The NEW waiting to exchange thread...

jennhg88

nwithers1 wrote: »

UPDATE:
Barclays passed it to their "valuation team" who passed it to their "ground rent team" and we are no further along. We've now missed our chance to complete tomorrow, as arranged. Even if Barclays approve today, we will need to confirm a completion date with HTB so it's likely to be some time next week. Solicitor doesn't think there will be a problem, but she also seemed to know nothing about needing to send this info to begin with (because she's terrible). I called Barclays myself and they said "your solicitor should have sent this when the mortgage was signed off, months ago."

So another week of living out of a suitcase in my friend's spare room with all my belongings in storage. And I'm spending all day every day refreshing my emails to see if Barclays are going to turn down our mortgage at the last minute and actually leave us without anywhere to live. So miserable now, I just want this to be over.

Why did you give notice on rental before you exchanged? These things never go completely smoothly unfortunately

KingMob

Due to exchange and complete today, waiting call from my solicitor to confirm that the vendors solicitor has received the funds. Scarily, I believe they will only accept a cheque which was posted yesterday. Never moving again.

nwithers1

jennhg88 wrote: »

Why did you give notice on rental before you exchanged? These things never go completely smoothly unfortunately

Thanks, that's super helpful...

We were on a 6 month contract that was due to expire early July. We were due to move in mid-July. Landlord let us extend the contract for one month, but didn't want to do any longer than that on a rolling basis - only wanted 6 month minimum contract. We thought it would be plenty of time anyway, but by the time we knew differently there were already new tenants due to move in 2 days after we were due to move out. Didn't have a choice then.

mooma29

I have my mortgage with Santander, have done for years. We are porting over our existing and adding a bit extra on. they do give you a progress report thing you can log onto and see where the process is up to. I have always found then super helpful though I have read others who have had different experiences. application in on 18 July offer receives 1 August.

KazJenn

Hi everyone, I'm going to join in too. I've really appreciated reading this thread. It's made me more accepting of likely delays and have a better idea of the process.

We currently live in a 2 bed mid terrace with 2 kids and 2 dogs so a bit of a squeeze! However, staying here for as long as we could meant that we've paid off our mortgage.

We were very slowly preparing to move, focusing on DIY around the home, replacing windows etc. The tricky was that whilst I'd be happy to move out of Surrey to Hampshire where you get much better value. My husband and kids wanted to stay in the immediate area which gets even more limited as our preferred secondary school has no catchment and instead has to be the closest secondary school to you.
Anyho. Around June I was aware of a property going up for sale as the owner going into a home. The location and house fit our criteria but way overpriced. A week or so later, change of EA and price dropped by 35k. Still overpriced but worth having a look around. The house was a classic case of not being updated for the past 30 or so years and poor room layout but lots of potential and a huge south facing garden. We viewed a second time and in talks with the EA about putting an offer in. They advised putting our house on the market and determining how much we could truly offer first. Particularly as the vendor was keen to sell due to nursing fees. Fair point.
On the Thursday we agreed for the EA to visit on the Monday to do an evaluation. Cue the maddest long weekend of cleaning and decluttering during the heatwave!

6th July 2018 - Put our house on the market and made aware that the property we were interested in had dropped its price another 35k asking OIEO. Annoyingly this is what we were going to offer and knew that the house would be more attractive to others now.
13th July - Two offers on our property. Both 5k below asking. Sat on them as had further viewings over weekend and.....We were told that our desired house had a cash buyer who has offered above the latest asking price which had been accepted. We weren't devastated as the house needed a lot of work and who knows what other repairs and costs were waiting to pop up. However it made us shift a gear and start looking at other available houses within our limited area.

20th July - Accepted offer on our property with the understanding that we were still looking. It'll be BTL so no chain so far.
Viewed property No4. It needs updating inside and pushing the limits of our budget. However location is perfect.

21st July - Place offer 25k (4%) below asking price as on the market for a few months and aware that our offer is higher than a rejected bid earlier that week.

23rd July - Offer rejected. Vendors stating they want the full asking price but can move in with family to ensure a small chain.
We place our second and final offer 15k below asking price.

Later that day. The EA with the original property we looked at call us. The cash buyer has gone quiet and already not meeting the strict deadlines that have been agreed with the sale. They feel that even though our intended offer was 15k below the cash buyers. The vendor will sell as wants this house sold.
We've not yet had an answer with our current property so we call their EA and explain the situation. I think this is where EA's do earn their money. They obviously checked that what we were saying is true. Then impressed upon the vendors that we've made a strong offer with a complete chain so far and would genuinely walk away. They asked to think on it overnight which was understandable.
24th July - Offer accepted on current property. EA's suggesting early October for completion. We'll see!
30th July - Conveyancer organised (EA own - I know! But the EA so far have been very efficient and assured me that the conveyancer only works for them and therefore they're naturally in daily contact)
1st Aug - Mortgage application made.
2nd Aug - Paid conveyancer for third party costs and searches.
4th Aug - Buying and selling paperwork completed and sent to conveyancer.
8th Aug - Homebuyer valuation at vendor property and text from mortgage lenders to confirm mortgage offer, paperwork in post.
9th Aug - catch up with my EA to explain where we're at. He informs us that our vendor have just had an offer accepted. Previously they were going to wait until our sale was complete but changed their minds - thanks to MSE I'm aware that this happens often. Apparently they're sticking to our timescale and will still move in with family if there's a gap. We'll see. They also requested 1month between exchange and completion. I had already specified 2wks and can work with a month as long as our buyer is happy too.
10th Aug - Homebuyer survey back. Valuation is same. Slightly concerned that there, 'may be, aspestos' but nothing definite and will just be mindful if we have to do relevant works.
11th Aug - Second viewing at vendor property. Brought along the tape measure and seeing the house without rose tinted glasses and working out everything we need to repair / replace :eek:
Met the vendors. All very lovely and polite. Swapped numbers.

So, we're now into our second month of house buying. We're away end of August and have informed our conveyancer. To keep to early October completion we'd have to be exchanging in the next 2-3wks and I can't see that happening.

Good Luck those of you who are at the exchange side of things!

Kaz

TamsinC

Due to exchange today, all monies sent over, insurance sorted etc but no world on whether we are actually exchanging.

Twiddle thumbs, twiddle thumbs

SG27

TamsinC wrote: »

Due to exchange today, all monies sent over, insurance sorted etc but no world on whether we are actually exchanging.

Twiddle thumbs, twiddle thumbs

Oh they are leaving it a bit late! Have you contacted your solictor?

TamsinC

SG27 wrote: »

Oh they are leaving it a bit late! Have you contacted your solictor?

Yes. Surprisingly (NOT) the sellers solicitors are the ones holding it up by not responding to our solicitors. Trying for tomorrow now.

SG27

TamsinC wrote: »

Yes. Surprisingly (NOT) the sellers solicitors are the ones holding it up by not responding to our solicitors. Trying for tomorrow now.

Oh how frustrating! Knowing your vendors they have probably not bothered replying to their solicitor to give authority to exchange.

TamsinC

SG27 wrote: »

Oh how frustrating! Knowing your vendors they have probably not bothered replying to their solicitor to give authority to exchange.

Probably - ho hum