The NEW waiting to exchange thread...

ftb_deena

I am a FTB and have to admit I have no idea what hardly any of these mean, but I'm hoping I'm nearly at the end of it all.... Right?!

Law Firm Instructed - 7/2
Memorandum of Sale Received - 9/2
Contract Pack Received - 10/2
Searches Requested - 10/2
Enquiries Raised - 10/2
Report to Buyer on Contract - 10/2
Client Instructs in Writing - 14/2
Searches Received - 22/2
Mortgage Offer Received - 2/3
Replies to Enquiries Received - 5/3
Signed Mortgage Deed Received - 12/3

Exoterror

I'm sorry to see that even more people are having issues, and hope that Tootling and Akahotpot both have theirs resolved soon.

Welcome to the thread ftb_deena, I hope everything progresses smoothly for you.

Things were moving far too smoothly for us so it was only inevitable that we would hit an issue.

This morning we received a call from our solicitor as they had not received our deposit. So I called my bank to find out what was going on. The person that I spoke to just said that the payment had been sent yesterday afternoon, and that they would start an investigation that would take 2-3 days to come back. Of course I then call back the solicitor to triple check that I had sent it to the correct account, which I had.

After further information was passed back and forth to our solicitor, enabling their bank to start a similar investigation from their side, my solicitor mentions that sometimes payments are held in a suspense account for validation before being sent. I thought it was odd that the person I spoke to at my bank had not mentioned this, so I called my bank back. Sure enough, this is exactly what had happened and the payment has now been received.

It's not every day someone tells you a few tens of thousands of pounds have gone missing... It probably took less than 2 hours from hearing the news to having it resolved, but I just felt physically sick until I heard that it had been received.

However, now that our deposit has been paid our solicitor is trying to get contracts exchanged today. A complete roller coaster of emotions today; I'll update our timeline when I hear that is has happened.

Tootling

Akahotpot, we are also living out of suitcases and bags atm in... Well it could-be-worse lodgings, but it's not home, not even family. Pulling out of our sale however is not something we want but not if this drags on for too long we might have little choice!

Our lender has sent the indemnity to their valuer... But apparently can't seem to contact this valuer after a week.

I am so !!!!ing !!!!ed off. I have said the eff whites just about every other word recently the air is fairly blue because if they just bloody get on with it we can exchange this week which we need to really it had already dragged on for entirely idiotic reasons.

Now though i just want to chuck this lender seeing as the offer is expiring anyway. I can't remember it really taking that long to get a mortgage offer and frankly if they cant even do something so !!!!ing simple or chase this !!!! of a valuer up...

:mad::mad::mad:

Ftb Deena.... Lol buying a house is very exciting! Or first house was a new build that was really easy. I hope yours will go smoothly.

Akahotpot

Nightmare Tootling you never really know if your being told the truth

I have just been rung by the vendor asking If I can wait another 3 months as apparently he has pulled out of his purchase and is now looking for something else .
I told him politely either he sells to me by the end of the month or I withdraw ...I dont want too but enough is enough

Exoterror

Let's get some good news back into this thread. My solicitor has just been in touch and we have exchanged contracts, definitely been a roller coaster day today. Our completion date is set for the 28th March. Timeline so far:

Sat 3rd Feb: Offer Accepted.
Fri 9th Feb: Mortgage Advisor meeting, had provided requested documents beforehand.
Thu 15th Feb: Mortgage Advisor meeting to make full application. Application made to Virgin Money.
Wed 21st Feb: Further documentation requested, and sent.
Thu 22nd Feb: Valuation.
Fri 23rd Feb: Further documentation requested, and sent.
Wed 28th Feb: Mortgage offer received.
Mon 12th Mar: Deposit paid, and completion date of 28th March agreed.
Tue 13th Mar: Exchanged contracts.

Wed 28th Mar: Arranged completion

pink_pirlie

Congrats!!! :beer:

Such a quick timeline.
I hope my vendor’s new purchase is that quick. But still no news for me.
Getting fed up of living in one room and out of boxes.

TamsinC

Nothing is simple is it? We negotiated a £10K reduction in price - spoke to the mortgage company who said because we went though a broker (an employee of their company - not sure how that is a broker) we had to talk to him. He was on holiday - however, he phoned us on Saturday and after a confused muddle of 10 mins finally realised he was just lowering the purchase price. Told us paperwork would be in the post Monday. Today the solicitor emails me to say she has finally received the mortgage offer (she hadn't previously) but it is dated 26th Feb and is for the original purchase price. SO I have to phone head office again. Apparently it takes up to 7 working days to ratify these things as the valuation needs to be looked at again (why? the price has dropped, the house was valued okay for the mortgage at the higher pice it should be fine at the lower price especially as our LTV is 52%!!! So the letter should be with the solicitor by the end of next week - another 2 weeks of wasted time! We were hoping to have exchanged and completed by then. Not going to happen is it. I reckon we are looking at mid April now!


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
rang to sort mortgage documents with lower price 10/3/18
solicitor emails to say old document sent 13/3/18
rang again and it will be another 1 - 2 weeks! 13/3/18

Amanda_Cm

I am so !!!!ed off! My solicitor is off for 2 weeks!?!?!

TamsinC

Amanda_Cm wrote: »

I am so !!!!ed off! My solicitor is off for 2 weeks!?!?!

She should have someone covering for her (mine has 3 others - it can get very confusing) - hopefully she does - but if not what a waste of time!

betsie

hi
Can I ask how long it took from accepting offer to your buyer getting the survey done. it's been 2 1/2 weeks since offer accepted and haven't heard anything.
Thanks in advance for the info. I'm already bored with the whole thing. I'm really hoping it doesn't drag on for too many months.