The NEW waiting to exchange thread...

Bossypants

Fly-by post at work because I just got word that my buyers have had their mortgage offer HOORAY! Knowing that is a big weight off my mind, the house is perfectly sound but it's also 300-odd years old, so I was seriously worried that they'd be assigned a valuer who didn't understand that houses from back then don't function in the same way as modern ones and that it would cause issues.

There's still my own mortgage offer to worry about, but zero progress can be made on that until next Friday, so going to try to put it out of my mind until then.

Finchy2018

hobnobgti wrote: »

First time poster in here but thought I'd occupy myself with this to keep my mind off it for a bit

Timeline:-
4/1 - View house, offer made that evening and accepted
9/1 - Mortgage application submitted. All done online and approved pending valuation by afternoon
11/1 - Valuation completed and satisfactory
14/1 - Homebuyer report and mortgage offer received. Solicitor instructed

Having had regular news its now the waiting game to hear back re searches and other conveyancing bits. Agent originally said we're looking at early March completion so I hope that sticks (if that sounds realistic? Chain free)

Is it just you and your purchase nothing above that?

I would say yes in that case - we had an offer accepted mid December and we're looking complete first week of Feb = contracts all signed and deposit sent really ready to go once the date is agreed That was with a 3 week break from sold over Christmas so March isn't unrealistic if there isn't much above your purchase chain wise

babyblade41

Bossypants wrote: »

Fly-by post at work because I just got word that my buyers have had their mortgage offer HOORAY! Knowing that is a big weight off my mind, the house is perfectly sound but it's also 300-odd years old, so I was seriously worried that they'd be assigned a valuer who didn't understand that houses from back then don't function in the same way as modern ones and that it would cause issues.

There's still my own mortgage offer to worry about, but zero progress can be made on that until next Friday, so going to try to put it out of my mind until then.

Looks like things are progressing the right way, a house I moved into once was 17th century and I loved it , this one I moved into is only 100 years old and seems to have more problems than my older one ..and a lot smaller, the joys of downsizing when getting older,

Hope things keep going the right way

Finchy2018

12 Dec - offer accepted
17 Dec - Instructed solicitor
2nd Jan - mortgage application submitted
4th Jan - mortgage val
7th Jan - mortgage offer recieved
16th Jan - Contract and searches received - requested completion of w/c 4th Feb,
18th Jan - WE HAVE EXCHANGED!!!!! completion set for 4th Feb

Lurkingtoposting17

So after my vendors solicitors caught fire mine tried to help them to get us over the line for exchange and Xmas before the new year as I had two weeks off work over Xmas and a hectic work travel schedule in January. Vendors solicitors ignored them completely til the new year and now are chasing every day for exchange even though they haven’t satisfied all inquiries. This week the EA called my solicitor and asked why I was “time wasting” in spite of the fact there was still 3 inquiries outstanding, and I’d told the solicitor there was no way I’d exchange or complete this week or next as both weeks I would be travelling for work!

Anyway, at least that prompted a response to some of our inquiries. There is now just one outstanding at this point, which has to do with a small plot of land on my land which is marked as being owned by the council.

Desperate to move now but just think every day longer it takes is at least a little bit more saved for my emergency and renovation fund!

Viewing of property: 4th October
Offer Made: 4th October
Offer rejected: 5th October
Offer revised: 5th October
Offer accepted: 5th October
Solicitors instructed: 10th October
Mortgage Application: 10th October
Mortgage Approved: 17th October
Searches Paid for: 26th October (delayed as EA forgot to send memo of sale to solicitors!)
Contracts Received: 27th November
Enquiries Sent to Vendor: 27th November
Enquiries Responded to: 7th December
Final Enquiries sent to Vendor: 7th December (due to incomplete responses)
Vendors Solicitor catches fire: 9th December
Some enquiries responded to: 14th January
One enquiry outstanding: 18th January

Bossypants

Thanks babyblade! Did have a slightly less happy surprise in the afternoon, in the form of the buyers' solicitor suddenly announcing that they need to exchange and complete on the same day. Really doesn't suit me but they don't seem to have a way around it and I can make it work if I have to, so hey ho. Minor niggle in the overall process, all things considered! Sorry to hear about your post-completion troubles. I hope you can get them sorted soon so you can get back to enjoying your new home!

Mooma, that sounds worrying. It's really the uncertainty which is a killer. I hope your EA can get a happy resolution soon so you can all move forward!

Welcome hobknob, congrats Finchy and good luck lurkingtopost!

babyblade41

Bossypants wrote: »

Thanks babyblade! Did have a slightly less happy surprise in the afternoon, in the form of the buyers' solicitor suddenly announcing that they need to exchange and complete on the same day. Really doesn't suit me but they don't seem to have a way around it and I can make it work if I have to, so hey ho. Minor niggle in the overall process, all things considered! Sorry to hear about your post-completion troubles. I hope you can get them sorted soon so you can get back to enjoying your new home!

Mooma, that sounds worrying. It's really the uncertainty which is a killer. I hope your EA can get a happy resolution soon so you can all move forward!

Welcome hobknob, congrats Finchy and good luck lurkingtopost!

Due to my emotive purchase I accepted my buyers demands for completion in 6 days after exchange , I so wished I hadn't and stuck to my "14 day " between exchange and completion
The week before , during and since last Monday have been hell on earth.

If you need time then get the time you need .. they aren't going to pull out

I understand how it feels but start calling the shots , I wish I had

mooma29

Thank you bossy pants. I actually feel a bit better today as buyer emailed to say he had the contracts etc. Now and will let me know when he’s posted them back, so maybe he’s over it now or my ea was reading too much into it. We shall see I guess.

Bossypants

babyblade41 wrote: »

Due to my emotive purchase I accepted my buyers demands for completion in 6 days after exchange , I so wished I hadn't and stuck to my "14 day " between exchange and completion
The week before , during and since last Monday have been hell on earth.

If you need time then get the time you need .. they aren't going to pull out

I understand how it feels but start calling the shots , I wish I had

In general I would agree with you, but the issue is that they simply won't have the deposit before then. Basically, they are remortgaging their current house as a BTL, and will be releasing some equity at the same time to use as a deposit for my place. The two mortgages need to complete at the same time, hence they will have no deposit until completion day. Short of agreeing to a no deposit exchange, we're all stuck with it I'm afraid.

babyblade41

Bossypants wrote: »

In general I would agree with you, but the issue is that they simply won't have the deposit before then. Basically, they are remortgaging their current house as a BTL, and will be releasing some equity at the same time to use as a deposit for my place. The two mortgages need to complete at the same time, hence they will have no deposit until completion day. Short of agreeing to a no deposit exchange, we're all stuck with it I'm afraid.

Oh hell... thinking of you.. just been through it and I said today that it was the first day I haven't been glued to my email waiting for things to come through and questions to be answered.
I still say there must be a better way of conveyancing in England and Wales than the current situation... it's madness