The NEW waiting to exchange thread...

yorkie18

So today we've been told by the developers that our new build property will be going back on the market if we don't complete by Friday, which is not what we want at all.

We are still waiting for this transfer of equity to go through and release funds of deposit to out buyer. It's all ridiculous.

We've asked the developers for an extension as they won't get anyone else in before the end of June anyway. However, does anyone know how likely it is that they will out the house back on the market?

correll

A friend of mine once got a bridging loan to get a new build when her house hadn't completed. I believe it is risky (if the sale falls through) and expensive, but would that be an option for you?

yorkie18

I don't think so but I really don't know. My mind is so confused right now.

ethank

yorkie18 wrote: »

So today we've been told by the developers that our new build property will be going back on the market if we don't complete by Friday, which is not what we want at all.

We are still waiting for this transfer of equity to go through and release funds of deposit to out buyer. It's all ridiculous.

We've asked the developers for an extension as they won't get anyone else in before the end of June anyway. However, does anyone know how likely it is that they will out the house back on the market?

A lot of developers expect exchange of contracts within a 28 day period. I don't know how long they've been waiting for this? It seems like they are trying to apply pressure. A transfer of equity really should not take that long. What is the timescale you've been informed of.

yorkie18

We were supposed to exchange on the 10th June. Obviously this is long gone but they have been kept inform at all times of the situation.

We were then told that our buyer was ready and all paperwork for the transfer of equity had been signed at the beginning of last week. We are still no further forward from them although we are completely ready to go. They told us they would be ready to exchange at the beginning of this week.

We haven't been given any timescale at all, despite me chasing several times a day every day. I have asked the developer for more time but I just dont know what to expect now.

They did say they were hoping it would put pressure on our estate agent to get it sorted but it's really only put unnecessary pressure on us.

chunkytfg

21/10 - AIP
7/11 - Offer accepted on House/ Landlord notified that our plans have changed and asking to be let off the lease(he agreed providing someone can be found)

SNIP


24/06- After 8 months of trying to buy this Probate sale we have finally found a house comparable to itin equally terrible condition with equal potential so today we made an offer on it and we now just wait an see what happens. The other house is still officially off the market with us prepared to buy it if it ever becomes available to actually buy but both myself and my GF think both houses are equally good and in the same area so we will just suck up the extra conveyancing costs, start the ball rolling on the new one(assuming we can agree a price) and then the one who exchanges contracts first is the one we buy.

27/06- after trying for 7 months to buy the last house our offer has been accepted on the other house yesterday and Mortgage application is already submitted along with solicitor informed that we are starting the process of buying this house also and to not do any more chargeable work on the other house purchase until we have decided what to do

And so it begins again!:rotfl::eek::beer::j

latte19

Supposed to be moving in next week. Got a call saying there are issue down the chain and they need to change to 26th July!!

I’m going to stand my ground and say no. Either sign for the 4th or lose my sale - which they need. And I want the house.. but I think the longer it gets delayed the chances or me losing it are high anyway as too many things can go wrong in this “long chain”.

Why is nothing ever simple!

latte19

Sounds like an idle threat. Do you know when you will DEF have the equity through or is it open ended?

latte19

^^^ that was to Yorkie18

Can’t work this forum out with quotations on my phone lol

lumpyspaceprincess

Vendors are absorbing the cost and have sent a response yesterday which is due to be reviewed. Cnocious we need to exchange before the 4th to give Kensington time to get money for the 11th, and until this is ticked off I can't have the bill / transfer deposit. Have increased my frequency of contact, as its this team that took a million years with everything else, and the EA has been back on at me asking if I've sent my deposit so we can exchange. I can't without the statement.Rather tense at present!