The NEW waiting to exchange thread...

asm89

My timeline - FTB, buying a SO new build flat

-Mid - August - put reservation down for SO new build flat after viewing 4 different ones, and apply for mortgage using a broker from MSE - who has been brilliant during my whole tale.
-Mid - August + 1 week - Mortgage approved subject to valuation
-Early September - Valuation reveals potential cladding...there isn't any and other banks are lending with the same valuers, but it's a no go. HA need to provide cladding report.
-Late October - Apply for mortgage with another lender who has given mortgages on same block, approved subject to valuation within 24 hours...the next day I'm told they won't lend because the property is on a "list". Broker thinks they've reached quota on the development
-Late October pm - I pick my heart up off the floor after being told the above and book another viewing on a property I initially liked but couldn't afford (it's bigger and now affordable as it's been revalued).
-Early November - Pay reservation fee on new property and change properties with my solicitor.
-Early November - Apply for mortgage
- Early November + 12 days - Mortgage fully approved
- Lateish November - Solicitor sends through purchase report and contracts. I return all documents including LISA declaration forms
-Early Dec - Receive and return Mortgage Deed....solicitors still not sent LISA declaration form to Skipton for deposit release, despite numerous chasers from me.
-Early Dec - Solicitor confirms we are ready to exchange. HA advises we aim for pre-Christmas completion on 19/12
-10th Dec - Skipton finally receive declaration forms, and I spend 2 days chasing them to release funds and playing go between - between them and solicitors as they needed to confirm some info to skipton verbally
-13th Dec - solicitors finally receive deposit, but there's no one in the office to do the Exchange. They also claim they can't find my contract! So i pop into their office to sign a new copy. Exchange now set for Monday 16th. HA asks whether we can aim for 19th completion - I ask solicitors, they say they'll see what they can do.
-16th Dec - email solicitors to ask about Exchange. Get a phone call immediately to say my file is being reviewed to ensure all documents are in place, but completion for 19th is too risky - we propose early Jan for completion but Exchange still planned for 16th.
-16th Dec 4pm - email solicitors again for update, they email back to say they are still waiting to hear back from the vendor's solicitors.

I'm exhausted, it's been 4 months from the start of it all - had my heart set on a pre-Christmas completion. I knew this was risky, but if the solicitors had just requested my deposit funds in time, would have been entirely possible.

I'm now just praying we at least exchange this week, so i can relax a bit over Christmas.

dave76

we are supposed to be moving on thursday - still no contracts exchanged though! The bottom of the chain have still not confirmed mortgage funds will be available on time.:eek:

Removal company is booked, what happens if we cannot complete in time?? Top of the chain has threatened to pull out if not completed before christmas.

RelievedSheff

dave76 wrote: »

we are supposed to be moving on thursday - still no contracts exchanged though! The bottom of the chain have still not confirmed mortgage funds will be available on time.:eek:

Removal company is booked, what happens if we cannot complete in time?? Top of the chain has threatened to pull out if not completed before christmas.

As no contracts have been exchanged yet then there is no set completion date!

If you don't complete on Thursday you will complete sometime after Christmas when all parties can complete the deal.

You will just have to rearrange removals etc. No date is set in stone until contracts are exchanged.

dave76

RelievedSheff wrote: »

As no contracts have been exchanged yet then there is no set completion date!

If you don't complete on Thursday you will complete sometime after Christmas when all parties can complete the deal.

You will just have to rearrange removals etc. No date is set in stone until contracts are exchanged.

no I realise that, but everyone is still working to that date. I've just had an email from my energy supplier to say sorry I'm leaving as our buyers have switched already :eek:

Everyone else in the chain has been "ready" for weeks, it was our sale being held up on a freeholder issue but that was unblocked a week ago now.

asm89

dave76 wrote: »

no I realise that, but everyone is still working to that date. I've just had an email from my energy supplier to say sorry I'm leaving as our buyers have switched already :eek:

Everyone else in the chain has been "ready" for weeks, it was our sale being held up on a freeholder issue but that was unblocked a week ago now.

Realistically the top of the chain won't pull out - because they'd need to start the whole process again, which would take longer than 1 week - 2 week delay there may be.

Have you spoken to your solicitor about what's likely to happen?

dave76

asm89 wrote: »

Have you spoken to your solicitor about what's likely to happen?

"oh I'll give the other solicitors a call, we might exchange today but looking more likely tomorrow" - but they don't sound confident that the ok will definitely be given by tomorrow

asm89

asm89 wrote: »

My timeline - FTB, buying a SO new build flat

-Mid - August - put reservation down for SO new build flat after viewing 4 different ones, and apply for mortgage using a broker from MSE - who has been brilliant during my whole tale.
-Mid - August + 1 week - Mortgage approved subject to valuation
-Early September - Valuation reveals potential cladding...there isn't any and other banks are lending with the same valuers, but it's a no go. HA need to provide cladding report.
-Late October - Apply for mortgage with another lender who has given mortgages on same block, approved subject to valuation within 24 hours...the next day I'm told they won't lend because the property is on a "list". Broker thinks they've reached quota on the development
-Late October pm - I pick my heart up off the floor after being told the above and book another viewing on a property I initially liked but couldn't afford (it's bigger and now affordable as it's been revalued).
-Early November - Pay reservation fee on new property and change properties with my solicitor.
-Early November - Apply for mortgage
- Early November + 12 days - Mortgage fully approved
- Lateish November - Solicitor sends through purchase report and contracts. I return all documents including LISA declaration forms
-Early Dec - Receive and return Mortgage Deed....solicitors still not sent LISA declaration form to Skipton for deposit release, despite numerous chasers from me.
-Early Dec - Solicitor confirms we are ready to exchange. HA advises we aim for pre-Christmas completion on 19/12
-10th Dec - Skipton finally receive declaration forms, and I spend 2 days chasing them to release funds and playing go between - between them and solicitors as they needed to confirm some info to skipton verbally
-13th Dec - solicitors finally receive deposit, but there's no one in the office to do the Exchange. They also claim they can't find my contract! So i pop into their office to sign a new copy. Exchange now set for Monday 16th. HA asks whether we can aim for 19th completion - I ask solicitors, they say they'll see what they can do.
-16th Dec - email solicitors to ask about Exchange. Get a phone call immediately to say my file is being reviewed to ensure all documents are in place, but completion for 19th is too risky - we propose early Jan for completion but Exchange still planned for 16th.
-16th Dec 4pm - email solicitors again for update, they email back to say they are still waiting to hear back from the vendor's solicitors.

I'm exhausted, it's been 4 months from the start of it all - had my heart set on a pre-Christmas completion. I knew this was risky, but if the solicitors had just requested my deposit funds in time, would have been entirely possible.

I'm now just praying we at least exchange this week, so i can relax a bit over Christmas.

Early phone call this am from my solicitor who asked for Completion date again - I agreed 6th Jan, he then said he'd do the exchange today, once the HA's solicitors had agreed completion with them.

Got a call from the HA chasing an update from me. I gave them the latest and they said once they receive an email from their solicitors with the completion date, they'll approve immediately.

4pm and no news. Call my solicitor, and he says he's still waiting on the HA's response from this am! So i then call the HA and ask them to contact their solicitor, as they reveal they've yet to hear from their solicitor:(

Another day, no exchange! Praying for tomorrow! Likely too late for today. All this chasing is exhausting in itself, let alone the anxiety of the wait in between updates.

I appreciate how busy solicitors will be this time of year but gahhhhhhh

Skeptical_Saver

Offer made and accepted on the house I want 28/10
Solicitors Instructed 30/10
Meeting with mortgage advisor, all docs given 5/11
Mortgage application submitted to Nationwide 11/11
Documents picked up and filled in from Solicitor 7/11
Documents and ID returned to Solcitor 7/11
Valuation booked 11/11
Solicitor composes draft contract & starts local searches 20/11
Valuation carried out 14/11
Mortgage offer given 16/12

Nationwide have taken their time to accept and came back to me wanting previous years P60 and payslips to prove my modest bonus. Gave them that and 2 weeks later they send me a text message to say they've issued me my mortgage offer.

However, I haven't received it yet. The MB and the solicitor has, but not me.

Sellers are keen to exchange contracts but this dragging of the heels from nationwide is rather annoying and holding us up. I was hopeful I'd have the keys before Christmas but now my solicitor is trying to book me in for the first day back after the Christmas holidays,

Piiiinksocks

We had our purchase pack with contracts to sign from the solicitor yesterday! Offer was accepted end of sept and it’s been a long old process to this date - vendors solicitor is the worst. Estate agent has to phone her up and give her some choice words each time to make her respond. We’d hoped to be in for Christmas but looking for 10th Jan completion now!

ToadsFriend

Anyone that has had recent property valuations...have you been downvalued for the property or did it come back as the correct purchase price?

Several people have told me that the market is trending downwards and properties are being downvalued very regularly (my own was too...from £110k to £100k by 2 separate valuers) both gave feedback that it was due to ''market uncertainty'' and not the actual property..unless they were just being polite!