The NEW waiting to exchange thread...

Hannah13409

He eventually got back to me bit of a weird one to be honest there not on the lenders panel so the lender has instructed a new solicitor but he said he’s still acting for me through them and no extra cost don’t really understand and not sure why mortgage advisor recommended him if he wasn’t on lenders panel

scholesfan88

We reserved our new build S/O property at the beginning of November with a target exchange date of 20th Dec and completion by 4th Jan.

The developers solicitors were swearing blind early December that they had sent all necessary contract information to our solicitors and they were holding everything up. The developers finally acknowledge mid January that their solicitors had only just drawn the paperwork up (apparently due to us being the first S/O house).

Our solicitor has given us a written report and I've dropped all contract/deed paperwork that needed signing off on Friday just gone.

When I checked last week we were waiting for some searches to come back and the developers solicitors to answer enquiries.

Fingers crossed that we're only a couple of weeks away now.

Weve been living from boxes since August due to an aborted sale at the last minute prior to this!

kdotdotdotdot

yorkie18 wrote: »

Our vendors are holiday from the beginning of March to the 11th. So it either needs to be at the end of Feb (or earlier) or wait until they get back. Neither us it them are happy to wait so it seems to be down to the ones at the end holding it up. All the estate agent keeps saying is because it they are elderly?! I've no idea why that makes any difference to be honest!

I can fully understand someone not wanting to complete, move out, go on holiday the day after, then having to come home to a completely new house.

As for being elderly, yes, sometimes they really do want to do things very slowly. Sometimes a lot more sitting and thinking time is required, and sometimes energy levels are just so much lower that it takes a long time to get even a little achieved. And if they're not online, then it's a real hassle to find all the services needed to get a house move completed.

Daybyday

We've had the same thing. Were hoping to exchange on Tuesday last week. Now we are going for completion and exchange tomorrow. Fingers crossed! I've found it so stressful having exchange delayed.

We are just waiting for the lender to release the funds. Hopefully it'll happen tomorrow. I'll have my fingers crossed for you too!

yorkie18

kdotdotdotdot wrote: »

I can fully understand someone not wanting to complete, move out, go on holiday the day after, then having to come home to a completely new house.

As for being elderly, yes, sometimes they really do want to do things very slowly. Sometimes a lot more sitting and thinking time is required, and sometimes energy levels are just so much lower that it takes a long time to get even a little achieved. And if they're not online, then it's a real hassle to find all the services needed to get a house move completed.

Yes, the holiday part I completely understand. Our vendors want to move the week before they go on holiday, they initially put forward that date and we have always been told to work towards the end of February.

I also understand the elderly needing to take their time, but we haven't just sprung this on them. From our understanding, they also have family helping them. I would have it thought it in the best interest of both the solicitors and estate agent to get this wrapped up as quickly as possible so that they can get their money.

The most frustrating thing is the not knowing - if it is absolutely has to be the middle of March, then so be it but they should let us know!

Fletchasketch

Fletchasketch wrote: »

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.....

Update: The buyer is now insisting on completing before 14th Feb- I fail to see how this is going to happen as there are still multiple outstanding enquiries, and I definitely won't have the funds available to complete on my purchase. If we are ready to complete on 14th Feb- it will go something like this:

11th-12th Feb- work trip
13th Feb- Packing
14th Feb- Complete and move into Airbnb
18th Feb- work trip
21st Feb-10th March- Holiday- back into Airbnb on return
After 11th March- (ideally 12th March to allow for Sajid's budget & potential stamp duty cut)

All very stressful- but at least it should all be over in six weeks!

Hannah13409

We finally got our mortgage offer and now the seller is I don’t know if it’s because I’m inpatient but being rather un reasonable

Originally we wanted exchange 3rd February then the seller said can we move to 20th February so ok no problem but now there saying end of March early April as they haven’t actually found anywhere to buy yet my mortgage offer is also only valid 60 days

Why let it get to this stage my solicitor said they ideally should have thought of this rather than expecting us to wait around on them

KING5TON

I was supposed to exchange and complete today but that's not going to happen.

Seller is having some issue with their lender that we found out about on Friday (when we were planning to exchange).

No idea what the issue is, first I was told their solicitor just needed a bank statement before we could exchange, now the seller needs to send a letter to their lender who in turn needs to send a letter to the solicitor.

Seller sent the letter yesterday (well actually on Saturday but missed the post).

Chasing things and can't seem to find anything out, what the issue is, how long till the issue will be resolved.

My solicitor will retain my mortgage funds till Thursday so now hoping to complete by then.

I was stressed by this whole process months ago. Now I'm getting close to rubber room territory.

Skiddaw1

KING5TON wrote: »

I was supposed to exchange and complete today but that's not going to happen.

Seller is having some issue with their lender that we found out about on Friday (when we were planning to exchange).

No idea what the issue is, first I was told their solicitor just needed a bank statement before we could exchange, now the seller needs to send a letter to their lender who in turn needs to send a letter to the solicitor.

Seller sent the letter yesterday (well actually on Saturday but missed the post).

Chasing things and can't seem to find anything out, what the issue is, how long till the issue will be resolved.

My solicitor will retain my mortgage funds till Thursday so now hoping to complete by then.

I was stressed by this whole process months ago. Now I'm getting close to rubber room territory.

Oh poor you.... it's no help I know, but I really do empathise.... I can only say that some day soon this will be a distant memory....

Fletchasketch

Fletchasketch wrote: »

Update: The buyer is now insisting on completing before 14th Feb- I fail to see how this is going to happen as there are still multiple outstanding enquiries, and I definitely won't have the funds available to complete on my purchase. If we are ready to complete on 14th Feb- it will go something like this:

11th-12th Feb- work trip
13th Feb- Packing
14th Feb- Complete and move into Airbnb
18th Feb- work trip
21st Feb-10th March- Holiday- back into Airbnb on return
After 11th March- (ideally 12th March to allow for Sajid's budget & potential stamp duty cut)

All very stressful- but at least it should all be over in six weeks!

Latest from the buyer is that they will withdraw from the sale if we do not complete by 14th February. It appears that he was told by the estate agent that we would be completing by end of January at the latest (though they never mentioned this to me, even when I asked specifically what his constraints were :mad:) with 10 enquiries outstanding it seems extremely unlikely that this is achievable. I could throttle the estate agent for their sheer incompetence. Utterly fuming.