The NEW waiting to exchange thread...

Yalpsmol

Maybe it was a different stage they were referring to. Or our solicitor was exaggerating. The website says up to 5 working days.
https://www.helptobuyisaadmin.org.uk/conveyancers/how-it-works

Dave_606

Yalpsmol wrote: »

Maybe it was a different stage they were referring to. Or our solicitor was exaggerating. The website says up to 5 working days.
https://www.helptobuyisaadmin.org.uk/conveyancers/how-it-works

Thanks for that, interesting that the link suggests conveyancer's should start the claim process upto 3 weeks prior to an expected completion date. Yet the exchange\completion date was only set the start of the week. Maybe they started the claim process earlier I don't know, but they would have had the details, both ISA numbers & what the final\mininum monies would be for each ISA to do so, just not the closing statements before Thursday.

If it takes up to 5 days so be it, but unless they have a fast track option for claims then I'd be somewhat annoyed that they never factored the up to 5 days claim time into the exchange & completion date they set. Tuesday would only be 2 or 3 working days at the very most. And to think Monday was another exchange & completion date they offered!.

excelwizard

Ooh all this talk of how long it takes to receive the H2B bonus out has made me look at the time it takes for the LISA money to be released so thank you - has saved me fretting about that at a stage where it could delay the completion date.

FYI in case anyone else has a Skipton LISA it states the funds would be released to the conveyancer within 30 days of the declaration form being received. The conveyancers then have 90 days to complete the purchase and can request an extension if the purchase will go over that time. I will be printing the forms off and calling the conveyancers on Monday so that there's no excuses for anything to be delayed. There's no chain in our purchase and we need to be out of our rental by mid-September so the process shouldn't go over 90 days.

Has anyone else withdrawn from their Lifetime ISA and if they have do you know how long it took to get to the conveyancers?

Yalpsmol

It took me over 3 weeks just to get my closing statement. 2 weeks is standard from the bank (my partners came in about 10 days) and my bank mucked up so it took longer (plus some tears and £100 for my annoyance from them, which sweetened the deal).
When did you close the ISA with bank? You mean you have only just got the statement or only just requested to close it with the bank and no statement!?

AKG23

This may be a silly question regarding the Help to Buy ISAs and the time it can take to receive the bonus. If there’s a delay in receiving the bonus (i.e. it taking a couple of weeks like some of you have mentioned) but we already have enough savings for the deposit before the bonus is paid will this mean there’s no need to delay in completion? In other words can I complete but then receive the bonus a week later?

marianiamh

Hi

Stumbled across this forum whilst googling how to get over the waiting to exchange period 😂

Our timeline is as follows:

8th July - Offer Accepted
9th July - Solicitors Instructed
12th July - New AIP as last one was for less borrowing
18th July - All documents sent to MA
19th July - Call to say Survey Booked for 22nd
22nd July - Valuation Survey carried out
22nd July - Text to say mortgage approved subject to valuation
25th July - All documents returned to solicitor and payment made for initial searches

Our vendors are divorcing and we just found out last week that they apparently cannot complete until October - something to do with their current mortgage I think!?

They are happy to exchange quickly though but it’s so frustrating waiting - especially when the property is going to be empty from next month and we have no chain!

Dave_606

AKG23 wrote: »

This may be a silly question regarding the Help to Buy ISAs and the time it can take to receive the bonus. If there’s a delay in receiving the bonus (i.e. it taking a couple of weeks like some of you have mentioned) but we already have enough savings for the deposit before the bonus is paid will this mean there’s no need to delay in completion? In other words can I complete but then receive the bonus a week later?

Hmm, very interesting and it has made me think. Our solicitor did gave the Impression the bonus is "usually paid the day after claiming it". Though the word "usually" is open to interpretation and might be dependent on if any pre work might have been done or if as said they have access to a priority\fast track service (unlikely). But yes, based on what's been said it would be against the odds if the bonus really was to come back the next day as our solicitor claimed over the usual up to 5 working days the website says over paying the bonus. Will know for sure tomorrow I guess.

But to your point, I don't see why not, as it would likely be more an overpayment than anything and thus the solicitors would refund any overpayment with no doubt a service charge for doing so. But then again, do I correctly recall something about the bonus only being able able to be used for the deposit?.

Housebuyer2019

marianiamh wrote: »

Hi

Stumbled across this forum whilst googling how to get over the waiting to exchange period 😂

Our timeline is as follows:

8th July - Offer Accepted
9th July - Solicitors Instructed
12th July - New AIP as last one was for less borrowing
18th July - All documents sent to MA
19th July - Call to say Survey Booked for 22nd
22nd July - Valuation Survey carried out
22nd July - Text to say mortgage approved subject to valuation
25th July - All documents returned to solicitor and payment made for initial searches

Our vendors are divorcing and we just found out last week that they apparently cannot complete until October - something to do with their current mortgage I think!?

They are happy to exchange quickly though but it’s so frustrating waiting - especially when the property is going to be empty from next month and we have no chain!

I'm in the same situation with a similar timeline and we're considering pulling out. We're waiting for the valuation to come back but just found out the female vendor doesn't want to move out until beginning of December because of her mortgage. It seems like they separated a while ago and the husband moved out but the wife remained in the property with the children. The sale is chain free so I think she might be moving into a property with a new partner.
Are you considering pulling out or are you happy to wait? It's frustrating because we've paid for the survey now. And we offered £13k over asking so there's an added worry of the valuation coming back lower than the agreed price. Have you had your valuation back yet?

Yalpsmol

Your bonus is taken off your final bill. You will not receive it even a day after completion. Do not complete without it. If it were me I wouldn't even exchange without it definitely being sorted.

marianiamh

Housebuyer2019

I am happy to wait as long as it is October and by later.

The EA have said the vendors are keen to exchange as soon as possible and from what they’ve said he is moving out in a couple of weeks so the property will be empty as I know the wife had already moved out.

EA had also said that vendors would be happy for me to have access whilst it’s empty to get sorted ready for us moving in.

This does seem really generous and I do worry that he’s just spinning me a yarn to keep me sweet!

I haven’t had a valuation report back yet and my MA is currently on holiday until next week.

I have checked my credit file today and can’t see anything at all from HSBC which is a little worrying!