The NEW waiting to exchange thread...

Fisa002

Hi guys
Newbie to this thread.
So I have just had an offer accepted yesterday on a house I really wanted.
Iv instructed my solicitor so they are sending out their pack. The EA said a memo of sale will be mailed across tomorrow.
I’m just wondering what this is at all?
And is it cheeky if I ask them house to not be marketed anymore? And if so at which point would I ask them to.
Many thanks
FISA

JaneyLouWho

Hi Fisa
I’d imagine if they are sending out a memorandum of sale (which is just a document confirming the sale price agreed and the details of each party and their solicitors) then they will have ceased marketing, but you should definitely call to double check. Not cheeky at all.
Congratulations by the way!
Welcome to the party pal!

Vampyr

Fisa002 wrote: »

Hi guys
Newbie to this thread.
So I have just had an offer accepted yesterday on a house I really wanted.
Iv instructed my solicitor so they are sending out their pack. The EA said a memo of sale will be mailed across tomorrow.
I’m just wondering what this is at all?
And is it cheeky if I ask them house to not be marketed anymore? And if so at which point would I ask them to.
Many thanks
FISA

The memo of sale is just a piece of paper that lists the names of buyers and sellers, their solicitors and property details. It isn't all that important but serves as a record of details and allows solicitors to talk to the right people.

The EA should mark the property as sold or SSTC as soon as possible, It's not cheeky at all and a lot of people state this as a term of their offer when making it. Ask immediately - you don't want to be gazumped!

Fisa002

Vampyr wrote: »

The memo of sale is just a piece of paper that lists the names of buyers and sellers, their solicitors and property details. It isn't all that important but serves as a record of details and allows solicitors to talk to the right people.

The EA should mark the property as sold or SSTC as soon as possible, It's not cheeky at all and a lot of people state this as a term of their offer when making it. Ask immediately - you don't want to be gazumped!

Ok brilliant advice. As soon as I get the memo I’ll ask them.

JaneyLouWho wrote: »

Hi Fisa
I’d imagine if they are sending out a memorandum of sale (which is just a document confirming the sale price agreed and the details of each party and their solicitors) then they will have ceased marketing, but you should definitely call to double check. Not cheeky at all.
Congratulations by the way!
Welcome to the party pal!

Aww thankyou so much :beer:
Yes I was wondering about this being gazumped malarkey and after reading posts on here I don’t want to be in that position. Do you think I should ask my solicitor to email the EA and ask them to cease marketing and viewings on the property ?

FloppyDisk

I'd just call the estate agent. No need to bother the solicitor with that.

luckypotato

Hello everyone

I think it's about time I put my tuppence worth on here seeing as I've been loitering around for a while. Here's our timeline:

12/12 - Offer accepted on our dream home
13/12 - Solicitors instructed and made full mortgage application
15/12 - Homebuyer Report and valuation carried out
20/12 - Received mortgage offer
09/01 - Homebuyer report recommended drainage survey as large trees are near the property. All ok.
16/01 - All searches back apart from the local search. Solicitor suggested an indemnity for some renovations - we decided to pay this (£50) to keep things moving.
17/01 - Trying to call local council to see if we are responsible for a large stone wall which is a boundary to the property (not having much luck!) This won't effect us buying the house - we'd just like to know!
As of today - Waiting for local search and any additional enquiries our solicitor may raise. Hopefully doing exchange stuff pretty quickly after this.

We are not in a chain and currently in rented as we sold our property in the summer. Looking forward to hopefully not venting too much and sharing experiences on here. Thanks

mutley74

I need to send a sizeable payment tomorrow to the solicitor. is it better to do CHAPS in branch or online (same charge by the bank), but if done by bank is it better checked or more secure?

Vampyr

mutley74 wrote: »

I need to send a sizeable payment tomorrow to the solicitor. is it better to do CHAPS in branch or online (same charge by the bank), but if done by bank is it better checked or more secure?

It doesn't really make much difference. In branch, they'll take recipient account details, print out a form and get you to sign. Online, you input them yourself. After that it'll go through the same systems so one is no more secure than the other. I personally prefer online and having complete control of avoiding typos etc. Either way, quadruple check the details!

CommitedToChange

Vampyr wrote: »

It doesn't really make much difference. In branch, they'll take recipient account details, print out a form and get you to sign. Online, you input them yourself. After that it'll go through the same systems so one is no more secure than the other. I personally prefer online and having complete control of avoiding typos etc. Either way, quadruple check the details!

I did it online setting them up as a new account. I then sent a whole £1 and once they confirmed that was received I then sent the rest ( but I didn't need chaps as mine was under the limit for daily transfers)

JaneyLouWho

Good morning friends! All seems quite quiet in waiting to exchange land - hope no news is good news all round?

I’m confused this morning and could do with your wisdom - sorry for the long post but its actually a helpful place to organise my thoughts. You might recall that we found out unexpectedly last week that my vendors onward purchase wasn’t from someone planning to go into rented accommodation, in fact his vendor has had an offer accepted on another property and is in the middle of the conveyancing process. We’ve had confirmation that she is buying a vacant property, and that all that is outstanding for her is the local authority searches, but that these could take up to 6 weeks to come back in her area (Chesterfield) and were only ordered this week. I spoke to my vendors estate agent last night who said she will update me again next Wednesday, but she doesn’t expect us to be any further forward in terms of our purchase for at least 3 weeks as that’s the minimum time for searches to be returned.

In the meantime, we’ve decided not to jeopardise our sale, and given we have good options for alternative accommodation and storage we are looking at a provisional completion date for the sale on February 9th. We are waiting on the buyers’ solicitor confirming that, and hope to exchange later this week or early next.

This morning, my solicitor got an email from my vendors solicitor saying that his vendor (Mrs. NotRentingAfterAll) has an appointment to sign contracts this Friday and asking for our preferred completion date. My solicitor asked if we want to suggest 9th Feb to tie both transactions together.

Am I missing something? Surely the vendors’ solicitor wouldn’t be asking for completion dates if the onward purchase wasn’t almost ready to exchange/complete? Is it likely that the estate agents don’t really know whats going on and we should just put more faith in the solicitors? Or might it be that the solicitor just asks what date might suit regardless of readiness above, then goes up the chain only to return and say ‘actually, no can do before March’.

I need some clarity and I have no idea who to ask for it!

:beer: Thanks if you got this far!