The NEW waiting to exchange thread...

lena_halo

Jtotz67 wrote: »

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.

What is it with the no sense of urgency from solicitors?! We've been waiting to exchange since Friday so I sympathise with your stress! I know it's really hard but try not to worry and I suppose we all just have to hope it will come together in the end!!

lena_halo

So got an email from my solicitor for the sale and she said that the HA (shared ownership flat) told them they can't issue them a completion statement as the buyer has not had their mortgage approved!

Cue mass panic!!!

I called the buyer (we are in touch sporadically) and she panics too and tells me there must be an error as her mortgage was approved back in March. I asked her to speak with her solicitor straight away and confirm everything is good with them. She did and called me back to say she absolutely has her mortgage offer approved and all ready to go. I let my solicitor know this and a few minutes later I got an email back saying they had "received confirmation from the HA and were reviewing the same" and that she will copy me in on the statement she sends to the purchasing solicitor.

Last thing you want to hear when waiting to exchange! But I'm hoping the above means it's all OK now and they will be sending the statement to the purchasing solicitor soon and then I can pay the balance owed and we can exchange.

I highly doubt we will exchange today now, it will probably be tomorrow as I've been told my purchasing solicitors are "very busy" with other exchanges so will look at ours later this afternoon. At least that gives us time to get everything else sorted.

STRESS

Maybe tomorrow? Completion still due on Friday but at least the buyer doesn't want to pick up the keys until Saturday so I have time to get all of the cleaning done etc. That's been the best news of the day so far!

Jtotz67

God I know the lack of a sense of urgency kills me!! I know that they have other transactions on the cards and I know we are not their only client but still - come one people!! T-minus 3.5 days until exchange deadline and we haven't had a meaningful update in weeks!!


God STRESS on your developments!! Glad it seems to have been sorted out and fingers crossed it happens for you tomorrow.


Other fly in the ointment for us is that our mortgage offer expires in 4 weeks. Stress again!!


We now also have the estate agents chasing them as well so hopefully we will have an answer soon. We really don't want to lose this house but we wont be able to afford to continue if we have to pay an extra month of rent and bills

lena_halo

Yes still hasn't happened but looks like we are all on the same page now and are on the home stretch after the stupid HA throwing a spanner into the works earlier. Maybe tomorrow, I'm not hopeful for the rest of this afternoon!

Jtotz, use the estate agents as much as possible - the agent for our purchase has been amazing at hounding all of the solicitors in our chain and tying everything together, I really don't think we would have progressed as well as we have without her being so in touch with all of the solicitors! Hope you get yours sorted soon!!

Jtotz67

Yes it is funny you should say that because at about 12 noon today I phoned the original estate agent (who we first ever viewed the property with) rather than the generic sales progression team and we have made more progress in 4 hours with her being involved than we have in 2 weeks!

I rang her because I had a sneaking suspicion that if the other side’s solicitors were being non-communicative with us then they might not be being overly that communicative with their client. Turns out my suspicion was right and our vendor had no idea that there was a tight deadline of Friday to adhere to!! Since that little revelation the other side have magically sprung into action and we now have all parties assuring us (without total commitment which I understand) that we are working toward exchange on Friday.

All hail estate agents!!!

Fingers crossed for tomorrow for you!

FTB13

The thing I'm finding hardest to deal with is the sheer rudeness of the solicitors. I send email after email to mine without even a cursory acknowledgement or 'sorry, nothing to report as yet but I'll keep you posted'. In fact she doesn't even read them until I ring her to chase them (she always starts her calls with 'just let me read your email..'. Now I know that their time is costly but there is no other profession where a client is paying you for a service where you would get away with such complete disregard and plain bad manners

Akahotpot

My timeline –
Got mortgage dip 06/17
Offer made and accepted on the house we want 07/17 (I know should have had an offer on mine first)
Solicitors Instructed 07/17
Cash buyer made offer for mine 08/17
Contracts ready to sign 10/17
My buyer falls off the rader 11/17 still no idea where he went
House I was buying goes back on market 11/17 and gets offer
I get a private buyer for my house 12/17
Rejig mortgage 01/17
I find a new house and get offer accepted last week of Dec17
Complete my sale and move in with family 26/01/17
Awaiting my purchase to catch up chased 02/17
13/03/18 find our venor has pulled out of his purchase due to not getting a mortgage
02/4/2018 get offer accepted on house no3
all chugging along
I am meant to be exchanging on thurs 14th full monies sent to sols ,insurance quote done just waiting to be told we have exchanged now
Completed on 14th and have now settled in :T

Good luck to everyone still waiting :beer:

System

We are seniors who are down sizing and this is proving to be our most stressful move yet. Up until last week, the three parties in the chain were happy with an end of July completion date. Then things went off the rails. My buyer’s solicitor expressed concern about a 2 ft piece of road. The possibility of indemnity Insurance was being bandied about. In the midst of all this, my buyer announced that he was going on holiday at the end of July. Not to be out done, my buyer’s buyer has clearly fallen out with his MiL (the family are co-sharing), and he now wants an early July completion date. As of this morning, my solicitor didn’t think there was much chance of us exchanging contracts this week because of the road issue.

How quickly things change. I got a call late this afternoon to say that we can exchange contracts tomorrow with an AGREED completion date of the 16th July!!! I must have been asleep when the revised completion dates were discussed.

I am getting the impression that my buyer thinks that as I have already exchanged contracts on our new home, that I cannot afford to walk away - just watch. I have though offered to move out a week early but finding anywhere to stay in the first week of the school holidays isn’t proving easy. Do buyers actually walk away for the sake of a week’s delay - time will tell.

datlex

All being well I should be exchanging tomorrow. The seller has been away for a few days, back on Wednesday. Working towards completing on Friday.... Thankfully no chain

tudorfan22

todays the day our FTB at the start of the chain is having his mortgage survey - why its been left so late I have zero idea! - but I think my crazy brain wont let me get away without emailing estate agent today! poor guy he must be utterly sick of me!


but just try to frame how I email him, trying to avoid the 5 year old on a long journey approach of 'is it done yet? is it done yet? is it done yet?' and sound more like a professional 37 year old woman! any ideas?