The NEW waiting to exchange thread...

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?

I have to say that article is really confusing and complicates the issue far more than needed!


The exchange deposit is usually 10% of the purchase price (though can be negotiated down or up in individual cases) and that is what you need to get paid over for exchange.

george4064

Jtotz67 wrote: »

I have to say that article is really confusing and complicates the issue far more than needed!


The exchange deposit is usually 10% of the purchase price (though can be negotiated down or up in individual cases) and that is what you need to get paid over for exchange.

Thanks for all your help! I guess people use terms interchangeably or loosely, when actually one should be more specific as there are various types of 'deposits'.

jennhg88

Another week of not a lot happening. Gonna do some pre-packing sorting over the weekend to keep busy. Try again next week??

bigstevex

So, we're now going to lose our buyer if we don't exchange next week, long story.


We need an extra 10 days or so for a land registry issue. So we're taking the biggest gamble ever to save our chain...


Split the sell and buy as 2 seperate transactions with 30 days between exchange/completion so we have enough to solve the land registry stuff.

novelty-socks

So i had an offer accepted on a flat this week, have just appointed a solicitor and am pulling together documents for the mortgage broker this weekend.

I guess that means I belong in this thread now? Been great reading through other people's experiences here, gives me some (vague) idea of what to expect next...

bigstevex

^Tbh, you probably want to lurk in the waiting for a mortgage offer one first then transfer in here after your mortgage offer has come through

bigstevex

https://forums.moneysavingexpert.com/discussion/4711931/anyone-want-to-join-me-awaiting-mortgage-decision&page=418


That will give you some timeframes for your offer to arrive and any issues that may arise, there's mortgage brokers on there too who can advise on issues

novelty-socks

bigstevex wrote: »

^Tbh, you probably want to lurk in the waiting for a mortgage offer one first then transfer in here after your mortgage offer has come through

Hadn't realised that one even existed. See you back here soon then...

Ellhan

We're FTB and new to all this. We're buying shared ownership. I know lots of people think doing this is silly, but it's the best option for us.

Timeline so far:
27/9 Memorandum of Sale issued and solicitor requests info from vendor's solicitor.
11/10 solicitor confirms (after chasing) that draft contract has been received, enquiries sent and searches begun. They include the fixtures and fittings form and we have a query which they forward to vendor's solicitor.
15/10 mortgage offer received
16/10 solicitor confirms they have had the drainage and environmental searches back, still awaiting LA search.

In the MOS the suggested exchange date is 7/11. Not sure how likely that is but we really want to complete by 23/11. Does 4 weeks until exchange seem possible? There is no chain, we are renting and vendor is moving abroad to live with her husband who is already out there.

From what I understand we need a mortgage deed and then once the search is back we should get a contract sent for us to look over and agree. Is that all there is to wait for now?

PrettyKittyKat

Hello all! Dipping into this thread as we have just accepted an offer on our property and are looking for one to buy. We actually sold earlier this year and bought our onward purchase which was the end of the chain however our buyer pulled out after 8 weeks (having not even provided a AIP at that point!). The house we previously bought it still available even 3-4 months later so we are probably going to reoffer, but are just viewing a few that have caught our eye since to be 100% sure, and of course we want to review that one as it's been so long since we last saw it.

It is good to see the experiences of everyone else! Good luck to all those completing shortly