The NEW waiting to exchange thread...

pattypan4

Buyer fibs :mad: I accepted a lower offer because she said she was a cash buyer and had everything in place. I heard, only today, that she has not yet had her mortgage offer.

chunkytfg

pattypan4 wrote: »

chunky have you exchanged yet? I see you are waiting for probate results. We once had to wait for probate and one month morphed into another, took 6 months in the end


I have been packed for 2 months, anyone else? Waiting and hoping. No intention of pulling out or defaulting on my buyers but we all need patience. Has been beyond stressful

Haha I wish we had!

Probate was only applied for 18 weeks after we had our offer agreed! We were told initially it had not only been applied for but had been granted! If it doesn't hurry up our mortgage offer will expire and I have no intention of reapplying for the same amount as initially agreed!

ka7e

Buying/selling for the first time in 35 years, so it feels like we're FTBs.


28/1 We accept offer on our house, it's been on the market for 17 weeks and there is a lack of suitable (to us) properties around. Buyers are aware the sale is dependent on us finding a property. They are FTBs with mortgage offer in hand. We want to downsize, but smaller houses are snapped up for BTL due to local conditions. Solicitors engaged.



31/1 Valuation carried out.


11/2 Our ID checks carried out.


22/2 We get a phone call from a surveying firm to arrange a valuation. Checking with our EA, our buyers have been advised to apply for a better mortgage rate and have re-applied with a different lender. We have offered on a property, but it is turned down. Decide to wait on result of 2nd valuation before proceeding.


26/2 2nd valuation.


28/2 We sign contracts and contents paperwork and it is returned to our solicitors.


8/3 Buyers mortgage application has gone to audit. Still awaiting decision. House we previously offered on is now SSTC.


12/3 View a property (empty) that could be a possibility. The EA is aware of our interest, but we don't offer as still no news on our buyer's mortgage.



26/3 Make tentative offer on preferred property, refused, counter-offer, we offer again and it's accepted. Still no news on buyer's mortgage application, other than that their advisor has left the company and it is now being dealt with by a manager. 4 weeks since valuation!


29/3 Buyer's mortgage offer approved.


5/4 Searches authorised for new property.


17/4 Contracts arrive at our solicitors from seller. Our buyers are now chaffing at the bit and chasing our EA - they hoped for an April completion! Are advised it will probably be early June.


Update -


22/5 Search report arrives on our doorstep. No surprises and we have no problems with the findings. Inform solicitors to proceed.


23/5 Our EA phones, he's rather irate as he has been informed that our solicitors have raised 14 inquiries on our new property. None refer to the searches and all could have been raised before the searches were completed. They include proof of POA for the seller's daughter! They hope to have inquiry replies by next week. Their communications with us have been extremely poor - information has only been forthcoming when either my EA or I have phoned for updates. An email link for updates has never been sent to us despite 3 requests. Our buyers are really antsy. Trying to pack and my parcel tape has failed and boxes are audibly popping open. Stressed and fed up!

lumpyspaceprincess

Seems like it's time for me to join this thread!

Timeline:

04/03 - offer accepted
08/03 - mortgage application submitted to Kensington
19/03 - posted instruction to Sols
20/03 - Survey done
21/03 - Kensington request proof of deposit source, and surveyor requests Damp & Timber survey ASAP.
02/04 - Damp & Timber report in, submitted to Kensington
10/04 valuation back finally, with a retention due to the work needed.
11/04 Negotiated a discount on the price for work,case going back to Kensington underwriters.
17/04 Mortgage offer issued.

Sols confirmed searches have gone off but we're looking at end of May onwards for completion. Chain free so fingers crossed!

Webber28

Hi all, my time line so far
22 & 25 March viewed the house
28 March offer made and accepted
2nd April booked survery
4th April survery completed and solicitor instructed and all docs sent in
11 April searches complete
18th April all additional questions and property info pack etc received from seller.
No chain, seller has already moved out, so fingers crossed for quick exchange

martin1959

After working in the industry, and buying several properties with both cash and mortgage, it is quite possible to go from sale agreed to exchange within 4-6 weeks if:

Everyone is on the ball
Received papers/forms are returned to lender/ solicitor same or next day
Constant chasing of estate agents, solicitors to keep papers at the top of the pile.

In current case..

Sale agreed and offer accepted 1st April
Draft contracts sent to buyers solicitor 3rd April
Buyers solicitor requests searches 5th April
Buyer mortgage underwritten and agreed 12th April
Survey carried out 18th April

Just waiting for buyers mortgage offer and searches returned

We have incentivised buyers by offering £2k reduction in PP if they exchange by 10th May, allowing six weeks for the process. Needless to say, that are all over their solicitor to make it happen....otherwise it will cost them £2k ��

In my opinion, key to a fast exchange is having a chain as small as possible (only 2 in ours)
Everyone using experienced High street EA who are hungry for their fee (not Purple Pricks or their ilk)
Everyone using a High St local solicitor where you can call in with papers and to sign forms.

CraigSavage

I’m at the same stage as yours

Aip: 20/2/19
Full app: 3/4/19
Valuation booked: 3/4/19
Valuation completed: 12/4/19

Been waiting since and mortgage advisor hasn’t requested for anymore info yet so fingers crossed

I’m self employed and only needed to show last 13 weeks of books as I’m sub contractor
Mortgage is from Halifax

IcePigeon

Waiting to exchange too, FTB no onward chain, leasehold property
13th March - First Viewing
16th March - Second Viewing
18th March - Offer accepted
20th March - DiP from Nationwide
29th March - Full application submitted
3rd April - Solicitors instructed
11th April - Valuation took place this morning and mortgage offer sent via text in the evening.
12th April - Searches paid for (advised by solicitors to wait till offer received) and survey booked
16th April - Survey completed
18th April - Survey received (didn’t throw anything up I wasn’t expecting)

Waiting on searches to be completed and I’m not sure at the moment if they’ll be a delay as my deposit is coming from my LISA. Hoping it will all continue to carry on at the same pace.

Webber28

Received contracts today 3 queries needed to be raised from it 😁

CraigSavage

Update: just got our valuation report through the post, hopefully get the offer this week