The NEW waiting to exchange thread...

annetheman

Hello-o-o-o << echoes in a cavernous void >> it has been quiet in here and on Reddit! Not too many completions the past few weeks.

From me: I might be exchanging tomorrow. Might not. 

When I thought we were ready almost 2 weeks ago, seller's solicitor had yet to request a redemption statement from their lender. That was a while ago so maybe we are ready.

When I sold in August, Friday exchange became Monday exchange so I am not holding my breathe (this process has made so skeptical, ha!) - my solicitor has been brilliant, though. If it is delayed, I know it was out of her control (probably)!

Positive thoughts...
My cat has found his first real friend - the little orange from next door (the humans are... less friendly lol)! They sit with each other on the patio furniture for hours on end. This is a big deal because I thought I could never get him a companion due to his inability to withstand other cats. Turns out he's just picky!

I now will feel a little guilty pulling him away from his new ginger friend... It's a nice thought that every day of delay is an extra day for my cat with his new friend, so not a bad thing

Fingers and toes crossed anyway, what will be will be.

Have a good start to the weekend, for all waiting for news (and all settling into new homes)!

mizzbonita

We put an offer in on the 23 June and exchanged contracts today!

it has been a long process with a delay due to price negotiations and then two chains but we got there in the end. Completion is on the 18th Dec 

annetheman

mizzbonita said:

We put an offer in on the 23 June and exchanged contracts today!

it has been a long process with a delay due to price negotiations and then two chains but we got there in the end. Completion is on the 18th Dec 

Congratulations on getting over the most important line IMO (I think exchange is a *much* bigger relief and bigger deal than completion, whether buying or selling!)! 18th Dec seems to be the last completion day of 2024 for a lot of solicitors I'm hearing, a comfortable way away from closures over Christmas. Fingers crossed it all goes smoothly on the day, but not much for you to worry about now besides getting move-ready

babyblade41

annetheman said:

mizzbonita said:

We put an offer in on the 23 June and exchanged contracts today!

it has been a long process with a delay due to price negotiations and then two chains but we got there in the end. Completion is on the 18th Dec 

Congratulations on getting over the most important line IMO (I think exchange is a *much* bigger relief and bigger deal than completion, whether buying or selling!)! 18th Dec seems to be the last completion day of 2024 for a lot of solicitors I'm hearing, a comfortable way away from closures over Christmas. Fingers crossed it all goes smoothly on the day, but not much for you to worry about now besides getting move-ready

BIB wholeheartedly agree with that statement, it does put anxiety to bed especially at xmas 

annetheman

Happy start of the week, all waiting-to-exchangers! My seller's solicitor has been pending a mortgage redemption statement since 3rd December (why it took so long to request when we confirmed readiness on 25th November is a mystery to my solicitor, lol - I gave benefit of the doubt and assumed e.g. seller didn't have the mortgage account number, since the house belonged to her husband alone...).

I think I know who the lender is from the Title charges, and their website says 3 days to process + 5 days to post, so probably arriving mid week this week.

BUT I told my EA if we don't exchange by Weds, I'm going ask for a new completion date in mid-Jan or so - and curse my missed interest on my savings since my deposit has been with solicitor for more than 2 weeks now...

I'm not at all dismayed by that prospect. After 12 months buying/selling, I am neither excited nor disappointed by these things anymore!

So... in the anticipation I'll still be here by then, we put the Christmas tree up at dad's and I am just about to put the first (and only!) present under it I do love this time of year and the opportunity to spend Christmas with a parent at my age is something to feel grateful for; looking on the plus side, always!

Have a great rest of your week, all!

annetheman

Only gone and bloomin' finally done it! 6 weeks from offer accepted to exchange, 7 to completion (I'm leaving out the preceding 10 months of gory torture for brevity's sake...)

*New timeline**

21 Mar 2024 - First viewing as back up to Rodent house; seller sadly died in late March 2024....
[…]

Purchase starts here
28 Oct 2024 - Offer accepted on Probate house, 4.45% below asking!
28 Oct 2024 - Paid for searches, solicitor re-instructed (sigh!)
29 Oct 2024 - ID checks completed.
31 Oct 2024 - Memorandum of sale sent to solicitors.
31 Oct 2024 - Searches started.
31 Oct 2024 - DIP with Virgin Money at very top of my affordability.
04 Nov 2024 - Some searches completed.
05 Nov 2024 - Virgin Money offered less than applied for after hard check DIP.
06 Nov 2022 - AIP with Accord mortgage, full application.
07 Nov 2024 - Accord mortgage valuation booked, surveyor can't use the key (...)
11 Nov 2024 - Accord mortgage valuation re-booked.
12 Nov 2024 - Accord mortgage approved.
12 Nov 2024 - Initial enquiries sent.
14 Nov 2024 - Responses to initial enquiries received.
15 Nov 2024 - Signed TR1, contract and mortgage deed sent to solicitor.
15 Nov 2024 - Second and final enquiries sent (dispute of contents remaining, I don't want to buy anything...)
22 Nov 2024 - All enquiries settled, deposit requested, completion statement paid!
23 Nov 2024 - Pre-exchange visit
25 Nov 2024 - My (buyer) side ready to exchange
03 Dec 2024 - Mortgage redemption statement pending from seller's lender
10 Dec 2024 - Exchanged at last!
16 Dec 2024 - Completion

Learnings:

1. Always find a back up house when your first choice presents myriads of problems.
2. Breaking the chain is the biggest stress relief.
3. A good broker and solicitor are worth their weight in gold.

Hoping for a positive week for everyone else waiting to exchange! Godspeed and good progress to all!!!

Myci85

@annetheman I am so pleased to hear you've finally exchanged! Good luck for completion day, and another bonus of breaking the chain will be the ability to move in at your leisure. 

annetheman

Thank you @Myci85 wishing you a very happy festive season in your new home!!!

badger09

annetheman said:

Only gone and bloomin' finally done it! 6 weeks from offer accepted to exchange, 7 to completion (I'm leaving out the preceding 10 months of gory torture for brevity's sake...)

*New timeline**

21 Mar 2024 - First viewing as back up to Rodent house; seller sadly died in late March 2024....
[…]

Purchase starts here
28 Oct 2024 - Offer accepted on Probate house, 4.45% below asking!
28 Oct 2024 - Paid for searches, solicitor re-instructed (sigh!)
29 Oct 2024 - ID checks completed.
31 Oct 2024 - Memorandum of sale sent to solicitors.
31 Oct 2024 - Searches started.
31 Oct 2024 - DIP with Virgin Money at very top of my affordability.
04 Nov 2024 - Some searches completed.
05 Nov 2024 - Virgin Money offered less than applied for after hard check DIP.
06 Nov 2022 - AIP with Accord mortgage, full application.
07 Nov 2024 - Accord mortgage valuation booked, surveyor can't use the key (...)
11 Nov 2024 - Accord mortgage valuation re-booked.
12 Nov 2024 - Accord mortgage approved.
12 Nov 2024 - Initial enquiries sent.
14 Nov 2024 - Responses to initial enquiries received.
15 Nov 2024 - Signed TR1, contract and mortgage deed sent to solicitor.
15 Nov 2024 - Second and final enquiries sent (dispute of contents remaining, I don't want to buy anything...)
22 Nov 2024 - All enquiries settled, deposit requested, completion statement paid!
23 Nov 2024 - Pre-exchange visit
25 Nov 2024 - My (buyer) side ready to exchange
03 Dec 2024 - Mortgage redemption statement pending from seller's lender
10 Dec 2024 - Exchanged at last!
16 Dec 2024 - Completion

Learnings:

1. Always find a back up house when your first choice presents myriads of problems.
2. Breaking the chain is the biggest stress relief.
3. A good broker and solicitor are worth their weight in gold.

Hoping for a positive week for everyone else waiting to exchange! Godspeed and good progress to all!!!

Just caught up after being away. 

Huge congratulations after such an epic saga. By now you should have completed🥳

I agree totally with your learning points. They mirror ours from 2020/21. 

Hope you’ll be really happy in your new home.  

PS given the chance, I’d  still spend Christmas with my dad.  

janoid19

Thought I would add my journey onto here so far (buying/selling is soo stressful)

1st Nov 24 - 2 offer's on our house, 1 accepted (in rented)
4th Nov 24 - Offer on our purchase is accepted (no chain)
5th Nov 24 - Our buyer pulls out 
6th Nov 24 - 2nd original offer revisited and accepted (FTB)
8th Nov 24 - Solicitor instructed
14th Nov 24 - Received paperwork from solicitor
14th Nov 24 - Full mortgage application submitted
19th Nov 24 - Arranged full survey for our purchase for 26th Dec
21st Nov 24 - Valuation carried out on our property for buyers mortgage
21st Nov 24 - Buyer arranged for survey at our house for 3rd Dec
22nd Nov 24 - Received mortgage offer
26th Nov 24 - Survey carried out on our purchase
2nd Dec 24 - Received survey back (all looks good)
3rd Dec 24 - Buyers survey on our house
3rd Dec 24 - dropped all the paperwork & ID at solicitor
5th Dec 24 - Searches submitted on pruchase
11th Dec 24 - Buyer pulls out over survey results (nothing of any concern on survey according to EA)
12th Dec 24 - ?Our property back on market

I feel like we are back to square one and I am not hopeful of completing before the end of March and stamp duty increase. Our vendor is giving us until 23rd Jan 25 to find a new buyer so fingers crossed.