The NEW waiting to exchange thread...

TamsinC

It seems we shall be paying more stamp duty than expected due to buying in Wales and they have changed the rules. A bit of a downer but it can't be helped. Solicitor had quoted a low price for SDLT which I was dubious abuts had extra in reserve. Looks like I will be using it as we can't complete before 1st April. We are waiting for a Deed of Easement for the septic tank outflow onto someone else's field - this was first mentioned around 3 weeks ago as needed by the vendor and he instructed his solicitor to get on with drafting a document. This hasn't been done yet - grr - and so we need to wait for that to be done, sent to the land owner who is going to take it to his solicitor to look over etc. This could take WEEKS! Still makes the slowness fo Nationwide and their silly mortgage offer system not a worry. Oh and my solicitor has sent me emails late on a Friday night and late on a Sunday night - think we might have a good one there!

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
email to say new mortgage offer on it's way - not the 1-2 weeks they said 16/3/18
vendor emails to say solicitor needs to do Deed of Easement 19/3/18

notanotherknot

Little update from us, we were originally due to exchange on Friday 16th but it didn't happen. Apparently the top of the chain (3 person chain) is waiting on a completed lease form - for what I have no idea.


Our solicitors called off the exchange on Monday 12th anyway, and then Friday morning comes we get a text of Natwest saying your first mortgage payment will come out 2nd April! Erm no it wont we haven't exchanged. Quick phonecall to Natwest confirmed that they hadn't been told the exchange was off. Apparently funds go back after 2 days if they arnt allocated so its fine but they did say there would be two lots of chaps fees.


Email to the mortgage advisor (we refuse to speak to the incompetent team of solicitors working for us and all comms is going through him for now) explaining what had happened and hes sorted it for us within the hour, ensuring only 1 lot of chaps fees are chargeable to us.


Im beyond stressed!

T4taylor

July House 1
Went for a look round- family friend was renovating, loved it.
August
House was valued by EA at £220,000. As we were family the offered it us at £210,000. Applied for mortgage and paid £500 application and valuation fees.
September
After lots of tooing and froing with paperwork and bank statements for mortgage got AIP. Solicitor instructed and £300 paid. House valued by surveyor at £190,000 and family friend not prepared to negotiate. Pulled out and lost £500
October House 2
Found a brilliant house at £200,000 went to see it and put in an offer straight away. Ended up in a bidding war which we won at £212,500. However EA warned us to look at the placement of proposed HS2- turned out to be less than 5 mins walk from the back garden for a 5km viaduct and the East Midlands Hub station. Sadly pulled out.
October House 3
Found another great house advertised at £200,000. However land registry said the rest of the street was around £160,000. We put in an offer and was rejected multiple times even though we!!!8217;re first time buyers and they had no other offers. Decided on £195,000 but they would not take it off the market.
We acted quickly and paid mortgage fees, collected paper work again and instructed solicitor and survey. The day survey was to be booked the couple decided to split up!! And take the house off the market. Lost £135 mortgage fees, managed to get survey fee reimbursed.
November House 4
Really despondent so decided to just find any half decent house that at least had an easy transaction. Found one for £180,000 put offer in and was accepted straight away. Paid mortgage and survey fees again, another £500.
December
Valuation came back at the right price so begin signing docs with solictor who sent off searches.
January
Phone call on the 4th Jan, the house our vendor wanted to buy has gone to probate.
16th Jan searches revealed subsidence, missing building regs and indemnity.
February
Constant chasing to find out what!!!8217;s going on with probate and enquiries on searches.
Last weekend went to view some more properties thinking of returning to the market.
Today
Found out completion date proposed for 23rd March. This was only after I had been chasing...
The saga continues!
Various issues through Feb and March regarding indemnity policies, building regs and the conveyancer up and leaving!
Went to view the house again and seller got a phone call while we were there stating probate was moving along so a new date of 20th April for completion was proposed. We agreed to this as the final date, as we were seriously considering pulling out after so much hassle.
Closed help 2 buy ISAs, got closure statements, paid deposit and on 14th March got a phone call from the solicitor who would be taking over from our AWOL conveyancer.
15th March received enquiries report and confirmed still happy to exchange for completion on 20th April.
19th March Get sent letter from lender requiring home insurance details before they will release funds so sorted that.
Is there anything else that could hold up exchange???
We need to give landlord a month!!!8217;s notice and today is 20th March. Fingers crossed for a phone call or email today!

T4taylor

I have literally just jinxed myself by posting this! The mortgage lender are raising issues about The right of way to the garage, paperwork for windows and conservatory and home insurance. I completed the home insurance paperwork as soon as I got it and in my eyes the other issues have already been sorted but now solicitors are saying it may not be today. WHY?!!?!?!

TamsinC

T4taylor wrote: »

I have literally just jinxed myself by posting this! The mortgage lender are raising issues about The right of way to the garage, paperwork for windows and conservatory and home insurance. I completed the home insurance paperwork as soon as I got it and in my eyes the other issues have already been sorted but now solicitors are saying it may not be today. WHY?!!?!?!

Oh my what a saga - how stressful - fingers crossed for you whatever you decide and whatever happens

nadmaj

Going onto 7 months !!!!!!??
Bloody land issue and usrlaesd lazy ar*e soliciters and original buyer pullibg out !!!

Hopefully 2 april is complete day ..

fozziebeartoo

fozziebeartoo wrote: »

I have been avidly reading this thread for ages.



Thought I was finally in a position to join the thread myself as it seemed exchange was near but.....

Phone call today to say my Buyers Buyer has pulled out! :eek:

I feel so deflated

Her EA has lined up viewings already (they say ) but oh dear....

So I am so happy for the Exchangers and Completers on this thread, but please could all the other in limbo peeps shove over and make room for me :rotfl:

UPDATE

I have still been following everyones adventures on this thread!

Our Buyer got another Buyer very quickly.....phew

We were going to Exchange last Friday.

Nope.

We were going to exchange yesterday.

Nope.

We were going to Exchange today and phone call at 11am to say Exchange had started, it would take about an hour......only 3 in the chain.

5 hours later :eek: finally it is done :T

Everything that could go wrong, did go wrong, including a missing Solicitor......who was eventually found

Completion and move booked for Friday, yes, 3 days away :rotfl:

michbright

And... after the seller's solicitor delayed yesterday, we have finally exchanged today (20 March)! It's been a long journey to get here, so I'm really pleased we're at this stage. Completion is next Thursday, 29 March...

Now need to book removal van and get packing!!!

spidero10

Urghh I feel like I could scream. Our simple short chain appeared to be a quick and hassle free process but now its turning into a nightmare. In short, we are ftb who are buying from someone who has part exchanged on a Barratts new build (so we are technically buying from barratts).

Offer accepted late January, mortgage sorted late Feb (had to go to underwriters) and all set on end of March exchange and completion. We were set on this due to having to pay £700 stamp duty after 1st April due to wales' new land tax (and nothing before 1st April).

Contracts received last week, all signed and sorted. Got in contact with our EA to check exchange/completion dates with Barratts, they were on for end of march too. Agreed upon 29/3 as of Friday (through EA and solicitor emails). Contracts returned to solicitors on Monday for exchange Tuesday. Told Tuesday morning that Barratts can no longer complete next week because the new build isn't finished. Given the date of THE 30TH APRIL! and to add salt to the wound, we now have to pay stamp duty

How on earth can so much change in 3 days that a house will not be finished for at least another 4 weeks when they originally said 10 days! HOW!

I am fuming and at a loss of what to do, is there anyway i can push for an earlier completion date. They also want us to sign a clause giving an extra two months (so 30th June) before we could pull out charge free, im not happy with that at all. Am I within my rights to ask for 30th April at latest or we can pull out?

We probably wont pull out as its our dream home and a great price but i'm not waiting an extra 3 months since we were all agreed all along it would complete the end of march! Luckily we are currently living with my parents so don't have to worry about notice, its just devastating because we were pretty much packed and ready to go!

Heeeelllpppp!!?!?

pink_pirlie

Spidero10 - you have a very similar story to mine. We are waiting for an indefinite period for our vendor to complete. Originally a new build that was due to be completed mid- Feb then mid-Feb arrives told end of Feb to then be told, we have no idea!!
The vendor is now buying a different resale property on the same development to !!!8220;speed things up!!!8221; but all the comveyancing has gone back to the beginning.
We have been waiting since mid November and the vendor!!!8217;s solicitor won!!!8217;t even entertain suggesting a date for exchange / completion.
We are living out of boxes in one room temporary accommodation since end of Jan. we were only meant to be her 2 weeks!

You could ask them to move into temporary accommodation and break the chain. We can!!!8217;t as our vendor is very elderly and it would be too much upheaval. Wish we could though!