The NEW waiting to exchange thread...

shinytop

Completion on our house sale was planned for Friday 17th. There was a chain of 4 – A (FTB), B, C (our buyer) and D (us). We were going into rented and had mostly moved out the day before. The latest time for us to vacate for us was 2pm and about 12:30 C’s removal vans arrived. We were out by about 1:00. Meanwhile, B’s removal vans had arrived at C’s (which is only ½ mile from us). Then word came through that there was some sort of technical/system issue with B’s mortgage. So, we were out, A was in and B and C were waiting. And waiting. We hung around chatting for a bit but left around 3:00. C’s removals people had said that if there was no key by 5pm they were off until Monday. At 4:55 our solicitor rang us and explained they would be issuing a Notice to Complete. While I was speaking to him, at 4:57pm, the money for our house appeared in their account. Phew! A long day for all concerned and I’m really glad we were moving into rented.

I wonder if any penalties will be claimed by C? I assume they would have to pay their removal people extra? Our solicitor explained we could make a claim for the 3 hours lost interest (really!) but I of course declined.

Surely someone can think of a better way of doing this. Does anybody know what happens in other countries?

TiberUK

I originally hoped to get the keys before Christmas, but the legal process got delayed by mind-numbing weeks long debates over things like which government department owned some nearby trees -_-

We eventually managed to complete last Wednesday and as a FTB that meant a hell of a lot. Though I admit it was all a bit of an anti-climax, we didn't pick the keys up from the estate agent or anything formal, a random builder on one of the other sites just let us in. We did complete on time, but I hounded just about everyone from the builder to my own lawyer for weeks to make sure it wasn't delayed.

We have been in for a few days now, most of our new IKEA stuff has been built, Sky and internet was installed yesterday and we are finally starting to make headway with the unpacking - so it is finally starting to feel like a home.

The least frustrating part of the whole process was dealing with the bank. Danske Bank were lovely from our first meeting with them (we had full approval 2 days later) to completion. The Council lost some of the paperwork which Danske wanted, but they still agreed to send the money to my lawyer a day before completion on the provision the Council got their finger out and found the paperwork. Once we got past the ultra nitpicky application stage, working with Northern Ireland Co-Ownership was also a smooth process.

Looking forward to making my first mortgage payment, primarily because it will be hundreds of pounds less than my rent payments.

KING5TON

I'm so close yet so far away. Been a frustrating experience so far.

12/11 Offer made and accepted
13/11-18/11 Drama with estate agent recommended conveyancer that I stupidly agreed to.
18/11 Estate agent recommended conveyancer cancelled and local solicitor instructed, that confirms that they are on my lender's panel.
19/11 Mortgage application submitted
21/11 Returned solicitor documents and money paid for searches
27/11 Valuation completed AOK, awaiting mortgage offer
06/12 Mortgage broker informs me that the mortgage offer is delayed as solicitor's panel membership has expired and they need to reapply for panel membership.
16/12 Mortgage lender receives panel application from solicitor.
08/01 Mortgage broker confirms solicitor failed to provide some documents so waiting on them.
08/01 I send frustrated email asking solicitor to provide the documents to my mortgage lender.
08/01 Mortgage lender receives documents initially missing from solicitor's panel membership.
09/01 I receive search results. Yey!
09/01 Mortgage offer issued. Yey!
09/01 Contract and other info received from Solicitor, signed and returned.
14/01 Solicitor emails to say mortgage offer received by them and will report to me ASAP
21/01 Chase things up and seller's solicitor hasn't received enquiries yet, contact my solicitor, now sent.

There's also been a fair few other minor other niggles along the way that I've omitted to keep it brief!

So currently waiting on response to the enquiries (only 4) and for my solicitor to report to me. Then I assume it's agreed completion date, pay money, exchange contracts and then complete.

Does anyone know what "Reporting to me" involves? Apparently they need to send it through the post but I've already received the contract, fixtures and fittings list, the seller's possession of knowledge, land registry stuff, Transfer of registered titles document etc... It's not the same thing is it? I've already signed and returned the contract as per the letter that came with it so hoping they're not still waiting on that, dropped it off at their office in person.

I was originally hoping to move before Xmas (HA!), was then hoping for the end of this month, now hoping I don't lose my marbles before all this is over

I'm a FTB, vacant possession, no chain. Freehold, absolute title.

Daybyday

Hi King5ton

We are in a similar position to you. FTB and chain free! Ours has moved along quite quickly. Made the offer at the end of November and we are getting the keys on 3rd Feb. Terrifyingly quick. Anyway we just received the report from our solicitor (I was curious about what would be in if too). Ours contained all of the search results, advice on the title, a copy of the deeds from previous owner, the mortgage deeds for us to sign and stuff from the land registry.

Hope that is helpful!

kdotdotdotdot

And with any luck, I'm reaching the end of this! FTB in rented accommodation, buying an empty (chain-free) house.

14th Oct - first offer made, and rejected
15th Oct - second offer made and accepted
23rd Oct - second solicitor instructed
30th Oct - searches begin
4th Nov - surveyor bill paid
14th Nov - survey was meant to be done. Surveyor has an accident and postpones.
19th Nov - survey done
25th Nov - survey results received
25th Nov - results from all searches received. Just a few more questions for the vendors
18th Dec - finally received all answers from vendors. Now the solicitors close for Christmas!
3rd Jan - paperwork to be signed arrives. I delay because in the delay in hearing back from vendors, I've found another place and thinking about pulling out.
7th Jan - decide to go ahead with sale and need clarification on some paperwork from vendors
16th Jan - I sign paperwork and pay deposit
20th Jan - still nothing from vendor!
22nd Jan - it's agreed to exchange and complete on the same day, which will be 31st Jan
23rd Jan - vendor's daughter says the vendor is seriously ill and can we complete sooner, in case it goes to probate. Agree on new completion date of 29th Jan.

Keep your fingers crossed.

aestivus

13 weeks since my offer was accepted, and we finally have a completed chain (WOOHOO).

Keeping my fingers crossed that this final link moves quickly and smoothly. I'm a FHB, so at the other end of the chain, and we're pretty close to being ready to exchange - just waiting for a couple more documents from the sellers.

I know it's still going to take a while, since the final link are only just starting that process now, but it's just such a relief to know that everyone is now moving in the same direction (as long as nothing goes wrong).

Completion in March or April? Here's hoping.

KING5TON

Daybyday wrote: »

Hi King5ton

We are in a similar position to you. FTB and chain free! Ours has moved along quite quickly. Made the offer at the end of November and we are getting the keys on 3rd Feb. Terrifyingly quick. Anyway we just received the report from our solicitor (I was curious about what would be in if too). Ours contained all of the search results, advice on the title, a copy of the deeds from previous owner, the mortgage deeds for us to sign and stuff from the land registry.

Hope that is helpful!

Thanks. I did manage to sort things out last week. Solicitor emailed me some of the forms and I signed them and took them straight in. Still confused the heck out of me with poor communication.

Now have a completion date of the 4th of Feb so day after yours

I payed the deposit and the solicitors fees yesterday but haven't exchanged contracts yet as far as I'm aware. Hopefully nothing more can go wrong

yorkie18

Hi all - we are back aboard the 'waiting to exchange' train! Quite frankly, it is driving me nuts.

Timeline

02.11.19 - We had an offer an accepted on our new (fingers crossed) home
26.11.19 - Survey completed (around this time we also had our mortgage approved)
30.11.19 - 2nd viewing of buying property to check out a couple of bits on the survey
06.12.19 - Draft contracts eventually received with our solicitors, after a 5 week delay through no fault of our own. Enquiries submitted by our solicitors to the vendors solicitors
10.01.20 - Receive a copy of the draft contracts, paperwork and responses to enquiries
11.01.20 - Raised a couple of further queries
24.01.20 - Finally receive a response to the very few final enquires

At the very beginning we were assured that all were working towards a completion date of 28.02.20. Now the estate agents are trying to push this out to the 11.03.20 due to the people at the end of the chain. No reason being given, just that they are old?!
This is only our 2nd house purchase and the last one was 13 years ago. We have sold our property without a hitch but are now living with parents - this is far from ideal and we are racking up storage costs by the day! The chain is relatively small, us - our vendor - and the house their vendors are moving into. The end house is empty.

We are being given little to no reassurance from the estate agents and feel that no one cares what date we would like or what we can work to. We don't think it's unreasonable to ask for the end of Feb which our vendors have also agreed with.

We have one more viewing to do of house prior to exchange, just a couple of bits we need to make sure have been done as promised. Our solicitors have confirmed they are ready to exchange when we give them the nod. We are waiting for our vendors to confirm when we can visit the property.

We don't understand what all the hold up is. Surely, the end of the chain being elderly isn't really a valid excuse for all the delays?

It's probably not that long in the grand scheme of things, but we can't take living without our own space for much longer, and we have been trying to move house since April last year so we've really had enough!

Any advice for dealing with slow chains/ incompetent estate agents?

Thanks!

clearancer

Offer received and accepted on our house 22/01 (cash buyer)
Offer made and accepted on the house we want 27/01 (no onward chain)
Solicitors Instructed 28/01
Documents and ID emailed to estate agent 28/01
Second viewing on house we want 05/02
Looking for a completion date of 07/04

Fletchasketch

Fletchasketch wrote: »

Do you think that's likely though? I don't think Javid will be keen to stifle the upper end of the housing market further....

In other news my survey has thrown up that the house needs a new roof (fairly urgently as it's leaking!) the first quote is 12K, so now just wondering how much to reduce my offer by. It's a Victorian semi and so I fully accepted that some repairs would come up, but the idea of shelling out immediately for a new roof is making me think twice. Will see what the other quotes come back as and then go back to the EA to renegotiate :eek:

So to update...the buyers agreed a price reduction of 5K for the issues with the roof. Not enough to cover it, but enough for me to be able to reasonably get it done this year. It seems that the contracts are very close to being ready now, both for the sale and the purchase. I'm on holiday from 21st Feb to 10th March, so I'm wondering if I can complete on the sale before I go, move my stuff into storage and have no mortgage whatsoever for a full three weeks until I get back and then potentially take advantage of any stamp duty reforms.

Too good to be true? Probably.....