The NEW waiting to exchange thread...

happytails

Timeline - updates in bold.

27/09 - Offer accepted on ours and our offer accepted on new house
28/09 - Solicitors appointed
02/10 - Mortgage advisor starts application to port existing mortgage & borrow additional funds.
03/10 - Pack arrives from Solicitors to fill in. Memoradum of sale arrives for the property we wish to purchase. Also contacted a surveyor for a home buyers report to be carried out in due course.
04/10 - MA emails to ask for Valuation fee. - Holding off for now until those below us in the chain are at that point. The Mortgage company are sending documents via post to read/sign.
05/06 - We get a call to say our buyers want to pull out. They didnt realise is was leasehold, even though it said so on the listing:mad:. Panic trying to explain to the EA that its capped at £5 for the next 920 years and it isnt an issue or the freehold can be bought for £1500. She relays it and they said they'd think about it.
06/06 - EA calls back and says they're going to go ahead with it and purchase the freehold at the same time as purchasing the house. I feel like im going to be walking on eggshells the entire moving process

bigstevex

happytails wrote: »

Timeline - updates in bold.

27/09 - Offer accepted on ours and our offer accepted on new house
28/09 - Solicitors appointed
02/10 - Mortgage advisor starts application to port existing mortgage & borrow additional funds.
03/10 - Pack arrives from Solicitors to fill in. Memoradum of sale arrives for the property we wish to purchase. Also contacted a surveyor for a home buyers report to be carried out in due course.
04/10 - MA emails to ask for Valuation fee. - Holding off for now until those below us in the chain are at that point. The Mortgage company are sending documents via post to read/sign.
05/06 - We get a call to say our buyers want to pull out. They didnt realise is was leasehold, even though it said so on the listing:mad:. Panic trying to explain to the EA that its capped at £5 for the next 920 years and it isnt an issue or the freehold can be bought for £1500. She relays it and they said they'd think about it.
06/06 - EA calls back and says they're going to go ahead with it and purchase the freehold at the same time as purchasing the house. I feel like im going to be walking on eggshells the entire moving process

Going to guess they either didn't read it right or have read into the nightmare leaseholds some people have and it scared them. As you say yours is nothing really @£5 and the freehold is cheap to buy. I wouldn't worry about it moving forward, just hope they don't ask you to foot the bill for the freehold purchase lol.


Fyi, I wouldn't buy a leasehold either unless I knew the freehold was available to buy but I'd ask this prior to a viewing personally

happytails

bigstevex wrote: »

Going to guess they either didn't read it right or have read into the nightmare leaseholds some people have and it scared them. As you say yours is nothing really @£5 and the freehold is cheap to buy. I wouldn't worry about it moving forward, just hope they don't ask you to foot the bill for the freehold purchase lol.


Fyi, I wouldn't buy a leasehold either unless I knew the freehold was available to buy but I'd ask this prior to a viewing personally

Aye, maybe. Just wondered why they went straight to wanting to pull out rather than fact finding. Very frustrating on my end.

Fingers crossed it'll be smooth from here on out.

jennhg88

pinkduvetdiva wrote: »

Updates in bold:
5/10/18 - Found out from our solicitor that the sellers actually only own 75% of the house (a management company owns the other 25%)! I'm not overly concerned though - the sellers can hash that out with the management company once the sale has been completed.

I'm not sure it works like that. What has your solicitor said? Does the vendor have the right to sell 100% if the management company owns a share?

Margot123

jennhg88 wrote: »

I'm not sure it works like that. What has your solicitor said? Does the vendor have the right to sell 100% if the management company owns a share?

Ditto.

Get that checked out ASAP.

The sellers are joint owners, both parties have to agree to sell.
Why did the seller not make their position clear at the outset? Doesn't bode well for honesty in the future.

[Deleted User]

WEVE EXCHANGED!!!!!!!!

Completion on Friday.


So. Blooming. Relieved.

hrbed

I'm a FTB currently renting, 12 weeks since our offer was accepted. Had a long wait on vendor looking for property. They've now had an offer accepted. Their vendor ends the chain and all looking for a quick move so hopefully we'll see a move before Christmas!

Chain so far:

20/07 - AIP given
24/07 - offer submitted for 4th house we viewed
25/07 - counter offer given
25/07 - accepted counter offer
31/07 - mortgage paperwork sent off
07/08 - paid admin fees to mortgage & checks started
14/08 - additional information requested by underwriters
20/08 - all checks complete and booked valuation. Accepted "subject to valuation"
28/08 - valuation takes place
31/08 - conformation they've recieved valuation report
03/08 - chased & told underwriters were doing final admin checks
05/08 - chased & told underwriters were doing final admin checks
05/08 - got home from work and mortgage offer was on doorstep
01/09 - solicitor checks complete, they're now waiting for the inventory form from vendors.

Waiting on exchange date now!

Jtotz67

pinkduvetdiva wrote: »

5/10/18 - Found out from our solicitor that the sellers actually only own 75% of the house (a management company owns the other 25%)! I'm not overly concerned though - the sellers can hash that out with the management company once the sale has been completed.

Echoing what others have said you need to get that situation checked out ASAP because if the Seller doesn't own 100% they can't sell the bit they don't own...in fact they cannot sell it at all unless it is in conjunction with the other owner!


We often wind ourselves up over nothing in these transaction but that particular thing is definitely something you want to be concerned about!

bigstevex

Soooo, our disappearing solicitor has actually left the company hence why our calls/emails were ignored for a week. I'm guessing it was abrupt because the new solicitor they have who's taken over spent a few hours reading through everything before he would give me an update. He also found further land registry issues where it looks like part of the shared driveway is in fact unregistered land that no one owns, there is however conflicting information in the deeds so he has asked the sellers solicitor to provide all the surround title plans etc to match who's land belongs to who. We wanted to exchange this week

Slinky

happytails wrote: »

Timeline - updates in bold.

27/09 - Offer accepted on ours and our offer accepted on new house
28/09 - Solicitors appointed
02/10 - Mortgage advisor starts application to port existing mortgage & borrow additional funds.
03/10 - Pack arrives from Solicitors to fill in. Memoradum of sale arrives for the property we wish to purchase. Also contacted a surveyor for a home buyers report to be carried out in due course.
04/10 - MA emails to ask for Valuation fee. - Holding off for now until those below us in the chain are at that point. The Mortgage company are sending documents via post to read/sign.
05/06 - We get a call to say our buyers want to pull out. They didnt realise is was leasehold, even though it said so on the listing:mad:. Panic trying to explain to the EA that its capped at £5 for the next 920 years and it isnt an issue or the freehold can be bought for £1500. She relays it and they said they'd think about it.
06/06 - EA calls back and says they're going to go ahead with it and purchase the freehold at the same time as purchasing the house. I feel like im going to be walking on eggshells the entire moving process

Hello Happytails, I was around when you were trying to sell last time. We bought and have a tenant renting our purchase, we were planning on moving in a couple of years time from now. However recent developments mean we're going to have a go at trying to sell in the Spring..... Heaven help us. I'm currently getting quotes for some work we need doing we can't do ourselves (painting high ceilings and some replastering of blown plaster).


Good luck with your sale, we're up in your part of the world visiting our friends in a couple of weeks time.