The NEW waiting to exchange thread...

blue_max_3

gemmacampbell2019 said:

How exciting for you!!! Cannot wait to exchange and complete on the same day soon. Desperate to get in there and out of renting!!! Wow February?!?! The weeks must have dragged for you all this time! My process only began at the very end of May.

It's my late mothers place, so bittersweet. Always hated the place (bungalow build in the sixties). 
Our buyer lost their buyer within about two weeks and had to fall back on a previous offer. We did all the paperwork really quickly, but the buyer dragged their heels. Was straightforward, so probably the solicitor being slow.
It'll be cash towards a place for me, as I rent currently. But I really don't know where I want to be right now. I'm in London and am thinking of going up North again for much better value. A big decision though.
Good luck with your purchase - it's amazing to have your own place!!!

gemmamacxx

Just jumping in here! 

Here is our timeline:
16/05 - viewed house and put in offer 
19/05 - offer accepted
20/05 - full mortgage application submitted
20/05- solicitors instructed 
02/06- solicitor advises that they can’t proceed with the purchase due to it being a back to back sale
03/06 - different solicitor appointed
04/06 - draft contract received by solicitor 
09/06 - mortgage offer received
09/06 - searches instructed
17/06- emailed solicitor for update and told we are waiting on searches and will be up to 10 days

i am the most inpatient person ever and hate waiting!! Hoping to complete mid August!  

Squirrelz92

gemmamacxx said:

Just jumping in here! 

Here is our timeline:
16/05 - viewed house and put in offer 
19/05 - offer accepted
20/05 - full mortgage application submitted
20/05- solicitors instructed 
02/06- solicitor advises that they can’t proceed with the purchase due to it being a back to back sale
03/06 - different solicitor appointed
04/06 - draft contract received by solicitor 
09/06 - mortgage offer received
09/06 - searches instructed
17/06- emailed solicitor for update and told we are waiting on searches and will be up to 10 days

i am the most inpatient person ever and hate waiting!! Hoping to complete mid August!  

Helloooooo! Yes, I'm the same as you regarding waiting for searches to come back! It's been over a week and I'm praying it doesn't take 3! What's a back to back sale that your solicitor referred to as I'm not sure why they wouldn't represent you because of it You are one step closer than I am as you have your draft contract... Still waiting for mine. Both the seller and myself are hoping to exchange and complete by the 22nd July! 

gemmamacxx

Helloooooo! Yes, I'm the same as you regarding waiting for searches to come back! It's been over a week and I'm praying it doesn't take 3! What's a back to back sale that your solicitor referred to as I'm not sure why they wouldn't represent you because of it You are one step closer than I am as you have your draft contract... Still waiting for mine. Both the seller and myself are hoping to exchange and complete by the 22nd July! 

The house has been part exchanged so basically the part exchange company buy it the same day that we buy it, our new solicitor also didn’t know why they couldn’t complete the purchase but it saved us £150 so silver linings!

The couple in the house are buying a new build that is expected to be ready at the start of August so fingers crossed all goes to plan! 

SPAT34

- Put house on market 24th January
- Accepted offer 11th February
- Our offer on new house accepted 21st February
- Applied for mortgage 27th February
- Survey and valuation conducted. Mortgage approved 4th March
- Majority of paperwork/searches in chain complete by lockdown 23rd March.
- 8 weeks of wondering and waiting
- 18th May, solicitors start working again. Just final enquiries to be answered. No idea how long will take!
- 17th June - Enquiries complete
The enquiries were finally completed on our purchase yesterday, so now the whole chain is ready. Completion date proposed for 30th June, just waiting to hear from the top and bottom of the chain (neither of whom need to actually physically move).
So close now!

sagedan

Thought id share my journey with you which is near completion. It has been interesting journey and we've learnt a lot. My wife and i are first time buyers and are buying in the South East. 

08/01 - First viewing of property (viewed 3 others in the same week prior to this). Instantly fell in love with the house.

09/01/2020 - Offer given and accepted. Solicitor instructed.
11/01-18/01 - Away on snowboarding holiday.

20/01/2020 - Appointment with mortgage advisor.
24/01 - Mortgage approved subject to valuation.
02/02-05/02 - Holiday in Prague.
03/02/2020 - RICS survey completed.
06/02 - Our seller has had offer accepted on vacant property ending the chain.

04/03 - Viewed property second time. Our seller advised us of some garden work he will be doing to the house and replacing a tap which was showing signs of leaking.

11/03 - Searches complete.
18/03 - Withdrew from mortgage due to Coronavirus. We decided to pull out some deposit money to keep in savings as a safety measure just in case and applied for a different mortgage lender for a very slightly higher mortgage. 

16/04 - Mortgage approved following valuation. 

14/05 - End of chain are ready to exchange and wanted to exchange now and complete in 3 months which all parties rejected.
At this point in time, due to CV-19, we were really not sure on what to do in regards to the purchase. Part of us were thinking to back out of the purchase due to the current situation and wait in the hope the market gets cheaper. We viewed 2 other properties towards the end of May to, A) check we are happy with the house we were currently proceeding with, and seek a cheaper property due to CV-19. The outcome was that we really still loved the property and as a long term home, it was not worth holding out for hopes of reduced house prices.
29/05 - End of chain requested to exchange now and complete in 2 months. Our seller accepted this but we rejected this due to the risks that would impact us the most; lender pulling out due to change in house prices, the potential of job loss causing lender to pull out etc. We threatened to pull out if end of chain were not willing to understand. We requested 2 weeks max between exchange and completion. End of chain were asking for 2 months so that they can find rental property.
03/06 - End of chain asked to exchange on 05/06 and complete in 3 weeks. We agreed to this.
05/06 - We exchanged!!! Yay. Massive relief as the difficulty with the end of chain was stressing us and our seller out.
26/06 - Completion day!!


Hope your transactions proceed smoothly, best of luck.

blue_max_3

Just for the record, completed. Dumped a horrid 60's bungalow. 

Poor_Leno

Supposed to be completing on 29th.  Still feels a million miles away.  Rang solicitor on Wednesday and they are (still) chasing up stuff to be emptied from the property after the sellers started being the awkward squad.  Have to say my experience with these solicitors has been pretty poor, having to chase them up to get things moving all the time.  It took long enough to even get sight of the TA10.  Still waiting for them to respond to my LISA provider's request to authorise release of funds for deposit.  Would've thought by now that I'd have purchase contract through to sign and return too.  This is all new for me but I can't see how 29th is going to happen, yet 5 weeks ago when exchange dates were discussed both sets of solicitors agreed to the date.  Its a vacant property so there's little excuse other than the seller's being awkward.  Biggest lesson for me in all this is to stick with a local and smaller solicitors, who are able to be more dedicated to a few people, rather than a large company that has hundreds, even thousands maybe, of clients they are dealing with. As all things its whoever shouts the loudest who gets their voice heard and that's been the biggest issue cos I am absolutely rubbish at being firm/assertive with people and putting a strong point across.    I would say roll on the 29th but I am already feeling like it'll be more like 29th July at this rate.  Mortgage offer valid until the 4th August

kazwookie

Well, after a most horrid time owing to CV19, ending up homeless in a hol cottage during lock down, it costing a fortune etc, the vendor of the property I put an offer on in Feb pulling out of the deal the day after the estate agents reopened, so I find another property, chat to the vendor as it is empty, they let me rent it until completion so I am already in my new house.

I get an email on Wednesday, with paper work to print off, get signed, witnessed, post back via snail mail.  I am finally told that Monday is the day of exchange and completion, finger crossed it all goes to plan.

I am just so glad I am nearly at the finishing line, never again to I wish to sell and purchase a property with CV19 hanging around.

kazwookie

After all the problems, I've had, vendors pulling out, etc

Finally:-

19th May offer accepted, exchange and completion 22nd June. We are already moved in as we rented the property while legal stuff was going on.