The NEW waiting to exchange thread...

GDB2222

bs93 said:

We offered on a property in January, it’s  been vacant for a long time. Our second offer was accepted. A few weeks ago we offered to buy in cash to get the sale done quicker (we hadn’t had a mortgage offer yet and had an email from the broker saying there would be delays and uncertainties). This was at a 10% discount. They accepted this a week and a half ago on the provision that we exchange within 2 weeks. We’ve handed in everything that’s needed and our solicitor has chased their solicitor (twice) but we haven’t even had the draft contracts yet! We need to exchange by Tuesdays to meet the deadline. 

Well, it’s not really a deadline, is it? What happens if you do meet it, ie you are ready to exchange but they change their minds? Obviously, nothing. They are not actually bound to proceed.

 Or you don’t meet their date because there’s a hold up at their end? There isn’t a big queue of buyers is there? 

MovingForwards

Sole, FTB, in 40's, Scotland, adverse lender due to marriage breakdown, 15% deposit.

I've not put full details in but I did have to provide a few more bits to the broker after application submitted and payslips on extension request.

10/12/19 - DIP
14/12/19 - view, offer, counteroffer, agreed
14/12/19 - broker / solicitor instructed
18/12/19 - application submitted
07/01/20 - valuation paid
16/01/20 - offer received

Can't complete due to being in probation
Virus / lockdown
Registers of Scotland not geared up for online transactions

Huge email sent to solicitors setting out reasons I should complete before lockdown ends
Accepted by solicitors

09/04/20 - probation passed bit early

Mortgage offer expired waiting to see if it will be extended

Mortgage offer extended

21/04/20 - formal acceptance of offer received

Daily emails between me/solicitor.
Power of attorney returned to solicitor so he can sign forms on my behalf.

29/04/20 - funds sent, home insurance started, mortgage arrangement fee paid, pre-completion call with lender

30/04/20 - missives concluded (exchange of contracts)

01/05/20 - settled (completion)

It seems long, but looking at it, the actual conveyancing was done between 21 April and 1 May, Scotland can move quick!

FtbDreaming

GDB2222 said:

@FtbDreaming  why does being single make you less of a priority?

Sorry I didn’t mean as in marital status. I meant having no seller/ estate agent or anyone else concerned either way if I complete or not with it being a RTB purchase. 

@MovingForwards glad you got your extended offer. When I emailed my broker the other day they did send me a new copy with an extension to 30th September which I wasn’t aware of so that’s one price of good news at least. 

FtbDreaming

@MovingForwards ooh just read the bottom of your post! Congratulations 

bs93

GDB2222 said:

bs93 said:

We offered on a property in January, it’s  been vacant for a long time. Our second offer was accepted. A few weeks ago we offered to buy in cash to get the sale done quicker (we hadn’t had a mortgage offer yet and had an email from the broker saying there would be delays and uncertainties). This was at a 10% discount. They accepted this a week and a half ago on the provision that we exchange within 2 weeks. We’ve handed in everything that’s needed and our solicitor has chased their solicitor (twice) but we haven’t even had the draft contracts yet! We need to exchange by Tuesdays to meet the deadline. 

Well, it’s not really a deadline, is it? What happens if you do meet it, ie you are ready to exchange but they change their minds? Obviously, nothing. They are not actually bound to proceed.

 Or you don’t meet their date because there’s a hold up at their end? There isn’t a big queue of buyers is there? 

We are unsure what will happen if we don’t exchange by Tuesday - they may not be willing to accept our reduced price anymore. Still hoping it can be done but it’s looking less and less likely!

GDB2222

bs93 said:

GDB2222 said:

bs93 said:

We offered on a property in January, it’s  been vacant for a long time. Our second offer was accepted. A few weeks ago we offered to buy in cash to get the sale done quicker (we hadn’t had a mortgage offer yet and had an email from the broker saying there would be delays and uncertainties). This was at a 10% discount. They accepted this a week and a half ago on the provision that we exchange within 2 weeks. We’ve handed in everything that’s needed and our solicitor has chased their solicitor (twice) but we haven’t even had the draft contracts yet! We need to exchange by Tuesdays to meet the deadline. 

Well, it’s not really a deadline, is it? What happens if you do meet it, ie you are ready to exchange but they change their minds? Obviously, nothing. They are not actually bound to proceed.

 Or you don’t meet their date because there’s a hold up at their end? There isn’t a big queue of buyers is there? 

We are unsure what will happen if we don’t exchange by Tuesday - they may not be willing to accept our reduced price anymore. Still hoping it can be done but it’s looking less and less likely!

The reality is that they can pull out at any time, for no reason, until you exchange. You likewise.

Perhaps, the delay is because they have cold feet and haven't instructed their solicitor. Or, the solicitor is slow. But, I suggest you relax. There isn't a queue of other buyers. They either sell to you, or they don't, but you have the upper hand in negotiations. 

amieloustew

@MovingForwards congrats on completing today! nice to see some positive news!
your story is reassuring as I’m not seeing a lot of other people in Scotland buying and completing at the moment and I was feeling a little alone. Myself and my partner are gearing up to complete 15/05 and it looks like the ball is starting to roll again!

cant wait to complete now!

MovingForwards

@amieloustew that's what I found too, when looking, hence highlighting it was Scotland. Trying to find out how conveyancing works was near on impossible but that's because the solicitors do loads and the client isn't really involved. There also wasn't much mentioned about sub-prime lenders.

Made for a very stressful purchase, when Covid hit.

I will drop my solicitor an email over the weekend when I find other issues with the flat as it's 5 working days from completion / date of entry / settlement to revert back with problems which need fixing. It's not a free for all and only really about leaks (gas / water), major damage etc ie £400+ but I would sooner provide a list and be told nah, you won't get anywhere, than sit and be annoyed.

Due to the Registers issue, I will email him again in a few months to see how registration is going. It is worth reading your lender / solicitors and Registers of Scotland Covid section, means no surprises as your purchase progresses.

FtbDreaming

Well it looks like I am the last one standing on this thread! I received an email from my solicitor and they finally have the draft contract after 14 weeks. They said Halifax should be sending the confirmation of mortgage in the next 24 hours then they’ll start the searches (again no reason for the 14 week delay).

The only problem which which I don’t know if it is a problem is the alleyway between mine and next door is shared so I don’t know how that works out. 

Fingers crossed for some progress now! 

sjc93

FtbDreaming said:

Well it looks like I am the last one standing on this thread! I received an email from my solicitor and they finally have the draft contract after 14 weeks. They said Halifax should be sending the confirmation of mortgage in the next 24 hours then they’ll start the searches (again no reason for the 14 week delay).

The only problem which which I don’t know if it is a problem is the alleyway between mine and next door is shared so I don’t know how that works out. 

Fingers crossed for some progress now! 

You're not the last one standing!

We're having real issues with our solicitors at the moment. Once all of this is over, we're going to be filing an official complaint against them, we've just about lost all patience with them. Throughout this whole lockdown period, they've not diverted their phones at all, and we've guessed that they furloughed majority of their staff which we can assume was only brought back yesterday now that the lockdown has lifted slightly.

We were told on Thursday by the team who have handled our case since we've instructed them that they sent off the documentation to our LISA Provider to withdraw the funds... Got in touch with Moneybox today & they still haven't got it. After all day of trying to get hold of someone, we were told that our case had been HANDED OVER to someone else (at this stage!!!!!!!!) and they called me at 6:50pm tonight to tell me that a form that we'd sent over a MONTH ago didn't have a figure in (the declaration), and that she needs to get it printed from a Director as she's working from home, and she was only handed our case yesterday so she has no idea of what's going on so it's being "reviewed" tomorrow to ensure everything is in hand and nothing else is missing from our case.

She's given an estimated date for the funds to be released on the 26th May - I'm holding out no faith, and I can only imagine that I'm going to spend the rest of this week complaining and chasing them. I just want to be in there now!