The NEW waiting to exchange thread...

PassingOutInTheParade

After 6 months of buying a 'no-chain either way' property we were all set for exchange and completion today.

I contained my excitement due to the seller's solicitor making so many c*ck-ups along the way. I suspected there would be something amiss and today wouldn't actually happen.

How right was I?
My solicitor is still waiting for the redemption certificate to arrive from the seller's solicitor!
The irony is that it was they who suggested today for completion.

At least neither of us has a removal lorry waiting..........

s_glover

Good luck getting everything sorted PassingOut.

We finally exchanged yesterday afternoon for a completion date next Wednesday :j

Best get packing this weekend!

PassingOutInTheParade

s_glover wrote: »

Good luck getting everything sorted PassingOut.

We finally exchanged yesterday afternoon for a completion date next Wednesday :j

Best get packing this weekend!

Absolutely flabbergasted.
Just had the call I wasn't expecting to say we HAVE completed!

Why oh why, do they leave things to the very last minute? I can breathe now, and thinking of all those poor souls who are juggling a lot more than I ever had.

Good luck to everyone still waiting and hanging on to their sanity by a thread..........

s_glover

Fantastic new PassingOut :j:j

ancilla100

Update from me. Some of the issue and delay seems to be due to the fact that the management company are refusing point blank to fill out the LPE1 form because it's a small block of only 4 flats and so the seller's solicitor is hitting a brick wall in trying to get that information. *facepalm*

So I've managed to get a list of those individual bits of outstanding information to pass to the EA to pass to the seller's solicitor (who's already had them and should know what they are considering they're things that are key pieces of info for mortgage lenders) so everyone can further chase the management company.

KazJenn

I joined this thread awhile back when I was full of excitement and hope that we'd be one of the lucky ones and have an average wait to complete.....yeah, that got old.

So in a nutshell. End of July our chain of two houses was complete. We got the mortgage and survey sorted beginning of August. Waited for vendors to complete paperwork, waited for our buyers to organise survey. Weeks of twiddling thumbs with an occasional enquiry to respond to.
Up to now. We have just responded to another batch of enquiries. There's murmurings between conveyancers and EA's about exchange and completion dates. In the next few days we're getting quotes from house move companies. Nov 7th is being thrown about for a possible completion date with the plan that we exchange next Weds to allow 2wks between the two.

It all depends on how promptly our conveyancer forwards our responses and whether our buyers are then satisfied or have further enquiries to raise.

Our buyers are buying the house to turn it into a rental. Because they're a lot less emotionally attached or reliant on the sale going through. I'm braced for last minute shenanigans!

I can't remember everyone's names and the quote function doesn't seem to work from my phone but I just wanted to say that this thread has been brilliant to read. Whilst my heart goes out to a lot of you that have been messed around - your experiences have helped ground me and I've been a lot more relaxed than I otherwise would have been.

May next week be a week of exchanges and completions!

Kaz

george4064

I am in the process of buying my first flat, and looks like we might be exchanging in November with a January 2019 completion date. (I'm at the bottom of a chain).


One question I had, is when will I need to stump up my deposit to my solicitor by? Is it at exchange of contracts or the day before completion date?

Jtotz67

george4064 wrote: »

I am in the process of buying my first flat, and looks like we might be exchanging in November with a January 2019 completion date. (I'm at the bottom of a chain).


One question I had, is when will I need to stump up my deposit to my solicitor by? Is it at exchange of contracts or the day before completion date?

Your solicitor will not exchange without your deposit so you will need to have transferred it to them before exchange of contracts. Ours had ours for about a week before exchange but we were very keen!


But yes definitely before exchange (rather than AT exchange) because at the point of exchange they need to be able to send it immediately over to the Seller's solicitors if requested.

george4064

Jtotz67 wrote: »

Your solicitor will not exchange without your deposit so you will need to have transferred it to them before exchange of contracts. Ours had ours for about a week before exchange but we were very keen!


But yes definitely before exchange (rather than AT exchange) because at the point of exchange they need to be able to send it immediately over to the Seller's solicitors if requested.

Thanks. However I read here (https://www.samconveyancing.co.uk/news/conveyancing/when-do-you-pay-your-house-deposit-902) that I only need to transfer 10% of the purchase price before exchange and then all the remaining funds (mixture of deposit saved/mortgage) is transferred day before completion.


Am I missing something?

Jtotz67

george4064 wrote: »

Thanks. However I read here (https://www.samconveyancing.co.uk/news/conveyancing/when-do-you-pay-your-house-deposit-902) that I only need to transfer 10% of the purchase price before exchange and then all the remaining funds (mixture of deposit saved/mortgage) is transferred day before completion.


Am I missing something?

So the 10% is the deposit. If you have more saved up (and are thereby mortgaging less) than that is fine but the official deposit is 10% of the purchase price which is what your solicitor will need in order to exchange. If you have any extra then obviously you keep hold of that.


Then yes the rest goes over before completion day