anyone know if its normal for a leasehold flat sale to take this long?

I have been assured that there are only 2 remaining enquiries on the flat and the answers need to come from the management company and then we can discuss dates but we have been waiting over 2 weeks now for that response and I'm losing the will.

Anyone else had a similar experience with the delays from management companies? Currently in a chain of 3 and we are the top of that chain.

RHemmings

@matthew91822 - sorry to hear about your trials and tribulations, but congratulations for eventually getting to the finishing line. Sorry to hear about your indecisive buyers. 

@Charly_H - good luck for a speedy resolution. 

timehastoldme

We are due to exchange today (postponed from Friday). For various reasons, completion due Wednesday. Tighter than I'd like, but house selling and buying is a dark art and can't be helped. 

Still, feel like I'm grinding my teeth to stumps this morning.

timehastoldme

Listed 8th June

Offer accepted 24th August

Offered and offer accepted on a house 31st August

Exchanged today 6th November

Completion Wednesday 8th November

Waiting for an offer was awful, the feedback from most people viewing was that neighbours garden is an eyesore. We listed at £250, reduced to £245 in July and because of the unique circumstance of the (cash) buyer, accepted an offer of £235.

RHemmings

@timehastoldme - great that you got there in the end and hopefully there is still something of your teeth left now. 

For me, things looked a bit uncertain. But, as of this week I'm clearly through offer, acceptance, survey, and now continuing on with AML stuff and things are looking much more positive. 

timehastoldme

Teeth intact, surrounded by boxes, but also fields and no encroaching plants from any neighbours.

Good luck!

RHemmings

I'm not sure that things are progressing in a clearly defined manner for me. But, my searches have just come back. And, after a bit of a gap, I've heard from my solicitors. It's going to be the weekend before I can go through the information that has come back in detail. However, as of today, there is progress. 

greenwood132

23rd November Sale Agreed
27th November Mortgage Application
28th November Contract Pack
11th December Mortgage rate drops - change to new product
13th December Searches Back & Mortgage offer issued

Mid Jan maybe?

BLN83

Hi all,

Been lurking here for a while and as a FTB I am wondering if someone can help me with how long exchange takes.

Situation at the moment is:

22.11 - Offer accepted on house

24.11 - Mortgage application submitted and Solicitor instructed

27.11 - Solicitor starts searches and seller info requests

30.11 - Seller returned information pack

14.12 - Property valuation happened and lender asked for some information

18.12 - All searches and surveys received (flood risk highlighted)

19.12 - Sent info requested at valuation and highlighted flood risk to lender (mistake!!)

28.12 - Mortgage rejected due to floor issue

02.01 - Seller responds to all solicitor questions from searches (all now satisfied between both parties)

03.01 - New mortgage application submitted with a lender ok with flood risk

11.01 - Broker advises mortgage portal says all satisfied and waiting on valuation

17.01 - 2nd lender Valuation scheduled to happen

So my main question is - we have all searches back, seller questions answers and deposits are ready to go ... we are just waiting on the new mortgage offer. Broker thinks this will come Friday this week or Monday next after valuation. If offer is received on say between 19th-23rd January and both parties have everything they now need how long does it take to draw up contracts and for exchange? We are pushing for Exchange and completion same day.

My solicitor seems very quick with everything they need to do but I don't want to hound her as she has said nothing more can happen until the offer comes through which I appreciate but i need to know how longs things take after it does. 

Two reasons for the ask is - 1) Desperate to move in due to tenancy ending end of Jan and agreed with Landlord to pay week by week. 2) I am away for work 7th Jan - 7th Feb.

Any advice?

Thanks