The NEW waiting to exchange thread...

mh09abi

Hey all, wanting to join this thread to make myself feel better. We are part of a 5 party (4 house) chain and it is painful. Rough timeline so far:

Aug 18: house on market
Sep 18: house sold and offer accepted next day on purchase
Early Oct 18: Chain completed and all agreed for completion 13 Dec
Oct 18: Mortgage application
Nov 18: Survey (nothing we were too concerned about being 2nd time buyers. I get why first timers freak as surveyors go to town on issues!)

Now, supposed to exchange by tomorrow if we want to move on 13th but it seems we and our buyers are the only people ready. To add to the fun, our buyers decided to serve notice on their rental before exchange and have to be out on 15th! so someone is going to be homeless for xmas.

Pretty much sure exchange isn't going to happen this week. The incompetence of the whole process is driving me mad, why wont people do their damn jobs. Initially we were thinking the process would take us into Jan/Feb, but everyone else was pushing for before xmas so we allowed ourselves to mentally celebrate in the new house. But it's not looking good.

But hey, at the moment there is no chain collapse unlike some of you poor souls, so it could be worse.

Surrey_EA

mh09abi wrote: »

Early Oct 18: Chain completed and all agreed for completion 13 Dec

It is notoriously difficult, bordering on the impossible, to predict how long the whole process will take involving multiple house sales when a chain has only just formed.

mh09abi

Surrey_EA wrote: »

It is notoriously difficult, bordering on the impossible, to predict how long the whole process will take involving multiple house sales when a chain has only just formed.

Yes we knew this, and fully expected dates to shift. Shame our buyers didn't also consider this before terminating their rental!

Surrey_EA

mh09abi wrote: »

Yes we knew this, and fully expected dates to shift. Shame our buyers didn't also consider this before terminating their rental!

Quite!

A spectacularly poor decision on their part.

mh09abi

Update. Despite being told for about the last 4 weeks 'just one more thing', turns out the buyer isn't ready after all (and hasn't served notice on the rental; thanks EA for that misinformation) and some divorce paperwork the sellers seller needs will likely take weeks. So I guess exchange 2019 here we come, if we're lucky.

Why oh why is this whole house buying process not simplified yet!

happytails

happytails wrote: »

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.

29/11 - Mortgage offer! Solicitor calls and wants to exchange next week
3/12 - sign documents at Solicitors, waiting for 1 document to arrive an be signed before we can exchange. Completion date set for 14/12
5/12 - Everyone in chain happy with date, removal van booked.
6/12 - Called solicitor, no document yet, she is chasing. 1 week until proposed completion.

Ive packed up 75% of our belongings now, hopefully we will exchange tomorrow and i can relax a bit!

bopsybunny

Sunday 04/11 We had our offer accepted
Monday 05/11 Spoke to broker
Tuesday 06/11 Mortgage application with HSBC. Proof of income and proof of deposit provided
Thursday 08/11 Mortgage valuation
Tuesday 13/11 Mortgage offer! Booked HomeBuyers Report survey
Wednesday 14/11 Survey carried out
Thursday 15/11 Documents received from solicitor
Friday 16/11 Survey report received
Wednesday 21/11 Solicitor received signed documents and did ID checks
Thursday 22/11 Draft contract with solicitor, fixtures and fittings list received
Monday 26/11 Received mining and environment search reports
Tuesday 27/11 Received water and L.A. search reports
Saturday 01/12 Queries on fixtures list answered
Monday 03/12 Appointment with solicitor. Signed deeds and contracts ready for exchange/completion. Closed my HTB ISA.
Tuesday 04/12 OH closed his HTB ISA.
Wednesday 05/12 HTB ISA closing document received and forwarded to solicitor
Friday 07/12 Paid solicitor bill (fees and deposit)

Still no exchange or completion date agreed. I don't actually care whether it happens now or in January, I just want to know!

woollisox

Update: after chasing my vendor, my solicitor and the estate agents on Thursday, the contracts have finally been received by my side! My solicitor emailed me this morning to say that queries have been raised and I should be receiving a copy shortly. Does this sound like we could be nearing the end?
FTBs buying an empty house - this should have been really simple and quickly finished, according to the estate agent.

chunkytfg

woollisox wrote: »

Update: after chasing my vendor, my solicitor and the estate agents on Thursday, the contracts have finally been received by my side! My solicitor emailed me this morning to say that queries have been raised and I should be receiving a copy shortly. Does this sound like we could be nearing the end?
FTBs buying an empty house - this should have been really simple and quickly finished, according to the estate agent.

It's moving forward lets put it that way! :rotfl:

# Your Sol sends queries to their Sol. Their Sol will then ask the seller for the answers to what they can't answer themselves. The seller will probably spend an age answering those questions and report that back to their Sol.

Their Sol will tell your Sol

Your Sol will tell you. If your not satisfied with the answers they send more enquiries starting from #.

How longs a piece of string?!!!!!:rotfl::rotfl:

happytails

happytails wrote: »

29/11 - Mortgage offer! Solicitor calls and wants to exchange next week
3/12 - sign documents at Solicitors, waiting for 1 document to arrive an be signed before we can exchange. Completion date set for 14/12
5/12 - Everyone in chain happy with date, removal van booked.
6/12 - Called solicitor, no document yet, she is chasing. 1 week until proposed completion.

7/12 - Get a phone call to come and sign last document (TA1 form). Sign that and enquire about exchange, we cannot exchange until our buyers solicitor receives the buyers deposit funds (from 2 HTB ISA's which striked me as odd as they owned a house they've just sold.) He is now saying it'll likely be Tuesday when we exchange for a Friday completion:eek:

Very stressful as I really preferred to exchange last week so I knew it was a done deal over the weekend. However with that not being the case Ive had to get rid of our wardrobe, high sleeper bed and bunk bed this weekend with the hope things will continue to go forward and we will exchange this week. Most of the house is packed up now & we are tackling the shed today.

Ill be so relieved one we exchange :T