The NEW waiting to exchange thread...

SarahB89

Now 5 weeks post offer acceptance. Mortgage offer was issued today. Our solicitor still doesn't have the contract from the other side though, and no results from searches (requested two weeks ago, in an area where council says they return in 5 working days). Wanted to exchange by 26th so we could give notice on our rental, but that now looks impossible.

yorkie18

Hi all. I hope it's ok to join!

We are currently waiting to exchange on a new build property and the sale of our current property.

We are a quite far along in the process and have an anticipated completion date of the 28th June. However, we still haven't exchanged. This is the first time we have sold a property, as the one we are in is our first home and I'm a bit nervous about it all!

Currently, we are waiting for a transfer of equity to complete on the side of our buyers. Does anyone know how long this might take?

Also, the mortgage is arranged (we are taking a new one out on the new house, rather than moving our current one). Do we have to do anything to pay off our current mortgage or will the solicitor sort all of that out? I realise that is may be a stupid question but it is all very new to us!!

This whole process is very stressful and with only 6 days until we are supposed to complete, it's getting worse!

correll

@yorkie18. We are also waiting to exchange and are expected to complete on the 28th.

Sorry, I don't know about transfer of equity.
Am not sure, but I think you solicitor sorts out paying off your mortgage - have they sent you a completion bill showing how much you owe?
We are hoping to exchange Monday or Tuesday

yorkie18

Hi correll

No, we haven't had anything like that through. It sounds like I need to confirm with them...I just assumed they would cover all basis but probably best to check?!

We are also hoping to exchange the early part of next week but it depends on this transfer of equity completing in time.Good luck to you.

correll

@yorkie18. Hope we both get a new home next week

ognum

We exchanged yesterday on our sale,the quickest sale I have ever done. House on market a few day’s before 10 viewings on day one, 5 more booked but cancelled

First viewing 25/05
Second viewing 27/05
Offer 29/05
Buyers mortgage valuation 12/06
Full survey 13/06
Signed contracts 18/06
Exchanged 21/06

23 days to exchange. Completion on 28/06 30 days from offer.

We already own our new home. Our buyers had sold and were completing 28/06 when their sale fell through and they offered on our home.

We all worked very hard as did our fantastic solicitors to make this happen. A decent solicitor can do this.

Yalpsmol

Viewed April 3rd
Offer put in April 4th
Accepted April 10th
Bank to arrange mortgage and survey ordered April 17th
Survey completed 2nd May
Mortgage offer 10th May
Survey back 17th May
All searches back 29th May
Closed HTB ISA June 3rd
Closing Statement received June 22nd

Still waiting for the management pack which we asked for immediately and really wanted to have ^some^ lease information (beyond length of lease) ages ago.

No idea how much longer we will be waiting. No talk of exchange. FTB and it is vacant with no chain- hope that compensates for drawing things out being leasehold.

correll

@Yalpsmol our management pack seemed to take ages for our flat (turned out to be the least of our problems!) the vendor didn't apply for it till 3 months in

Yalpsmol

We dont really mind waiting. Every pay day that goes by is more money saved. But it is going to be very annoying for seller and us if we pull out because of anything in the lease. We asked before offer for any information on charges etc and still dont have a clue. Oh well, fingers crossed.

correll

@Yalpsmol, did the selling EA not tell you what the charges were? We were told when viewing.