The NEW waiting to exchange thread...

fullofcold

FtbDreaming said:

fullofcold said:

Enquiries are going to take weeks to answer - conversations happening whether the gentleman I am buying from will break the chain given covid 19, etc

@fullofcold i have everything crossed for you! This covid19 is getting very stressful now isnt it. 

I haven't heard anything for a week or so but not expecting much to happen fast now with all this going on. 

Well, he has agreed to break the chain and move in with his son, so we are systems go for exchange Monday and completion Wednesday.  Everyone has requested release of funds.  So please keep your fingers crossed all goes ahead or it may break me!

Ella_40

Hi, just need to vent.
We were supposed to complete today but sellers solicitor bank details check result came as "infrequent". Now our solicitor will act as agent to redeem the seller's mortgage and we were given Friday 20th as a new date!!!
Really frustrating! I am not sure if we complete at all. What do you think?

UnderOffer

Ella_40 said:

Hi, just need to vent.
We were supposed to complete today but sellers solicitor bank details check result came as "infrequent". Now our solicitor will act as agent to redeem the seller's mortgage and we were given Friday 20th as a new date!!!
Really frustrating! I am not sure if we complete at all. What do you think?

Have you already exchanged? You’d normally agree a completion date, exchange then complete on the specified date. Pulling out after exchange is very costly. 

Ella_40

We don't want to pull out at all. Just wanted to complete today. But the seller's solicitor is a one man band, working from home and if for any reason he is unable to redeem the seller's mortgage or send seller's signed documents we can't be registered as a new owners of the property.
What to do?

homersimpson246

We are waiting to exchange, were originally told back in December it would be 20th of Feb to complete, then told 20th of March then last week were told 27th of March and exchange on the 13th, exchange didn't happen and found out today that bottom of the chain are nowhere near ready and was never going to exchange in March.

Why can't people just be honest instead of lieing or ignoring their solicitors and others in the chain.

We were the last ones in the chain (house we are buying is chain free) and we were the first ones ready in early Jan.

Why do people mess about so much, they have all had loads of time.

FtbDreaming

I don't know how you cope buying in chains. Im stressed enough and its just me and a Housing Association. I’ll be staying here till at least the kids are grown up and I can downsize for a cash purchase lol.

Ella_40

FtbDreaming said:

I don't know how you cope buying in chains. Im stressed enough and its just me and a Housing Association. I’ll be staying here till at least the kids are grown up and I can downsize for a cash purchase lol.

At least you are home and don't have to deal with an agent! No stress, no removals, etc.

Update on my case: my solicitor says they need lender's confirmation that they are happy to proceed with seller's solicitor and transfer funds in his 'infrequent' bank account. 
Just don't know what to do. Disgusting! Had to cancel removals, furniture purchase, childminder.... what else can go wrong... hubby called in sick for today due to completion and his co-workers think he is self isolating with covid19. 
In this country  conveyancing is so complicated and laws hinder and impede FTB instead of helping them. 🙁

fullofcold

Feel your pain Ella_40.  I have booked everything today for next week in the vain hope it actually happens this time.  I feel sick and know I will not sleep until Exchange has taken place at the least.

mn92

Hi everyone,
I have been looking on this thread to understand waiting times for quite a while now. I have gone with a mortgage with Halifax and here is my timeline:

FTB’s in London using HTB
22/02 - viewed development and show home
09/03 - booked a plot by giving £500 deposit-Mortgage Advisor & Solicitor instructed
13/03 - Halifax mortgage and HTB applications submitted by our Mortgage Broker 
13/03 - Halifax mortgage credit scored and approved. Within 1 hour of applying MA asked us to pay the £200 valuation fee to initiate the valuation process.
17/03 - Valuation report returned to Halifax
19/03 - We received our final mortgage offer from Halifax!!!

In total 6 days from application to offer! They are quick! I wish I could say the same for HTB. We are still waiting to hear from them and as you probably know there is a 20-working days delay currently in the process of assessing HTB applications...but I guess it's just a formality and everything will be ok with this too. Plenty of time to exchange contracts as the due date for that is 24th April. The house will be ready end of June and completion is expected for start of July (if coronavirus doesn't mess with our plans!) 

fullofcold

I'm in a chain, now 4 deep so that is why mine has taken ages. I have worked in mortgage brokerages for many years - most recently not as a mortgage adviser which is why I won't comment on mortgage threads. However I am experienced enough to know that even simple transactions can take months, and some tricky transactions can be quick. You just have to have the right people doing the right job at the right time, and there are so many external forces involved with buying (and selling) that it is really almost always how long is a piece of string. I do wish you an easy and speedy transaction mn92.