The NEW waiting to exchange thread...

mooma29

My house selling saga just goes on and on. We accepted an offer on our house in early July. We had an offer accepted on a property we want a couple of days later. My buyer is a Ftb. In the intervening months he has. Had a mortgage application declined due to an error in his postal address. It took 6 weeks to fix that problem, so it’s now beginning of September he reapplies via l&c. And waits, and waits and waits. Finally 23rd October as we were just setting off to the airport for a holiday, they tell him they will give him a mortgage but only with a bigger deposit. He is 2k short of that amount, so our sellers decide to go back on the market. Buyer manages to beg steal and borrow that amount by the 13th of November. So we talk to our solicitor who says she can get it completed by 21st December. So we contact our sellers who haven’t found another buyer and ask if they will reconsider our offer. They are still thinking about it. Then hear from our solicitor again to tell us our buyer still hasn’t got an actual mortgage offer it’s still going through the assessment system...will to live has deserted me now. So we have decided to just let it lie til after Christmas if he comes up with the goods between now and then great, but if not it’s going back on the market on the 2nd of January. If anyone can explain why the Halifax are taking so long to make a decision when normally it takes them 5 minutes I’d be interested to hear about it ��

Finchy2018

So yesterday we are approached with another property which threw me, as I had already had a wobble on this purchase and now I don't know which house is best to buy.

Regarding the current purchase, Our agent has told us one thing and our solicitor has told us another, so no idea if we are close to exchange or not.

I'm kind of bored of the whole process now.

pinkduvetdiva

pinkduvetdiva wrote: »

Thank you Jtotz and to the other posters who commented - I definitely should have been more concerned. On the contract, the seller stated that there were no other charges on the house. It turns out that the house is in fact leasehold with a 75-year lease. Our mortgage provider requires a minimum of 85 years to proceed. So it's game over for us, and back to lurking on this thread (for now). Maybe one day I'll get to graduate to being a homeowner....

I'm back - but only for a flying visit!

Since I was last here, the sellers got their act together and purchased the freehold on the house. We exchanged today and completion is planned for next Wednesday.
Once this is done, I am never moving house again.

woollisox

Hi, I’m going to join in on this thread on the hope of staying sane. Me and the seller have the same sols (different branch 3.5 miles apart) in the hope of making this a quicker process ... hasn’t worked out so far!

Mortgage dates
7/10 saw house online
8/10 called broker to discuss
9/10 documents submitted to broker for aip - sent to underwriters
10/10 - agreement in principle received, viewed the house
11/10 - offer made and accepted
12/10 broker send lists of documents for full application
15/10 full application submitted to broker - awaiting tax credits letter to send to mortgage provider
18/10 - solicitors instructed, awaiting information pack
19/10 - tax credits letter arrives and sent to broker, broker checking application to pre emptively answer questions from the underwriters
19/10 - information pack received from sols
22/10 - full application sent to mortgage provider
24/10 - application comes back with query’s
26/10 queries answered
28/10 solicitors full instruction and payment
01/11 valuation instructed
05/11 valuation booked for 20th Nov
05/11 vendor and vendors solicitors change on memorandum of sale
06/11 contact sols to chase vendor change and find out what’s happening.
08/11 sale going ahead - sols awaiting contract packs
20/11 valuation survey
22/11 email from broker stating lender happy with the valuation and formal mortgage offer on way
26/11 sols email to say they are awaiting “contract papers and searches” from vendors sols


What are contract papers and searches? Does this mean we are nearing the end? ����

happytails

happytails wrote: »

Finally some update!
05/11 - We get a call to arrange a valuation survey of our house.
09/11 - valuation carried out
15/11 - they buyers got their mortgage offer :T
16/11 - submit everything to solicitor and pay the fee (we had held off on purpose) - received the fixtures and fittings list for the purchase. Also give a date we would like to move by. (4 weeks time). We also get told all draft contracts have been drawn up an searches are being done.

Our valuation survey on our purchase should be next week.

20/11 - valuation all fine.
23/11 - Email solicitor for update - get told they havent had any replies from the solicitors in the chain about the provisional completion date, nor have they had a response from our leaseholder company. They also tell me they havent received the mortgage offer from Virgin.
23/11 - chase estate agents to chase solicitors. Chased MA regarding mortgage.
26/11 - Solicitor emails to ask me to contact leaseholder and to pay an administration fee for the paperwork :mad: Cheque or postal order only! Rushed to PO and sent it signed for next day 1pm . Still no mortgage offer.
27/11 MA contacts virgin and finds out that they issued it 23/11 but there was an error on their behalf so it got recalled and would be issued tomorrow.
28/11 - Still no mortgage offer! :mad:

We want to complete by 14/12 so time is ticking.

woollisox

Another day of no news... we’ve been waiting on “contract papers” from vendors sols since 08/11. I emailed my sols 26/11 and they said they were still waiting, is there anyway I can speed things up?
Doesn’t look at all likely we will be exchanging anytime soon at the rate it’s going!

Finchy2018

woollisox wrote: »

Another day of no news... we’ve been waiting on “contract papers” from vendors sols since 08/11. I emailed my sols 26/11 and they said they were still waiting, is there anyway I can speed things up?
Doesn’t look at all likely we will be exchanging anytime soon at the rate it’s going!

Have you chased your agent to see if they can try shimmy the other side along?

JadeLouise

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. ECD first week of November


AND WERE STILL WAITING.

So as per a couple of recent posts, we are still waiting for sellers related purchase to be complete. Turns out they only had the valuation done TUESDAY! so this whole time we've thought there was only a little delay turns out it's a very big delay. It just so happens that our best friend lives 2 doors down from said purchase and nothing has been completed. GREAT. won't be in by Christmas then.

woollisox

Finchy2018 wrote: »

Have you chased your agent to see if they can try shimmy the other side along?

The estate agent? I’ve never thought of that as I wouldn’t have thought they would be working for me at all.
FTBs buying an empty house, both me and my partner coming from family’s that don’t buy houses ... we have no idea what we’re doing :rotfl:

Finchy2018

woollisox wrote: »

The estate agent? I’ve never thought of that as I wouldn’t have thought they would be working for me at all.
FTBs buying an empty house, both me and my partner coming from family’s that don’t buy houses ... we have no idea what we’re doing :rotfl:

Their client is the seller- but they want the sale to go through so they get paid! So it's in their interest to help as much as possible (unless it's an online/pay up front type set up) They will be able to call the seller and see if they've received paperwork/ask what any delay might be. It's worth a try!