The NEW waiting to exchange thread...

chunkytfg

excelwizard wrote: »

Things have moved on this week for us - searches sent off and draft contract being looked at by our solicitors. We have to be out of our rental in 4 weeks :eek: will it be done in time? I just can't tell. There's no chain on either side but as we all know that's never a guarantee that things will move quickly

Why do you think you have to be out of your rental in 4 weeks? Have you given notice already or do you think the end of a section 21 notice means you have to leave?

excelwizard

We've given notice chunkytfg! Potentially we will be able to stay a little longer depending if there isn't a new tenant lined up - as it stands the flat will be empty when we leave.

The letting agent has agreed we can do this but as it's not a guarantee I'm trying not to count on it too much.

chunkytfg

excelwizard wrote: »

We've given notice chunkytfg! Potentially we will be able to stay a little longer depending if there isn't a new tenant lined up - as it stands the flat will be empty when we leave.

The letting agent has agreed we can do this but as it's not a guarantee I'm trying not to count on it too much.

Ahh okay. Hate to say it but that was a bit early and fingers crossed you get an extension on the TA and a quick turn around on everything. It's normally advised to not give notice till you exchange contracts and then just accept that there will likely bee a couple of week overlap between completion and your TA ending unless the LL can find a new tenant very quickly.

Searches can take a couple of weeks and if the Solicitor has enquiries to raise with the seller this can add weeks to the process!

excelwizard

chunkytfg wrote: »

Ahh okay. Hate to say it but that was a bit early and fingers crossed you get an extension on the TA and a quick turn around on everything. It's normally advised to not give notice till you exchange contracts and then just accept that there will likely bee a couple of week overlap between completion and your TA ending unless the LL can find a new tenant very quickly.

Searches can take a couple of weeks and if the Solicitor has enquiries to raise with the seller this can add weeks to the process!

I totally agree with you and we would have done that if the landlord had let us - we wouldn't sign another 12 month tenancy and they wanted to put it back up to rent in the 'summer' months so they said they would serve us with a section 21 if we hadn't given our notice.

I know in theory it would have taken them a while to actually get us out if we'd stuck our heels in but I'm just not the kind of person who wants to have to handle a confrontation with the landlord while trying to buy a house. I'm always looking for an easy life If push comes to shove we can stay with a friend who lives down the road - it's more the hassle of moving all our belongings to move them again. Ah well, we shall wait and see what happens

EmKnox

EmKnox wrote: »

The first part of our application happened really fast as we had already applied for a mortgage on a different property before accidentally coming across a better one and withdrawing! So our mortgage advisor at Halifax and our solicitors already had a lot of our details so the ball started rolling quite quickly.


Unfortunately we hit delays further down the line and are still waiting to exchange, although the estate agent has let us know our vendors finally have their contracts to sign so hopefully within the next week we will have more of an idea of exchange! I have been getting more and more anxious about this whole process as it's our first time buying and I really didn't anticipate it to last over four months seeing as there is no chain on either side!


14/04 - First viewing
14/04 - Offer made
15/04 - Offer accepted
17/04 - Mortgage application put through and approved over the phone
23/04 - Survey completed
29/04 - Mortgage offer received
10/06 - Contract & transfer deeds etc signed and returned
01/08 - Still waiting for exchange date!

So we finally exchanged on Friday and are set to complete this Friday the 16th, a whole 4 months later! Yay!

nicksfustration

Full timeline here for anyone who's been following my struggle, and also as a reminder to those FTB's with no chain that this can still take way too long!

Found Flat 15th March,
Long story, but eventually had offer accepted on 16 May after already applying and being approved for mortgage.

16th May - offer accepted by seller, solicitors officially instructed
18th May - Bank valuation
20th May - Mortgage offer fully approved
30th May - find out that my lawyers haven't even contacted the seller's solicitors yet, despite telling me they had!! FUMING
4th June - chase solicitors to find out if they have received sellers documents to find out they had days ago, but hadn't noticed!
4th June - order searches to be carried out
10th June - solicitor asks for permission to order searches - to say i was annoyed is a gross understatement! delayed a week for literally no reason!
17th June - solicitors tell me that they wont do any contract checks until they receive all the searches back (seems mad - is this standard?)
21st June - search results received by solicitor (obviously emails be at 5:59 on a Friday LOL)
24th June - call them twice and email them twice to recieve an update as i have just found out my seller is on holiday for the second half of July so need things to wrap up before then or will be waiting a lifetime - they don't respond to me - obviously.
Lots of back and forth between lawyers, myself and the seller with all sorts of questions and issues continuing, as well as both our lawyers having a full on shouting match at each other by all accounts.
13th August - FINALLY Exchanged!!!
Due to complete 21st August.

Its been a long process and it will be 14 weeks from formal offer to completion. But we cannot wait to get in and i know as soon as we are in and all the furniture is built we can have that first glass of celebratory champagne and all the troubles and stresses of the last few months will wash right away.

Lastly just want to say thanks for everyone for posting on here, not just for the advice but also for everyone posting their horror stories! Its amazingly reassuring to know you aren't the only one who is constantly pulling their hair out! So good luck to everyone else waiting to move!!

gardian8

My timeline which is still ongoing, been a right chew on for us
17/1 Our home put on market
25/5 Offer accepted on our home
25/5 Offer made on house we liked and had viewed
28/5 Offer rejected and sold to someone else
30/5 Viewing on another property which was on the market for a year
6/6 2nd viewing on this property, with the vendors knowing we would not be offering asking price, but they wanted to viewing
7/6 offered 5k below asking, which is what we said we would have been doing when we made the 2nd viewing. Rejected
10/6 offered 3k more. Final offer
11/6 told offer would be accepted if we provided normal stuff to EA and they could pass us off as credible buyers
13/6 appointment with EA all proof provided. Was told to expect a Memo of sale by end of day
17/6 call from EA stating there was another offer on the table with another EA and we would have to match it. Pulled out due to being messed around
5/7 Viewing booked at investment property
8/7 offer accepted, details provided. Waiting for tenant to move out to have another viewing. Mortgage applied for
23/7 2nd viewing, took an electrician full rewire required. House worse than looked more work than 1st thought
23/7 almost perfect house went up for sale 30k over original budget
24/7 Booked viewing on good house, loved it
25/7 Offer at 10k below asking rejected, upped 5k vendor had had several viewings and all made it appear that offers were due, our offer being considered
26/7 Letter received from our solicitor asking for completing on our home on 2/8!
26/7 offered full asking price on home if they took it off the market and cancelled future viewings, Accepted! Pulled out of purchase of investment property
29/7 Rang broker to cancel the mortgage on investment property only to be told that the bank had put a retention on the money as the surveyor had deemed the house inhabitable! bullet dodged!
29/7 Solicitor instructed for new house
1/8 New mortgage applied for via broker
1/8 completion on our house set back to 5/8
3/8 moved out of home into partners mothers house. worldly goods packed into storage container and grandparents house (took a week to move everything)
6/8 sent more documentation to mortgage broker re deposit source
9/8 Solicitor pack received, signed and took back, searches paid for
12/8 title plan and fixtures and fittings received from seller
13/8 Chased mortgage as no update
Looking at another 8-12 weeks at her mams so far. Still ongoing

leix2012

Been waiting to exchange for weeks now, but buyers solicitor wont accept any of documents we have sent its causing a big hold up. We wanted to move out at end of the month because kids start new school on 3rd sept which is 230 miles away

gardian8

Had to chase mortgage after a call from the selling estate agents. Valuation was done 7/8 and we were not informed. Chased case manager at L&C twice today only for her to let me know that the lender has requested full proof of funds for deposit. Last week they said that they only needed it before completion. Also that my partner's address details needed to be confirmed. Needed to send a utility bill with old address on so have sent water bill and TV licence over. Not overly impressed with L&C at this stage as this should have been chased up by them and then they should have informed me, if I wanted to chase everything myself I could have applied myself. I'm going to ring L&C again tomorrow to see if the forms I have sent today are acceptable.

Burger2431

Can anyone please halp as i am worried sick, we have signed the Missives today, we are in Scotland and i have now been told that there will be final Bankruptcy checks done by Solicitor...i have never been Bankrupt but i did have a trust deed 14 years ago and have been discharged for 10. I never declared this as i was asked if within 6 years have you had had ccj's bankrupt etc. I am now worried the mortgage may be pulled? I have read on another thread about someone who was bankrupt and hadn't declared it but it showed up in the final checks by the Solicitors but the bank still gave her the Mortgage as she was discharged 3 years. Any help would be appreciated as i am worried sick. we are due to move in next Wednesday with the final checks being done on Tuesday? I have not mentioned to the Solicitor as i don't want to open a can of worms as it may not flag up as it was a long time ago and i believe i am not on the Insolvency register as this is removed after 5 years....help!!