The NEW waiting to exchange thread...

Finchy2018

still no sign of buyers pack, but I'm going to wait until next week to chase up.

I'm having a wobble, we are going to have an extra 70k available to us next week, should we have waited and got a bigger house? Should we have put down more deposit so our mortgage is less (It's very affordable as it is so we're not overstretched, we're saving £300 a month compared to our rent!)

Magnus91

Magnus91 wrote: »

Sat twiddling my thumbs waiting for the other side to calculate apportionments before we can exchange :whistle:

So stressed! Feel like I've been on the phone all day.

Finally received the apportionment today, ran to the bank to send over all the money to my solicitors, hoping it arrives today so we can exchange!

Need to give notice on my rent flat before Monday, so this is the last day I can exchange, no pressure!

Magnus91

Finchy2018 wrote: »

still no sign of buyers pack, but I'm going to wait until next week to chase up.

I'm having a wobble, we are going to have an extra 70k available to us next week, should we have waited and got a bigger house? Should we have put down more deposit so our mortgage is less (It's very affordable as it is so we're not overstretched, we're saving £300 a month compared to our rent!)

Can you make penalty free over payments on your mortgage? I think most allow up to 10% per year anyway?

Although perhaps you would have gotten a better interest rate with a bigger deposit.

Finchy2018

Magnus91 wrote: »

Can you make penalty free over payments on your mortgage? I think most allow up to 10% per year anyway?

Although perhaps you would have gotten a better interest rate with a bigger deposit.

We can do 10% a year, so had planned to overpaying each month with the £300 that would normally have gone on rent. I could have got a better interested rate, but we still have a fairly good deposit without using the extra funds so the interest is already competitive. I'll do a lump sum payment each year and I mean it will be nice just to have a pot incase of emergencies etc so I'm sure we are doing the right thing.

Finchy2018

Magnus91 wrote: »

So stressed! Feel like I've been on the phone all day.

Finally received the apportionment today, ran to the bank to send over all the money to my solicitors, hoping it arrives today so we can exchange!

Need to give notice on my rent flat before Monday, so this is the last day I can exchange, no pressure!

good luck! I hope it happens for you!

novelty-socks

Joining this thread now that I've had my mortgage approved. Hooray! I'm buying with my girlfriend - we're first-timers and the seller has no chain, so we're hoping for a speedy transaction.


Here's my timeline so far:


Mid-Jun - first spoke to broker, got certificate thing showing we were good to borrow up to £x. I'm not sure if this constituted an official AIP or not. In any case, we never showed it to an agent at any point - they took our word for it!
15 Oct - finally found a place we liked enough to make an offer
17 Oct - after some negotiations, slightly higher offer accepted
18 Oct - solicitor instructed
29 Oct - full mortgage application submitted via broker
31 Oct - estate agent let us know that Halifax surveyor visited property (that was quick!)
1 Nov - broker has been in touch with details of approval and mortgage offer
2 Nov - mortgage offer arrived in the post. I let the agent know we'll get the survey sorted next week.


Guess we need to get the survey date locked in now and see what comes back from then. Any recommendations on how to handle this? We're looking to get a £900 homebuyer's report done. The sample from the surveyor looks really comprehensive and as we're not really looking to do this on the cheap we'll probably go ahead.


It's an old Victorian building that's been divided into flats.


Thanks - enjoying following everyone else on here too!

JadeLouise

Someone please tell me that this horror does end ? :O

So far my timeline is:
August 8th - second viewing of house we liked. Offer made
August 14th - After some negotiation final offer made
August 15th - Meeting with mortgage broker
August 16th - Solicitors contacted
August 21st - Valuation carried out on property
August 22nd - Valuation report received and valued 9.5K lower than offered. No money spare to make up the shortfall to mortgage. Estate agents informed we would like to make this offer.
August 23rd - Sellers final decision to not accept any offer lower than original

August 31st - Second viewing of another house we liked
September 5th - Offer accepted. Solicitor and broker informed to proceed with this property
September 14th - Valuation carried out by lender
September 17th - Confirmation lender were happy with valuation and property valued at offer
September 18th - Mortgage offer received with copy of valuation (I thought this was very fast)
September 20th - Home buyers survey instructed
September 27th - Survey carried out and report received that evening
September 28th - Search fees paid to solicitor
October 17th - Help to buy ISA closed
October 22nd - Local searches returned and satisfactory
October 23rd - Informed there is a problem with the sellers related purchase and they are awaiting some works to be signed of that are being done on the house. Contracts received in the post.
October 29th - Contract received returned to solicitor after delayed response of some queries.

That is us.

It has been a long process and a lot of things in the middle. All new to us. I cant wait to exchange. We are just waiting for the sellers purchase to be ready (they are buying a house which has been undergoing a very large extension).

We agreed at viewing we all wanted to complete first week of November. Of course these things don't go as planned. As long as were in for December ?

Brightspark87

AMJxxxxx wrote: »

Hi, can I join? Hoping for some advice and support..

Sold my house in May this year and currently in rented.

01/09 - offered accepted on house (leasehold 8 years old) - appointed solicitor a few days later and applied for mortgage from HSBC (AIP already in place).
Seller then offered on a no-chain house a few days later.

24/09 - mortgage offer in, asked (and paid) solicitors to start searches (told one week turnaround as use outside company).

Since then nothing at all. So 9 weeks from offer and not one piece of documentation. Emailed sol and just told are writing report. There was a delay on leasehold info (service charge and ground rent separate companies) but told they came in early last week and sol was reviewing them.

I suppose just wanted to know if this was the usual process for buying - all documents sent to me in one go. Not even received F&F or Property Info Form. When I get this report will it means searches are in and enquiries done or is this the start?

Concerned (stressed) just that 9 weeks with nothing seems a long time..:undecided I just find the lack of information and guidance from sols quite frustrating.

Thanks AMJ

I would be stamping my foot at this stage! Chase them all up and ask for updates this is far too long in my book...

lisyloo

Offer received 26/9.
All paperwork complete, so I have signed undated contract.


Our buyer is a cash buyer so no mortgage from her, but total of 3 properties (4 parties) in the chain.


Awaiting court order from court of protection. They have a large backlog but I don't think qualifies as what they deem to be an emergency yet.

Brightspark87

So today we await the delay whilst our buyers perhaps sort out this extra ££ They have wangled from us. I hope, with this done, we may exchange still! I feel like I am fighting a losing battle.