The NEW waiting to exchange thread...

FTBNow

FTBNow wrote: »

We're the same - except completion meant to be this coming Friday and our vendors solicitor has sent it up to a senior solicitor who still hasn't signed off on the completed file.

I've just had enough now!

We have finally exchanged and are completing tomorrow! Huzzah! Had official confirmation on Tuesday afternoon that the exchange had gone through.

Our timeline looked a little like this:

16/04: Offer accepted
17/04: Solicitors instructed
26/04: Mortgage application submitted to Santander and valuation instructed
15/05: Application agreed by underwriter
15/05: Valuation received and property was undervalued
17/05: New offer agreed with vendors
24/05: Application agreed by underwriter again and offer issued
18/06: Searches received
29/06: Vendors phone to tell us they are swapping houses as their previous purchase is being held up by their vendor. All of us are now nervous we won't complete in the six weeks holiday (which is what our vendor asked for as she's a teacher)
16/07: Contract received
8/08: Santander receive certificate of title
14/08: Exchange
15/08: Full funds released
17/08: Completion

So a bit of a long one: just a day over 4 months. I imagine it would have been quicker had our vendors not been held up though. Our solicitors and mortgage company have been brilliant all the way through: can't fault them. The estate agent however....

jayemm6964

Sold my house 18th Feb
Offer accepted on the one I am purchasing 20th Feb
My buyers buyer withdrew 5th April
Gave her two weeks to resell and she did so on 16th April
Did everything I needed to do - all paperwork sorted by end of April
All went quiet during May
Took until the middle of July to find out my buyers buyer had a "problem" solicitor. They had been sent the contract documentation in April and it took them until 1st June to return it to my buyers solicitor saying they weren't their clients (they were!). Contract documentation returned to them 8th June.
All went quiet again (despite numerous calls/emails from me to estate agent and solicitor).
Spent most of July trying to finalise a completion date with no joy.
1st August was told everyone in the chain (5 of us) agreed on 17th August for completion and contracts would be exchanged w/b 6th August.
Last week the date was changed to 24th August
Found out this week (13th August) that 24th August was unlikely - hold up now is that apparently questions have not been answered by my buyers solicitor.
People now threatening to pull out due to the ridiculous amount of time this has taken.
All caused by one client (my buyers buyer) and their incompetent, useless solicitor.
My stress levels are through the roof and I'm beginning to wonder if I'm ever going to complete.
(Added frustration is the house I'm moving into is empty - the vendors have been more than patient as this is the property they sold to me on 20th Feb).

2004nsnazir

FTBNow wrote: »

We have finally exchanged and are completing tomorrow! Huzzah! Had official confirmation on Tuesday afternoon that the exchange had gone through.

Our timeline looked a little like this:

16/04: Offer accepted
17/04: Solicitors instructed
26/04: Mortgage application submitted to Santander and valuation instructed
15/05: Application agreed by underwriter
15/05: Valuation received and property was undervalued
17/05: New offer agreed with vendors
24/05: Application agreed by underwriter again and offer issued
18/06: Searches received
29/06: Vendors phone to tell us they are swapping houses as their previous purchase is being held up by their vendor. All of us are now nervous we won't complete in the six weeks holiday (which is what our vendor asked for as she's a teacher)
16/07: Contract received
8/08: Santander receive certificate of title
14/08: Exchange
15/08: Full funds released
17/08: Completion

So a bit of a long one: just a day over 4 months. I imagine it would have been quicker had our vendors not been held up though. Our solicitors and mortgage company have been brilliant all the way through: can't fault them. The estate agent however....

Congrats! hope the move goes well. We exchanged on Monday and completing on Monday 20th. Solicitor said they will release funds Monday midday and then email me to collect keys from EA.


Please let me know what happens tomorrow. I'm still anxious even though we have exchanged. Im booking Monday off from work so hope its not a wasted day.

SG27

TamsinC wrote: »

Probably - ho hum

Any luck today??

FTBNow

FTBNow wrote: »

We're the same - except completion meant to be this coming Friday and our vendors solicitor has sent it up to a senior solicitor who still hasn't signed off on the completed file.

I've just had enough now!

2004nsnazir wrote: »

Congrats! hope the move goes well. We exchanged on Monday and completing on Monday 20th. Solicitor said they will release funds Monday midday and then email me to collect keys from EA.


Please let me know what happens tomorrow. I'm still anxious even though we have exchanged. Im booking Monday off from work so hope its not a wasted day.

Thanks 2004nsnazir!

We were surprised our funds had been released so early: almost two days in advance and my solicitors double-checked with Santander last week that they were OK to release. I suppose it stops any delays their end.

superdeemon

mooma29 wrote: »

just checking up on peoples progress as I have none of my own :cool:. I'm still waiting for my buyer to sort their mortgage out, they had a typo on their address on credit file or electoral roll or somewhere anyway, stoppig them getting an OIP which they found out about two weeks ago. They have told me today that that has been corrected and they are just waiting for the credit agency to recognise the update. so I am feeling frustrated that nothing very much is happening. but we accepted their offer 5 weeks ago, and had our offer accepted 4 weeks ago, so compared to some people on here its been no time at all. I think I'm going to have to dig deep for some patience aren't I??

The offer on the property we're buying was accepted on February 26th. So yeah, 5 weeks is nothing in comparison. We are FTB, there's no chain and the property is empty. Just incompetent solicitors on the vendors side. We've yet to exchange, but told this should happen tomorrow. Our mortgage offer expires in 3 weeks, hurray.

TamsinC

Still not exchanged, vendors have asked for yet another different completion date so I expect that's put things back as paperwork would need changing. Trying again for tomorrow. Fed up is how I am feeling, along with a good dose of resigned p1ssed offness

Shellsey84

Hi everyone!
I posted a while back. I am a FTB awaiting exchange on a shared ownership new build! I have been informed by my solicitor on 3rd August that she is writing my final report and I should get an update early the week after. This has not happened (surprise surprise). I am not having much luck with the solicitors and have spoken to them twice in almost 6 weeks!

With regards to the final report, is this a good sign? The solicitors have not been very forthcoming with information so I have no idea what is going on!

SG27

Shellsey84 wrote: »

Hi everyone!
I posted a while back. I am a FTB awaiting exchange on a shared ownership new build! I have been informed by my solicitor on 3rd August that she is writing my final report and I should get an update early the week after. This has not happened (surprise surprise). I am not having much luck with the solicitors and have spoken to them twice in almost 6 weeks!

With regards to the final report, is this a good sign? The solicitors have not been very forthcoming with information so I have no idea what is going on!

That sounds like the report on title which is the last thing before exchange from your side so yes its a good sign you almost there.

Dolphin27

Have been reading other people’s posts for a little while to try and aid our frustration of taking 5 months to try and move house. Sold our house in 3 days back in early March and found out purchase a week later. 2 breaks in the chain and 5 months later we are still waiting to exchange. Have had several completion dates set which have fallen by the wayside and are now approaching our fourth on Monday. We have still not exchanged. The whole chain seems to hinge on the first time buyer at the bottom of the chain and their incompetent solicitors. We have never been so frustrated as we’ve been ready to move for weeks.