The NEW waiting to exchange thread...

anerise

anerise said:

We’re in the final stretch I think! It’s been a long process due to COVID so here’s my updated timeline. We’re FTBs.

29/2 Viewed house
4/3 Offer accepted
5/3 Solicitor instructed, ID checks done & searches ordered the following week
18/3 Mortgage application made via broker- 95% LTV (!)
**COVID lockdown...mortgage on ice due to lack of physical valuation. Solicitor furloughed.**
21/5 Mortgage valuation finally takes place. Solicitor back from furlough, sends progress report 
1/6 Mortgage offer issued!!
3/6 Homebuyers survey done, recommends a structural engineer for a specific issue
4/6 Vendors agree to do 10 day radon test as the house is in a radon area and they don’t want to do a bond
15/6 Signed contract, mortgage deed etc returned to solicitor
16/6 Radon detectors returned to lab for analysis 

24/6 Solicitor informs us that all enquires complete

So just waiting on the results from the 10 day radon test (any day now) and the structural engineer, who sadly can’t even visit the house till next week as he’s been booked up 2-3 weeks in advance since restrictions were lifted in May. The vendor is ready to exchange on a vacant property so once we’re ready things will move fast! Hoping to exchange and complete by end of July.

Feel like I’m the only hangover from pre-COVID times, but we’re nearly there. Update to the above:
1/7 Radon test comes back clear, no further action necessary
3/7 Structural engineer report comes back- no issues. Now ready for exchange!

Our solicitor is proposing an exchange/completion date of 24 July in line with our preferences- just need to send over our deposit and make moving arrangements! This whole process has been so stressful, just want the keys now.

robyn841

robyn841 said:

Feel like the end is in sight so thought I would jump in. We are FTB with a 90% LTV from virgin (should be finalized this week) no chain either side. Temporarily moved in with dad to save. Am due our baby girl 01/09 and I am so ready to move out of dads house so I can nest properly and get a nursery ready!

30/05 Viewed house. 1 hour later the seller drops his price 5k to put some pressure on us

31/05 Pressure worked! Offer put in and accepted within 30 mins

1/06 DIP 

2/06 Full application and solicitor instructed

5/06 P60 requested because partners wages all over the place (1 month with loads of over time followed by 2 months furlough)

7/06 Loads of paperwork/ docs sent to solicitor

10/06 Lender wants more payslips now partner back off furlough. Tell them they have to wait until end of the month to get it 😬

15/06 searches started

16/06 solicitor wants proof of gifted deposit because FIL gave us 2k towards house

18/06 draft contracts and title deeds received. Some enquiries made about some weird covenance thing saying no sheds allowed (property already has a shed 🤷‍♀️)

23/06 Enquiries answered

25/06 EA let's us measure up at the house 😀

29/06 Partners wage slip without furlough on it submitted to MB (phew 🥵) and searches back a week early woohoo

UPDATE:
3/07 contracts came through in the morning then had a phone call from broker saying mortgage has been issued!

Such relief! I had convinced myself the mortgage would fall through because my solicitor scared me by telling me Virgin were being VERY cautious about lending to people who have been on furlough. I think we are ready to set a date to exchange and completion date now 😀 EA said we should be in within 2-3 weeks 👍

kasqueak

robyn841 said:

robyn841 said:

Feel like the end is in sight so thought I would jump in. We are FTB with a 90% LTV from virgin (should be finalized this week) no chain either side. Temporarily moved in with dad to save. Am due our baby girl 01/09 and I am so ready to move out of dads house so I can nest properly and get a nursery ready!

30/05 Viewed house. 1 hour later the seller drops his price 5k to put some pressure on us

31/05 Pressure worked! Offer put in and accepted within 30 mins

1/06 DIP 

2/06 Full application and solicitor instructed

5/06 P60 requested because partners wages all over the place (1 month with loads of over time followed by 2 months furlough)

7/06 Loads of paperwork/ docs sent to solicitor

10/06 Lender wants more payslips now partner back off furlough. Tell them they have to wait until end of the month to get it 😬

15/06 searches started

16/06 solicitor wants proof of gifted deposit because FIL gave us 2k towards house

18/06 draft contracts and title deeds received. Some enquiries made about some weird covenance thing saying no sheds allowed (property already has a shed 🤷‍♀️)

23/06 Enquiries answered

25/06 EA let's us measure up at the house 😀

29/06 Partners wage slip without furlough on it submitted to MB (phew 🥵) and searches back a week early woohoo

UPDATE:
3/07 contracts came through in the morning then had a phone call from broker saying mortgage has been issued!

Such relief! I had convinced myself the mortgage would fall through because my solicitor scared me by telling me Virgin were being VERY cautious about lending to people who have been on furlough. I think we are ready to set a date to exchange and completion date now 😀 EA said we should be in within 2-3 weeks 👍

Great news. It’s such a relief when you finally get the “yes” to the mortgage! Fingers crossed it all goes smoothly now. 

kasqueak

I’m just annoyed that we’re still waiting for the draft contracts from the vendors and it’s been 4 weeks now. They said they wanted a quick sale/completion and yet they haven’t filled in the forms or done anything yet. So frustrating as feel we’re just twiddling our thumbs. 

On our sale side it’s at the stage where the buyer is making enquiries. 

On the purchase side mortgage is done and deed received by solicitor, surveys and searches all done - we’re just waiting for the vendors to do their bit. I’m so impatient! I just want to move now! 😖

kasqueak

anerise said:

anerise said:

We’re in the final stretch I think! It’s been a long process due to COVID so here’s my updated timeline. We’re FTBs.

29/2 Viewed house
4/3 Offer accepted
5/3 Solicitor instructed, ID checks done & searches ordered the following week
18/3 Mortgage application made via broker- 95% LTV (!)
**COVID lockdown...mortgage on ice due to lack of physical valuation. Solicitor furloughed.**
21/5 Mortgage valuation finally takes place. Solicitor back from furlough, sends progress report 
1/6 Mortgage offer issued!!
3/6 Homebuyers survey done, recommends a structural engineer for a specific issue
4/6 Vendors agree to do 10 day radon test as the house is in a radon area and they don’t want to do a bond
15/6 Signed contract, mortgage deed etc returned to solicitor
16/6 Radon detectors returned to lab for analysis 

24/6 Solicitor informs us that all enquires complete

So just waiting on the results from the 10 day radon test (any day now) and the structural engineer, who sadly can’t even visit the house till next week as he’s been booked up 2-3 weeks in advance since restrictions were lifted in May. The vendor is ready to exchange on a vacant property so once we’re ready things will move fast! Hoping to exchange and complete by end of July.

Feel like I’m the only hangover from pre-COVID times, but we’re nearly there. Update to the above:
1/7 Radon test comes back clear, no further action necessary
3/7 Structural engineer report comes back- no issues. Now ready for exchange!

Our solicitor is proposing an exchange/completion date of 24 July in line with our preferences- just need to send over our deposit and make moving arrangements! This whole process has been so stressful, just want the keys now.

That’s great news to be in the final stretch now. The whole virus has dragged things out and made an already stressful process more stressful. Hopefully in the home stretch now!

Catwales

Getting close now
Viewed property13/2 & 17/2
Offer accepted 19/2
Instructed solicitor but advised not to start anything until had mortgage offer through 21/2
Mortgage appt 26/2
Bank Valuation & homebuyer survey 09/3
Mortgage offer received 10/3
Received mortgage report and deed off solicitors 18/3
Search of register 8/4
Personal searches appt 20/5
Results of searches 12/6
Contracts received for signing 29/6 
Final house viewing before setting dates to ensure no issues with house after being empty for 5 months 6/7
Fingers crossed for tomorrow..... 😁🤞

Squirrelz92

Really needed to scratch the itch of not contacting my solicitors for a week and took the plunge asking for an update yesterday afternoon. Turns out that all the queries have come back and they are just waiting to be reviewed by my conveyancer before being able to come to an agreed simultaneous exchange/completion date. Soooooooo close!!! Really hoping to agree on some time next week as the sellers are entirely flexible and I need to be out of my rental ASAP! Eeek exciting times!!! 

gemmamacxx

Squirrelz92 said:

Really needed to scratch the itch of not contacting my solicitors for a week and took the plunge asking for an update yesterday afternoon. Turns out that all the queries have come back and they are just waiting to be reviewed by my conveyancer before being able to come to an agreed simultaneous exchange/completion date. Soooooooo close!!! Really hoping to agree on some time next week as the sellers are entirely flexible and I need to be out of my rental ASAP! Eeek exciting times!!! 

My solicitor has had the enquires back for a week now and has ignored my email asking for an update! It is so frustrating!! Hopefully you get a date soon! 

kasqueak

It’s so frustrating isn’t it. My solicitor also has my buyers enquiries back but hasn’t reviewed yet but the main hold up is the sellers solicitor still hasn’t done the draft contract paperwork and it’s been 5 weeks. They said they wanted a quick sale and yet are not hurrying anything along!

Squirrelz92

kasqueak said:

It’s so frustrating isn’t it. My solicitor also has my buyers enquiries back but hasn’t reviewed yet but the main hold up is the sellers solicitor still hasn’t done the draft contract paperwork and it’s been 5 weeks. They said they wanted a quick sale and yet are not hurrying anything along!

Oh nooo that's no good at all! Sorry to hear that kasqueak how on earth have they managed to not provide the contract documents after 5 weeks?!? That's practically the sellers solicitors first job once all vendors documents have been filled in! Madness! Fingers crossed they pull their finger out for you.