The NEW waiting to exchange thread...

Tiglath

::: head desk :::

The top of the chain wants to complete on the 2nd, our buyer wants the 9th, we don't mind, and our buyer can't get access to his mortgage funds until the 16th. Solicitors are calling each other. Still no exchange date agreed.

Can I just check that it's the point of exchange where buildings and contents insurance must transfer from our existing to our new property, or do we double-up and insure both for the period between exchange and completion? I know each party becomes legally responsible for the relevant property at the point of exchange, and mortgages don't get released for completion until buildings insurance is in place. Plus we'll extend the decreasing life insurance to cover the increased mortgage before completion. Trying to sort this out through a nasty bout of head-stuck-to-the-pillow virus, so feeling all confused.

JaneyLouWho

It’s all very exciting that people are talking about exchange and completion within the next fortnight despite enquiries waiting to be resolved! Makes me hopeful that we might well be in for the week of the 5th Feb!! I believe we are just waiting for some LA searches to come back for our buyer, and to receive a HETAS certificate from our vendor. Hopefully this all gets sorted this week and we can exchange next, Just had an hour on the phone with my broker to sort life insurance. Got my buildings and contents quotes set up ready to go. We really might be nearly there! Good luck all!

CommitedToChange

Tiglath - you need building insurance from exchange and yes you'll need to double up during exchange/completion period.

Contents is up to you.

Tiglath

Thanks - just spoke to insurer to arrange. Buildings will be confirmed once we have an exchange date (so this can be passed to the mortgage company as a condition of the mortgage), and call back before completion to add contents (we've made our spreadsheet of expensive stuff). So buildings doubles up inbetween, but contents only applies to existing property until we move unless we decide to double up (which we might do).

Tiglath

Meanwhile our buyer is a property developer who hasn't seen the property yet (just the online photos), so he's coming round Friday with his architect. We've mostly finished decluttering (a mammoth job in itself - 17 years worth of stuff) but the place needs a good clean, but it's not as if he's going to move in because he's going to gut the place. If he tries to drop the price, the whole thing falls apart - the whole chain - and we did stress that with the estate agent from the start, so we're not quite out of the woods yet, but I'm staying positive. I'm hoping and expecting we'll exchange and set the completion date next week. I'm having a lot of anxiety nightmares but I guess that's par for the course. We did a driveby of the new property again on Sunday and explored the town, which was lovely and picturesque.

Littlebobo1981

Tiglath wrote: »

Thanks - just spoke to insurer to arrange. Buildings will be confirmed once we have an exchange date (so this can be passed to the mortgage company as a condition of the mortgage), and call back before completion to add contents (we've made our spreadsheet of expensive stuff). So buildings doubles up inbetween, but contents only applies to existing property until we move unless we decide to double up (which we might do).

Tiglath who are you using ?

Gawatate

FTB and CTC we are also now looking at Friday 19th for exchange and 26th for Completion. Just need to sort out Building insurance. i had given an ultimatum, i dont know whether it was everyone having to wait for our February notice period for a March move or everyone chipping in to pay our rent that got things moving...i just dont care, its happening!

RXT156

Hi all! Great to hear people are exchanging and completing (even though I am jealous:p)

Solicitor returned my call today to say all I am waiting for is to get the electrical certificate (or get the vendor to arrange for one to be done) then we are ready to go. Whoop! Shouldn’t be long! Keeping my HTB ISA open and secretly hoping that it’ll go on into Feb so there’s more money going in :cool::cool:

Kpossible929

We were due to exchange and complete by the 19th and then found out that someone further up the chain didn’t have a mortgage offer.

The solicitors say they don’t have an offer, the estate agents say they do but theyre missing some paperwork so we have no idea how long it’s going to take.

We’ve all signed and are ready for exchange so hopefully it’s an easy fix but it’s been a week now and no news!

CommitedToChange

Gawatate - ohhh we can all be stressed on Friday together! Hopefully we'll all exchange and it will go wonderfully well

Hopefully everyone else will move along at a nice pace as well, people in the chains will sort their stuff out - and we can all be happy on the new I've bought a house thread!