The NEW waiting to exchange thread...

JW2709

Summary of times for process steps so far:
Mortgage application to offer - 24 hours (Halifax via a broker desktop survey completed same day)
Searches - 21 days
L3 survey turnaround - 5 days

Timeline to date:

13th Nov - offer accepted

15th Nov - instructed solicitors, 

17th Nov - mortgage secured via broker

17th Nov - instructed searches

4th Dec - searches back, enquiries by solicitors
7th Dec - L3 survey appointment
12th Dec - L3 survey report, more enquiries through solicitors

16th Dec - Advised contact handing case is leaving the firm new person assigned

13th Feb - final report, replies to enquiries,

 20th Feb - documents to sign from solicitors
21st Feb - returned signed paperwork to solicitors

Now waiting on an exchange and completion date.

Given our purcahse has fallen over the christmas period, i did expect some delays.  However there have been some other issues which we were not aware of at the beginning of the process which continues to cause some issues.  

Seller did not advise they needed an onward purcahse before selling.  We were told they were ready to move out and purcahse will be realtively quick as no chain.  Advised midway through around Jan via sellers solictors an onward purcahse will need to be completed on the same day as ours however seller is buying a vacant property.  Have also been advised seller is buying a leasehold.

I have complained to the EA about the lack of info at the start of the process about there being a chain and if we do not complete by end of March we will look to pull our offer.  Seller has had their mortgage, searches all completed.  Management pack has also been sent through so now hoping they are not far off being in a position to confirm an exchange date.  

Be great to hear anyones experience on buying a leasehold to understand if the sellers position is close to exchange or think it’s not realistic in terms of completing by end of March.

RHemmings

Good luck @JW2709.

GoogleMeNow

JW2709 said:

Summary of times for process steps so far:
Mortgage application to offer - 24 hours (Halifax via a broker desktop survey completed same day)
Searches - 21 days
L3 survey turnaround - 5 days

Timeline to date:

13th Nov - offer accepted

15th Nov - instructed solicitors, 

17th Nov - mortgage secured via broker

17th Nov - instructed searches

4th Dec - searches back, enquiries by solicitors
7th Dec - L3 survey appointment
12th Dec - L3 survey report, more enquiries through solicitors

16th Dec - Advised contact handing case is leaving the firm new person assigned

13th Feb - final report, replies to enquiries,

 20th Feb - documents to sign from solicitors
21st Feb - returned signed paperwork to solicitors

Now waiting on an exchange and completion date.

Given our purcahse has fallen over the christmas period, i did expect some delays.  However there have been some other issues which we were not aware of at the beginning of the process which continues to cause some issues.  

Seller did not advise they needed an onward purcahse before selling.  We were told they were ready to move out and purcahse will be realtively quick as no chain.  Advised midway through around Jan via sellers solictors an onward purcahse will need to be completed on the same day as ours however seller is buying a vacant property.  Have also been advised seller is buying a leasehold.

I have complained to the EA about the lack of info at the start of the process about there being a chain and if we do not complete by end of March we will look to pull our offer.  Seller has had their mortgage, searches all completed.  Management pack has also been sent through so now hoping they are not far off being in a position to confirm an exchange date.  

Be great to hear anyones experience on buying a leasehold to understand if the sellers position is close to exchange or think it’s not realistic in terms of completing by end of March.

Leasehold takes longer than a freehold.  There are other parties added to the transaction, such as the freeholder and a managing agent (possibly their solicitor).  Glad to hear that the Seller of the leasehold property has the management pack, however, further enquiries will be asked in addition to the usual enquiries, so expect your transaction to be some time yet.