The NEW waiting to exchange thread...

vicki2221

Today we've received and returned contract from our buyer's solicitor and we signed and returned the contract for our purchase weeks ago. All inquires, searches and mortgage offers have been done on all sides. So I assume we can now talk about actually exchanging? How long after contracts signed and received back at solicitors do people actually exchange? There is nothing else to do so I am hoping we can just exchange NOW, it seems like we've been waiting forever.

Amanda_Cm

The house we buy is also with extension without paperwork but our vendor claims he bought it that way in 2000.
I though extension can be pull down only if build no more than 4 years ago. So 9 years should be safe.

Amanda_Cm

Vicky, we sign the contracts in the end of January and still waiting to exchange. Hope is sooner for you.

T90FER

Afternoon all, new to this forum but been reading for the past few weeks and thought I would add our situation

24/1 - Current House Marketed
25/1 - Offer Accepted (Full Asking) FTB
6/2 - Offer Submitted on New Property (Previously marketed, chain collapsed)
6/2 - Offer Accepted
6/2 - Survey done on our current property
7/2 - Offer on New Property retracted, previous chain reinstated
13/2 - Offer submitted on alternative new property
13/2 - Offer Accepted, documents taken to EA
13/2 - Solicitor Instructed
15/2 - Draft contract issued to buyers solicitors
16/2 - Mortgage Applictaed Submitted
20/2 - Valuation carried out on new property
22/2 - Morgage Offer received
2/3 - Draft contracts received for new property
5/3 - Searches requested

(I also know our buyers also have 2/4 searches returned and their mortgage offer)

Hoping to be in during April??
Things are moving quickly, just not quickly enough - think we all get impaitient

Chris

T90FER

Also to add, No Upward Chain

TamsinC

So have had so chats with the vendor - who also happens to work in the building industry and isa fronted by what the surveyor 'found' - honestly I think these surveys are license to print money when recommending extra unneeded surveys. The rising damp myth is a real con in many older houses - DCMs and concrete render are actually detrimental to houses and keep damp in the house! Anyway £10K off the price in return for a big push for a quick exchange and completion (vendor wanted) SO now a happy vendor who I think was probably worrying himself silly over us asking for a much bigger discount. Just waiting on a couple of things and then should be ready to go.




Time Scale so far . . . updates in bold
Tenants asked us if they could leave house - 26/12/17
Estate agents instructed - 31/12/17 (then a bit of bother)
House on market - 10/1/18
DIP from Nationwide 13/1/18
Offer received and accepted on our house 17/1/18
Offer made and accepted on the house we want 20/1/18
Solicitors Instructed 17/01/18
Documents picked up and filled in from Solicitor 17/1/18
Documents and ID returned to Solicitor 19/1/18
Solicitor composes draft contract & starts local searches - for selling 22/1/17 - for buying ?
Mortgage application interview - 1/2/18 - 3 and 1/2 hours of going over and over the same stuff - still not finished - they are struggling with the fact that hubby will leave the forces in Dec and go onto a service pension - we can't say what his job or wages will be at that point and so are basing the mortgage application purely on his pension. They can't cope with that and the fact that deductions from his wages NOW won't be applicable in Dec. Head office and underwriters need to be contacted. This is making a compacted issue out of something that is not complicated.
2nd Mortgage application interview - 8/1/18 - ANOTHER 2 hours going over the same information - they still don't get it but the application is going through.
Basic surveys done for our purchase - 12/2/18 - nothing untoward found
various letters and emails from our solicitors - they do seem to be on the ball though I am in contact a leasers twice a week to keep things moving forward.
Valuation survey for mortgage - 14/2/18
Chasing mortgage offer - 21/2/18
Mortgage people see and approve valuation 23/2/18
Building survey - 23/2/18 - awaiting report
Emailed mortgage approval - 26/2/18
Exchanged on the house we are selling 27/2/18
Completion on house sale 2/3/18
Chasing building survey on house we are buying 6/3/18
Received survey 7/7/18
negotiated a £10K discount

Tiglath

vicki2221 wrote: »

Today we've received and returned contract from our buyer's solicitor and we signed and returned the contract for our purchase weeks ago. All inquires, searches and mortgage offers have been done on all sides. So I assume we can now talk about actually exchanging? How long after contracts signed and received back at solicitors do people actually exchange? There is nothing else to do so I am hoping we can just exchange NOW, it seems like we've been waiting forever.

We signed contracts in December, exchanged in mid-February, and set a completion date for 12th March at our elderly vendor's request when we actually exchanged. We had quite a large and complex chain (either 5 or 7 parties - we never did get to the bottom of it) that looked as if it was going to collapse, but one half of the divorcing couple a couple of layers above us pulled out of a planned purchase in order to keep it intact.

treeny_bash

There's a house come on the market around the corner since the last time we looked, and we had a wee look last night. It's much better than the place that's threatening to withdraw their sale. I'm severely tempted to withdraw anyway, even if the covenant issue gets resolved. I would never have looked at the market if he hadn't tried to pressure us but I still feel terrible about backing out so late in the game.

I've been having some unspoken buyer's remorse over the last few weeks whilst thinking about where furniture goes etc. Now that he's angered me so much, and I've seen a much nicer place that's a little more pricey but we can still afford, I really don't want this house anymore.

The mortgage company and solicitors have confirmed that all we'll lose if we still buy somewhere is the cost of the survey and searches. So I think the decision is made. This nicer place has vendors who are still looking, but we're in a strong position and in no hurry to move.

Amanda_Cm

How are you doing everyone?
I am so nervous! Reading comments about people who were trying to buy house with negative equity like the one our vendor is purchasing. Not even one successful story!
It makes me really worried. We spent around 1.9k already. Don't want to lose the money and also can't find even one house that we like. Don't want to pull out but what if the chain collapse?
They are waiting on mortgage redeption statement. What if they don't have enough money to pay off the mortgage? Who the h*ll is selling house without knowing his own financial situation?

TamsinC

Amanda_Cm wrote: »

How are you doing everyone?
I am so nervous! Reading comments about people who were trying to buy house with negative equity like the one our vendor is purchasing. Not even one successful story!
It makes me really worried. We spent around 1.9k already. Don't want to lose the money and also can't find even one house that we like. Don't want to pull out but what if the chain collapse?
They are waiting on mortgage redeption statement. What if they don't have enough money to pay off the mortgage? Who the h*ll is selling house without knowing his own financial situation?

We sold with negative equity - we made sure we had the savings to make up the difference - I can't see why anyone would put a house on the market if they didn't have the difference in savings. It all went well for us - so it can happen. But sometimes it's worth losing £1.9K than buying a house for £100sK you don't want. Try to be patient until you know exactly what is happening. Then it might be fine or you may need to cut and run. There wlil always be another house.