The NEW waiting to exchange thread...

SG27

jennhg88 wrote: »

Just wondering, do you not exchange on sale and purchase at the same time to ensure you don't get lumbered with one without the other?

No we are doing the 2 seperatly to make it easier. We can move in with family in the meantime. Originally the idea was so we could sell then not have to rush into the purchase but as it turned out we found a house a week after getting an offer on ours so it didnt matter.

lena_halo

Week 14: Just been told exchange will happen tomorrow. So excited/nervous/anxious/ready for this to be over!

deuxchatsnoirs

Had a phone call this morning asking is Monday 2nd July acceptable as a completion date. Couldn't get the 'YES' out quick enough! Exchange should be sometime this week! At last!

tudorfan22

can anyone help advise and possibly calm my nerves - ive been waiting to exchange for weeks now, we are a chain of 5 and so far everything's been done, surveys, contracts signed, everything. my buyers sols have even confirmed that were very close to exchange and have taken bank details etc, and then my EA drops the bomb that the bottom of the chain needs to get his mortgage valuation survey done, which is being done tomorrow! why oh why would someone get this done at this stage? surely this is the 1st thing that is done?
my thoughts are:
1) hes a brand new buyer and were at stage 1 all over again - though my EA says its the same name throughout so unlikely (Hopefully)
2) his mortgage offer ran out so has to go through the process again
3) EA says that sometimes if people finances are complex and complicated this stage is done last in order for them to get their financial ducks in a row.


does anyone have any idea why this stage - which I always assumed was the first stage of buying a house - is being done so late in the day?

LittleLu33

Not wholly sure on that, how late in the day are we talking here?

We are the bottom of our chain (FTB) and it took us a while to get our mortgage in place because at first we went with a broker (which all seemed rosy to begin with) had our DIP before offer etc. but when it came to full application the broker really messed us around & didn't tell us for 2 weeks our application hadn't actually been submitted to the bank. (We were merrily awaiting approval whilst the whole time it was never off the ground...)

I hope yours is sorted soon but sometimes things mess up that are out of your control, even when you're a serious buyer and desperate to move into the house! Just keep an eye on it and get regular updates.

tudorfan22

thanks littlelu33, I just hope that its not an issue. the EA has told me that the broker and sols have been informed that the mortgage acceptance MUST come through asap but who knows with these organisations!


we are talking VERY late in the day - the rest of chain and me included are ready to exchange now, and that's not just me talking, that's from my buyers sols. she has literally nothing left to do and neither do the 2 in the chain below or me above her. its just the FTB at the start who hasn't yet has his mortgage survey done for some really weird reason!

lena_halo

Come on solicitors, please call me to advise of exchange *twiddle thumbs* *no concentration* *stress eating*

TamsinC

Not done one of these for a while - it's been quite roller coaster-ish - I have no patience, and we have been doing this now for 6 1/2 months, sold one house and tried to buy 2 different houses (still going with number 2). Hope to be in the house finally in late August.

Time Scale so far . . . updates in bold
House on market - 10/1/18
Offer received and accepted on our house 17/1/18
Offer made and accepted on house 1 20/1/18
Various stuff happened
Exchanged on the house sale 27/2/18
Completion on house sale 2/3/18
Various stuff happened
Pulled out of the purchase of house 1 27/4/18
Offer accepted on house 2 19/5/18
Broker instructed as complicated case, solicitors instructed 21/5/18
EA sees proof of funds and ID check 22/5/18
Mortgage DIP received 25/5/18
Solicitors bungle - had a sol, didn't have a sol, have a new sol, something to do with panels for lenders 30/5/18
Sends hubbies official pension statement to mortgage broker as requested, along with all other documents 1/6/18
mortgage applied for 4/6/18
Broker emails - lender won't accept a word of mouth pension statement, so resend statement 6/6/18
Mortgage valuation done - 8/6/18
Visit house again - still love it - itching to get in - 17/6/18
Draft contracts received by our sols and queries raised with sellers solicitors 21/6/18
Lots of problems with the underwriter being stupid, finally mortgage approved 21/6/18
Broker puts in complaint with lender over handling of our case 21/6/18 (the 21st was a busy day)
Historical Buildings Survey undertaken 26/6/18


Now just fingers crossed the survey doesn't find anything awful or if he does it is fixable

SG27

Good luck with your survey! Hopefully all is well!

Jtotz67

Jumping on this thread having not long come off the wait for mortgage offer one!

We had hoped to be exchanging this Friday but the prospect of that is looking gloomier and gloomier by the minute!

We were excited because we are in a very compact chain of 2 (our vendor is going into vacant possession) but the issues we have are:

The vendor’s onward purchase is moving incredibly slowly because of the need for a management pack. I understand she has this now but that the lenders need to approve it.

Her solicitors are nigh completely non-responsive on our purchase. There has been some back and forth because we need to enter into a deed of covenant due to a small flying freehold but they wont agree that we need it (even though there is an old one that said in black and white that we do need it). Last communication we had from them was c. 12 June!! Nothing since!! I was fuming on Friday to find out that the solicitor on the other side had gone on holiday for a week last week and had not left her work with anyone to progress!

OH and I have to exchange by the end of this week as we have to give notice on our rental place before Sunday to avoid having to pay the rent for August (which we cannot afford to do while paying the mortgage as well).

There just seems to be no sense of urgency from anyone (even our sols!) despite the urgent deadline that is screeching up on us!!

Feeling just really stressed and despondent over this one at the moment!! Feels like we will never get there.