The NEW waiting to exchange thread...

it'smeok

ashe wrote: »

Good luck itsmeok! Do you have a AIP in place already so now going for full application?

Thank you! Yep, we had an AIP in place so have been gathering payslips etc to give to our broker to get the full application submitted today (I hope!). I'm desperate to get the surveys/valuations done - I think I'll feel a lot calmer after that (I'm a solicitor so I'm feeling much more chilled about the legal side!)

michbright wrote: »

Now the big question is do we give notice on our rented property now or once we've exchanged? We have to give two months' notice, so the sooner the better, really.

I've been wondering this too. We only have to give a month, but I like our landlord so to be honest I might just give them some extra warning, especially because I think they might sell the flat when we leave - but worried that might backfire if they crack on and our purchase is delayed for whatever reason!

Amanda_Cm wrote: »

It'smeok Welcome. Don't know what timber frame means. Is that a standard construction?

I've read different things - the EA told me (and yes, I realise that he WOULD say this) that most new houses have timber frames now and they're totally normal and fine, but I've also read that it's still unusual and puts people (and lenders/insurers) off. So going to wait to see what the survey says and go from there.

Amanda_Cm

Luckypotato, love your nickname! Didn't have that problem but had to call the council about question I had. They are slow and moody around here.

Michbright, Welcome! We are waiting exchange or even completion to give notice but everyone is in different situation. We have a 14months old one and no relatives, friends to stay in if anything goes wrong. So that's why we prefer to stay safe and pay 1-2 months of rent and mortgage in the same time.

luckypotato

Luckypotato, love your nickname! Didn't have that problem but had to call the council about question I had. They are slow and moody around here.

Thanks Amanda_CM. Yes, we have noticed a lack of urgency. Alas, we will wait until Thursday this week and I will give them another chase if we've heard nothing in the meantime.

it'smeok

Astrac wrote: »

So I am here again after two weeks since the last document has been forwarded from the seller's to my solicitors. I thought last week to write them so that I could get an update, especially as I am concerned about the seller's attitude for procrastination which I suspect is just a way to see if they can get a better offer while keeping me as a fallback.

3 days after I wrote them I still didn't get an answer and this is a pattern that they have been iterating over and over from December until now. This is week 19 since the case was instructed and I am wondering what would be the consequences if I were to transfer my conveyance to another solicitor. Does anyone have advice on this?

Many thanks!

That sounds so annoying. I don't have any experience of this but I'm a solicitor so just thought I could offer some insight from 'the inside' (although this assumes it's a fairly standard firm - I don't know how things are in the online conveyancing firms). In my experience there is massive variation between individual solicitors, so it might not be necessary to write off the whole firm if it's just the individual you're dealing with who is a bit rubbish.


If you can, have a look on the firm's website and find a partner in the team, and either copy them in to an email to your solicitor saying that you're unhappy not to have received a response, or maybe email them directly. That might be enough to shake your sol up and make them get on with it, or if you're really unhappy you could ask to be transferred to someone else in the team.


This (could, depending on the firm) have the benefit that a) you're not changing firm, so don't have to worry about paying your existing firm AND new firm b) they'll be wary about causing any more delays, so might get a shift on and c) if things don't get better, you could use that to negotiate the fees you pay at the end.


If you do want to change firm completely, check the terms of business they gave you at the beginning - it might say that their fees are charged whether or not the matter proceeds to completion, in which case you'd have to pay them for the time they've incurred so far - and the new firm will have to do all that work again, so two lots of fees.


Does this make sense?

JaneyLouWho

Argh! We STILL have not exchanged. Apparently we were all ready today, my vendor got a call from his solicitor saying the whole chain was about to exchange, then at 5pm he got another call to say they had run out of time and we will exchange first thing tomorrow instead! Give me strength.

Helpat

So my partner and I currently live separately and saw a house we loved in December. We got a MIP from Santander put both our houses on the market and luckily were both STC by the end of January.

I currently have my own mortgage with Santander so to avoid paying £7k in ERC we applied to port my current mortgage and ask them for an additional £77k to purchase the new property. We both earn good wages £26k and £38k we do however have a credit card and loan that will be paid off with the equity from the sale of our houses. This would leave us with a 25% deposit. I do also have 3 children and pay childcare costs.

I have learned from MA today that Santander have max loaned our application £37,000 less than we need.

What are our options going forward? Feel aggrieved that we will have to succumb to paying the ERC and apply for a mortgage with another bank when I know we can afford the new loan.

MrBrindle

Update from me.

It was 'agreed' on Friday up and down the chain to complete on 9th, with exchange to happen asap to confirm.

Had an email from our solicitor today saying our buyers' buyers have now requested an exchange and completion on the same day! (still 9th March) Argghhh.

Our buyers are not happy with this, and nor are we.

Why would they request a simultaneous exchange and completion? Could it be a cash problem? Or mortgage issue?

Needles to say I'm thinking the worst right now, that the bottom chain is probably getting cold feet and thinking of pulling out. Feel physically sick with all this uncertainty.

michbright

Amanda_Cm wrote: »

Michbright, Welcome! We are waiting exchange or even completion to give notice but everyone is in different situation. We have a 14months old one and no relatives, friends to stay in if anything goes wrong. So that's why we prefer to stay safe and pay 1-2 months of rent and mortgage in the same time.

I have 4 children, so am also exercising caution on this one... my solicitor has advised me not to say anything to the landlord or his agent until we've exchanged. Let's hope it's soon. As much as I've enjoyed living in my house the past 11 years, the agent hasn't been my favourite person, to say the least...

x_malibubabe

I can join this thread now!

Got my mortgage offer yesterday, solicitor has already done the searches and is just waiting for the leasehold info pack from the vendor's solicitor. She's hoping to exchange on 22nd March. Fingers crossed only a few more weeks to go! It's an empty property (owner died) but we are dealing with a charity who is selling the property and they've been a little slow in getting certain info to us so far. We put the offer in on 2nd Jan!

ashe

Helpat wrote: »

So my partner and I currently live separately and saw a house we loved in December. We got a MIP from Santander put both our houses on the market and luckily were both STC by the end of January.

I currently have my own mortgage with Santander so to avoid paying £7k in ERC we applied to port my current mortgage and ask them for an additional £77k to purchase the new property. We both earn good wages £26k and £38k we do however have a credit card and loan that will be paid off with the equity from the sale of our houses. This would leave us with a 25% deposit. I do also have 3 children and pay childcare costs.

I have learned from MA today that Santander have max loaned our application £37,000 less than we need.

What are our options going forward? Feel aggrieved that we will have to succumb to paying the ERC and apply for a mortgage with another bank when I know we can afford the new loan.

Can you not port the remaining mortgage balance and take a separate mortgage out? I would be speaking to a broker.



Anyways update from us - Previously mentioned we are trying to get seller to take down second rightmove ad. Plot thickened a bit last night as we drove past and they've taken down the 'Sold' sign on the estate agent board. EA hasn't had any contact with them about cancelling offer accepted, so is trying to get in touch. He's also rang their solicitors and they've not had the paperwork through yet which is frustrating as we want things to get moving.

EA has left a voice mail and is going to try again later. If it wasn't such bad form I would love to just drive over tonight and have a chat with the guy and understand where he is at - but won't. Frustrating as we are chain free, our buyer is ready to go and we sent all solicitor paperwork off the same day wee got it. House has been on the market since June last year so you would think he would want things to get moving.