The NEW waiting to exchange thread...

Finchy2018

We have our mortgage valuation booked for next week I am slightly concerned about that as I was told yesterday that the chain is not yet complete, my sellers have found but no one knows the position of their seller and if the chain goes even further.

We are in no rush to be fair but a very vague timeline would be nice!

beckym1987

Hi all,

Me and my other half are first time buyers and our timeline is as follows:
6th January - started house hunting
4th August - put forward an offer on property
7th August - offer accepted
13th August - instructed solicitor
14th August - mortgage application sorted
15th August - sent completed documents to solicitor
21st August - Valuation complete
29th August - Mortgage offer accepted

Since the 29th August nothing has happened. Our Solicitor hasn't asked for any money and won't start searches etc until they receive the draft contract, which I understand as without a contract from the seller, it's wasted time for them.

I phoned our solicitor 3 weeks ago and was advised she was on holiday for 2 weeks, would be back Monday. Phoned on Monday and advised no contract yet. Phoned Friday and was advised the same again and to ring estate agents. Phoned estate agents and got a call back within 30 mins to say seller sent paperwork 1.5 weeks prior although it turns out her solicitor is on holiday till Wednesday so it's basically sat on a desk. Estate agents told seller to tell her solicitors that someone else needs to deal with it in her absence. This was almost 2 weeks ago...... still nothing and I'm getting super frustrated. Is this normal or should I phone the estate agents again to chase up?

Morecat

Beckym 1987

I would keep chasing the estate agent for information. A solicitors office can be an extemely busy place and it is not always possible to take on the work of other people when they're on holiday/ill. My buyer was lapse in getting her solicitor instructed, she said she hadn't realised three weeks had passed since she made her offer. It was only through chasing that I was able to get my sale really moving.

Sanne

Another day and more fun - more enquiries for the seller (fair enough) and solicitor has now decided that she needs to see original bank statements and a different ID for my husband as his driving licence only has one of his middle names.
Only problem- his passport (with all names) expired two years ago and he hasn’t bothered renewing it, waiting to hear if that’s acceptable. Another £10 for a certified copy, same ID was used for the mortgage application and they never queried this.

Thank goodness my boss allows me flexibility as I’ll now have to spend two hours getting to the nearest town where there is still a branch of both banks that hold the accounts with my deposit to get paper statements - and back of course.

She really could have mentioned that a month ago!

hrbed

beckym1987 wrote: »

Hi all,

Me and my other half are first time buyers and our timeline is as follows:
6th January - started house hunting
4th August - put forward an offer on property
7th August - offer accepted
13th August - instructed solicitor
14th August - mortgage application sorted
15th August - sent completed documents to solicitor
21st August - Valuation complete
29th August - Mortgage offer accepted

Since the 29th August nothing has happened. Our Solicitor hasn't asked for any money and won't start searches etc until they receive the draft contract, which I understand as without a contract from the seller, it's wasted time for them.

I phoned our solicitor 3 weeks ago and was advised she was on holiday for 2 weeks, would be back Monday. Phoned on Monday and advised no contract yet. Phoned Friday and was advised the same again and to ring estate agents. Phoned estate agents and got a call back within 30 mins to say seller sent paperwork 1.5 weeks prior although it turns out her solicitor is on holiday till Wednesday so it's basically sat on a desk. Estate agents told seller to tell her solicitors that someone else needs to deal with it in her absence. This was almost 2 weeks ago...... still nothing and I'm getting super frustrated. Is this normal or should I phone the estate agents again to chase up?

I'm in a very similar situation! My partner and I are FTB currently renting and we are 10 weeks into the procoss since having our offer accepted and the vendors are still only just doing first viewing properties. We're frustated as we were told they had an offer accepted, so we confidently paid for the buyers survey, admin fees, solictor, conveyencing etc, to then be told they're now back looking for a house with no explanation. We have another 3 months left on our mortgage offer and I'm very worried we won't be able to complete in that timeframe and have to spend out yet more money

beckym1987

hrbed wrote: »

I'm in a very similar situation! My partner and I are FTB currently renting and we are 10 weeks into the procoss since having our offer accepted and the vendors are still only just doing first viewing properties. We're frustated as we were told they had an offer accepted, so we confidently paid for the buyers survey, admin fees, solictor, conveyencing etc, to then be told they're now back looking for a house with no explanation. We have another 3 months left on our mortgage offer and I'm very worried we won't be able to complete in that timeframe and have to spend out yet more money

Ours is pretty straight forward as she has purchased a new build property already so we were told by the EA and we were told that the builders will want to move quick....... doesn't seem like it lol. Luckily we haven't paid for a solicitor or conveyancing fees yet as they won't accept money until they get the draft contract. She has already changed her mind on the house she was buying as originally she was buying a house from the same EA who sold her house but they phoned me 4 weeks after to say that she has changed her mind and is getting a new build so the house will go as a part exchange towards the new property and gave us a date of around 19th October which at the time sounded realistic but with how slow it seems to be moving there is no chance it will be done by then!

I think because she has already changed her mind I'm worried she may change her mind again and we have already spent money that we won't get back. There just doesn't seem to be any rush for anything and I am not the most patient

jennhg88

beckym1987 wrote: »

...... She has already changed her mind on the house she was buying as originally she was buying a house from the same EA who sold her house but they phoned me 4 weeks after to say that she has changed her mind and is getting a new build so the house will go as a part exchange towards the new property and gave us a date of around 19th October which at the time sounded realistic but with how slow it seems to be moving there is no chance it will be done by then!

That's a bit weird. If she has a buyer for her house (you) then she doesn't need to part exchange for the new build as that would mean selling her house to the builders. I think?

[Deleted User]

So after another week of ignoring my calls and emails I finally got a reply yesterday when I asked why the exchange didn't go ahead as planned. They are now saying that two of the enquiries need to be 'rechecked' as they were not sufficient before. They won't give me a timescale for how long this will take and won't confirm if the exchange will go ahead this week now.

The thing thats annoying me the most is they have our £30k deposit sat in their account collecting interest!

I can't wait for this whole process to be over.

goodwithsaving

Impatient_Coconut wrote: »

So after another week of ignoring my calls and emails I finally got a reply yesterday when I asked why the exchange didn't go ahead as planned. They are now saying that two of the enquiries need to be 'rechecked' as they were not sufficient before. They won't give me a timescale for how long this will take and won't confirm if the exchange will go ahead this week now.

The thing thats annoying me the most is they have our £30k deposit sat in their account collecting interest!

I can't wait for this whole process to be over.

If they're re-checking queries regarding your purchase, they're doing the due diligence part of the job you pay them for. Far better they get answered now than you find out things later.


Hopefully it will go ahead once everything is in order and you'll be in a new home.

Sanne

28/08 - offer on house 2 made and instructed solicitor to hold fire on house 1
30/08 - offer on house 2 accepted
30/08 - 1st full mortgage application cancelled and new full mortgage application submitted via broker
03/09 - survey for homebuyer report taken place
07/09 - valuation survey taken place
07/09 - received search results from our solicitor (some purchased from previous buyer’s solicitor hence that quick). Solicior also received draft contract & other paperwork from seller’s solicitor this week
10/09 - received mortgage offer (email, waiting for paper version)
11/09 - checked in with solicitor and confirmed that all search results are back and they’ll go through paperwork in a couple of days when solicitor is Backform holiday
14/09 - finally received survey report. Few things flagged up and losing the will to live trying to get someone to quote for the work
25/09 - chain has agreed to completion date of 19/10. Should receive contract at the end of this week to sign.
28/09 - contract and other paperwork received, one enquiry still outstanding

We’ll need to sort a couple of bits and will return all paperwork on Tuesday - hopefully all set for exchange then!