The NEW waiting to exchange thread...

kasqueak

What do we all think about the possibility of them changing the stamp duty threshold today? I’m not 100% convinced they will as I would have thought they need the tax money.  But if they do it’ll save me £4000! 

If they do change it today do you think it’ll still apply to us who are in the process of buying but not yet at exchange stage? 

anerise

kasqueak said:

What do we all think about the possibility of them changing the stamp duty threshold today? I’m not 100% convinced they will as I would have thought they need the tax money.  But if they do it’ll save me £4000! 

If they do change it today do you think it’ll still apply to us who are in the process of buying but not yet at exchange stage? 

I’m hoping for no change or an unambiguous immediate change- we are not liable for stamp duty buying an inexpensive property up north but our sellers probably will be as they are substantially upgrading, so if a delayed stamp duty cut comes in it could really mess things up at the last minute. But they’re keen to move so hopefully we can keep to our original timetable.

kasqueak

Looks like they’ve announced no stamp duty payable on homes up to 500,000! 

Sorry if silly question but if it’s effective immediately and we haven’t yet exchanged that means surely now we won’t have to pay when it all goes through??
If so that’s £4K saved for me 🙌

FtbDreaming

Well i waited 17 weeks for my draft contract to be sent! I called the other day for an update and now the Housing associations solicitors have changed person handling the case. They emailed mine on Monday asking where were upto and nothing since. I am absolutely livid to be honest. Im in week 21 of conveyancing now. 

kasqueak

FtbDreaming said:

Well i waited 17 weeks for my draft contract to be sent! I called the other day for an update and now the Housing associations solicitors have changed person handling the case. They emailed mine on Monday asking where were upto and nothing since. I am absolutely livid to be honest. Im in week 21 of conveyancing now. 

That is a ridiculous time to have to wait. No wonder you’re livid. I would be too! 

Hope you get some progress soon!

Squirrelz92

Well, now both me and the seller are waiting for a draft contract to be signed by a third party solicitor regarding a rent charge that is owed every month on the property (even though its freehold). Seller has agreed to pay for the £500 deed of variation regarding the company who we would have to pay the rent charge to. Turns out that without this draft contract, my lender would not proceed with issuing the funds to allow me to buy the property so this contract being signed and dealt with is literally the be all and end all! Need to move out of my rental in 13 days so we are all praying to the gods that their solicitor isn't a slow coach as all of us thus far have been very productive and have flown through this whole process very quickly! I am giving the solicitor the go ahead to request funds from my LISA even though there is a risk involved as I refuse to let anything else stall the process. Once this draft contract is signed, the simultaneous exchange and completion and be turned around within 2 days!

kitty__2

kitty__2 said:

Thought I would join in as I have nothing else to do but twiddle my thumbs waiting for something to happen 😂

FTB, 80% LTV & no chain

20th Feb: Viewed flat for the first time
22nd Feb: Second viewing and put offer in
23rd Feb: Offer was accepted
24th Feb: Solicitors instructed
28th Feb: Mortgage application goes in
2nd March: Valuation
4th March: Searches paid for
11th March: Mortgage offer received
12th March: Homebuyers survey take place

**Lockdown happens**

23rd April: Water and environmental searches come back. Find out local council has stopped all searches due to Covid19 😯
5th May: Receive TA10 and some other forms. Find out that management information pack still hasn't been received from the sellers solicitors
29th May: Finally get management pack and lease to read through and enquiries are answered
1st June: Receive draft contracts in post
5th June: Hallelujah, the local search comes back after 3 months!
22nd June: Solicitors receive my signed contracts and send my LISA declaration to Newcastle Building Society
24th June: Newcastle Building Society call me to confirm I want my LISA account closed (god bless 'em, they are the only ones moving at any speed in this process!)

So 20 weeks and counting so far! Hoping to complete on the 22nd July. Thankfully my rental contract doesn't end until the start of August so the delay has worked out well for me financially but not so much on the stress/patience side. I have looked at the listing and photos I took at the viewings so many times now -  it is like when you say a word over and over so many times that it loses all meaning. I'm like yep....this is my dream that I have been working towards for so long, should be super excited but now I'm just like, hurry the %$@! up! 😂

Finally exchanged today with a completion date of 22nd July 😊

Squirrelz92

kitty__2 said: 

Finally exchanged today with a completion date of 22nd July 😊

Wow congratulations!!!!!! How exciting for you! Good luck in your new home 😀

onthemend88

Urgh! Our completion date has been pushed back by 2 weeks as Western Power have run out of electrical cable and cannot install it until the 20th July! A few more weeks to wait now

kitty__2

Squirrelz92 said:

kitty__2 said: 

Finally exchanged today with a completion date of 22nd July 😊

Wow congratulations!!!!!! How exciting for you! Good luck in your new home 😀

Thank you! 😊