The NEW waiting to exchange thread...

Housebuyer2019

marianiamh wrote: »

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!

Yes i’ve learnt to take everything an EA says with a pinch of salt. I’d be weary of spending any money on it until completion though just in case anything goes wrong with the sale. At least you’re in a position where you’re happy to wait until October, In our situation it’s clearly a messy divorce and I worry it’s going to cause more delays if one of them drags their feet. The husband and wife don’t speak to each other so the EA has to be the messenger between them. If we pull out we know there’s someone waiting in the wings to jump on the property - someone tried to gazump us last week but the vendors didn’t accept because we’ve already paid for the survey.
At least we have some time to think things through, it doesn’t seem like they are in a rush to exchange.

Still worried about our valuation though. Is that the only thing you’re waiting for now before exchange? Did you offer under/asking price/over?

marianiamh

Housebuyer2019 wrote: »

Yes i’ve learnt to take everything an EA says with a pinch of salt. I’d be weary of spending any money on it until completion though just in case anything goes wrong with the sale. At least you’re in a position where you’re happy to wait until October, In our situation it’s clearly a messy divorce and I worry it’s going to cause more delays if one of them drags their feet. The husband and wife don’t speak to each other so the EA has to be the messenger between them. If we pull out we know there’s someone waiting in the wings to jump on the property - someone tried to gazump us last week but the vendors didn’t accept because we’ve already paid for the survey.
At least we have some time to think things through, it doesn’t seem like they are in a rush to exchange.

Still worried about our valuation though. Is that the only thing you’re waiting for now before exchange? Did you offer under/asking price/over?

I only gave all the forms back to the solicitor last Thursday so I don’t know how quick things should be moving? Do you have any idea?

I haven’t heard back about the valuation yet but I’m assuming that’s all the bank needed to send me out an official mortgage offer?

Not really sure how it all works - I bought my flat such a long time ago as a FTB so I really can’t remember the whole process. I don’t remember it feeling so overwhelming as it does now though! X

marianiamh

Housebuyer2019 wrote: »

Yes i’ve learnt to take everything an EA says with a pinch of salt. I’d be weary of spending any money on it until completion though just in case anything goes wrong with the sale. At least you’re in a position where you’re happy to wait until October, In our situation it’s clearly a messy divorce and I worry it’s going to cause more delays if one of them drags their feet. The husband and wife don’t speak to each other so the EA has to be the messenger between them. If we pull out we know there’s someone waiting in the wings to jump on the property - someone tried to gazump us last week but the vendors didn’t accept because we’ve already paid for the survey.
At least we have some time to think things through, it doesn’t seem like they are in a rush to exchange.

Still worried about our valuation though. Is that the only thing you’re waiting for now before exchange? Did you offer under/asking price/over?

Oh and gazumping worries me massively - so glad they didn’t accept it!! I paid slightly less than they had marketed it for and which was also less than what they bought it for a few years back!

Dave_606

Yalpsmol wrote: »

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.

I've been looking at our final bill and that only only lists the charge for claiming the ISA bonus in the break down., and the outstanding amount due. Now with regards the member asking about it, if they paid there outstanding bill in full before the bonus is paid then what happens to that bonus assuming it does eventually get paid? That's what I assume they are asking?. Pretty sure I now recall reading in the past it's not payable to the buyer as its only to be used as help with a deposit as per policy conditions. So to settle the solicitors final bill before the bonus is paid could possibly at best see it go as an over payment of the mortgage, at worst see it get returned to the government as a forfeit as you'd basically be declaring you don't require it. Only a slim chance the solicitors would pass it on as a final bill overpayment I'm now thinking?.

Its a lot of money that 25%, I'd not want to risk it unless I got assurances off the solicitors first.

AKG23

Dave_606 wrote: »

Its a lot of money that 25%, I'd not want to risk it unless I got assurances off the solicitors first.

Thank you for your responses. Sounds like it would be much better to play it safe and wait for the bonus to come through or at least get assurances from our solicitor that it will after completion. I'm getting impatient as we should really have exchanged by now and we want to complete this week but not so impatient that I'd risk losing the bonus. Just wish our solicitors would be the tiniest bit proactive!

Dave_606

AKG23 wrote: »

I'm getting impatient as we should really have exchanged by now and we want to complete this week but not so impatient that I'd risk losing the bonus. Just wish our solicitors would be the tiniest bit proactive!

We should have exchanged maybe 2-3 weeks ago and the sellers looked to be requesting this themselves. Only it looks like a delay was caused by an indemnity policy that needed taking out and the solicitors requesting the seller takes it out. As it is, the policy is only £22 such is the low risk. Had the solicitors mentioned this I'd have paid the policy myself to save these near 3 weeks delay. As it stands now, we are supposed to exchange and complete tomorrow but just awaiting an update from our solicitors and the current status. If things don't complete this week we will have missed my 2 week window (leave from work) and it would take another 2 weeks before I'd be able to exchange & complete as I can't get the time off work and the solicitors are an hour travel each way.

jennhg88

Dave_606 wrote: »

We should have exchanged maybe 2-3 weeks ago and the sellers looked to be requesting this themselves. Only it looks like a delay was caused by an indemnity policy that needed taking out and the solicitors requesting the seller takes it out. As it is, the policy is only £22 such is the low risk. Had the solicitors mentioned this I'd have paid the policy myself to save these near 3 weeks delay. As it stands now, we are supposed to exchange and complete tomorrow but just awaiting an update from our solicitors and the current status. If things don't complete this week we will have missed my 2 week window (leave from work) and it would take another 2 weeks before I'd be able to exchange & complete as I can't get the time off work and the solicitors are an hour travel each way.

Why do you need to go to the solicitors in person?

Dave_606

jennhg88 wrote: »

Why do you need to go to the solicitors in person?

Because I understood there was paperwork and issues that needed dealing with in and signing in person and that the solicitors held the keys at this late stage for completion, we are first time buyers remember so didn't know different. None of this turned out to be true it seems, all paperwork in and signed and we don't need to visit the solicitors again.

Anyways, spoke to our solicitors, and they confirm they have now received the ISA bonuses and will have the mortgage monies from the provider this afternoon, they just had to fax something over to clarify to do with the rent charge and told they will transfer within the hour of receiving this. Our deposit is getting paint in the next hour and then completion day tomorrow as planned when they pay the money to the sellers solicitors. Our solicitor even said it could even have been this afternoon to complete were it not for the mortgage provider requiring this clarification.

So will almost certainly be tomorrow :j

rococomaiden

rococomaiden wrote: »

16th May - Offer accepted on a property
23rd May - bank valuation 35k under, back to the drawing board! Probably a blessing in disguise as there was water damage to fix...
3rd June - Offer accepted on different property
19th June - valuation successful, mortgage offer received, searches underway
2nd July - Survey date
4th July - Solicitors searches and report received. We have to pay an annual £5 fee to a family and abide by their covenants (!). The fixtures and fittings form was missed...
8th July - The missed form was emailed to us, confirmed all white goods to be included.

We should get our survey results by Wednesday, then it will hopefully be a case of arranging the exchange ASAP! :T

10th July - survey received. A few issues to be expected with age of house, decided not to renegotiate.
29th July - had radio silence from solicitors all last week (after emailing and calling several times). The estate agent confirmed the buyer's solicitor answered all their questions the weekend prior. Called today but receptionist said the line was busy. Still no call back... How does one get a solicitor to pull their finger out and at least provide a simple status update? :mad:

Dave_606

rococomaiden wrote: »

10th July - survey received. A few issues to be expected with age of house, decided not to renegotiate.
29th July - had radio silence from solicitors all last week (after emailing and calling several times). The estate agent confirmed the buyer's solicitor answered all their questions the weekend prior. Called today but receptionist said the line was busy. Still no call back... How does one get a solicitor to pull their finger out and at least provide a simple status update? :mad:

We had similar, sellers answered enquiries the start of July and even asked when we would exchange & complete. Yet none of this was passed onto us until close to 3 weeks later despite having asked twice during this period for an update to be verbally on 1 occasion they had not heard anything back despite our solicitor eventually sending paperwork from the seller to suggest they had and was even as said asking about an exchange and completion date. When I asked the solicitor about this they mentioned that the only outstanding issue stopping us proceeding was the indemnity insurance against the rent charge and they "requesting" the sellers cover this despite it being just £22 and saying if the sellers refused we would have to cover it which we would have paid on day 1 if it ment we could proceed then. Somewhat annoyed me this as near 3 week delay because they wanted to ask about a single non issue before providing us with the enquiries responses they would have had the best part of 3 weeks!.