The NEW waiting to exchange thread...

Frances13

FTHophap said:

Also interested to hear a second opinion about simultaneous exchange and completion. Direction law said they don’t want to, because it’s dangerous. But I’m buying from a housing association (HA), they have my deposit and zero chain (just two loosely connected links).
HA are happy for simultaneous exchange /completion too 🧐

Hey, my first house purchase was a repossession with the housing association and we had to exchange and complete on the same day. Honestly, it was an absolute nightmare as we were given 28 days to do everything or we would lose it and they caused a hold up by a month..... It's normal to exchange and complete on the same day with HA so I wouldn't worry - unfortunately it is very stressful but worth it in the end  

KateO78

OMG.... so stressful
Waiting to exchange contracts this week - as completion date suggested for 27th Aug.  
Vendors a re still hoping for an earlier date, buyers solicitor needs an answer to a final point on their mortgage.... and mine has gone 'out of office' today !
This is nail biting ! I have emailed everyone I can think of today.

jemuk1

KateO78 said:

OMG.... so stressful
Waiting to exchange contracts this week - as completion date suggested for 27th Aug.  
Vendors a re still hoping for an earlier date, buyers solicitor needs an answer to a final point on their mortgage.... and mine has gone 'out of office' today !
This is nail biting ! I have emailed everyone I can think of today.

Feel your pain! We're waiting to exchange too ready for a 28th Aug completion. Our solicitor wanted to exchange on Fri but our buyer's solicitor was waiting for their deposit. Was hoping to exchange today but can't get hold of our solicitor as their phone lines are down. I've just been in touch with our EA to see if they can get an update! I'm literally biting my nails and pulling my hair out! 
It all neatly fell through last week as the owners of the house we're buying said they couldn't complete until the 11th and our mortgage offer expires on the 6th!
Fingers crossed for us both 🤞 

izoomzoom

Frances13 said:

FTHophap said:

Also interested to hear a second opinion about simultaneous exchange and completion. Direction law said they don’t want to, because it’s dangerous. But I’m buying from a housing association (HA), they have my deposit and zero chain (just two loosely connected links).
HA are happy for simultaneous exchange /completion too 🧐

Hey, my first house purchase was a repossession with the housing association and we had to exchange and complete on the same day. Honestly, it was an absolute nightmare as we were given 28 days to do everything or we would lose it and they caused a hold up by a month..... It's normal to exchange and complete on the same day with HA so I wouldn't worry - unfortunately it is very stressful but worth it in the end  

We exchanged and completed on the same day when we bought first 50% of shared ownership, 14 years ago. Planning to do same this Friday for the final staircase %.

Chavy89

FtbDreaming said:

The monies have been sent!!! Just waiting for confirmation of completion then I am the proud owner of my own home! Now it’s time for me to move on from this forum onto the MFW!!!! 

Good luck to everyone else! Its been a long journey but I got there in the end! X

Finally!!! what a journey you have had congrats and enjoy  

anerise

Exchanged and completed today! Final timeline (FTB, bottom of a 3 party chain)

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

1/7 Radon test comes back clear, no further action necessary

3/7 Structural engineer report comes back- no issues. Now ready for exchange! Or so we thought....
8/7 Found out the vendor’s solicitor neglected to do a mining search for their onward purchase as required by their lender...back to waiting 😩😭

5/8 Vendor’s mining search back and approved by lender finally!
10/8 Exchange/Completion date of 18 August agreed!
17/8 Mortgage funds released
18/8 Simultaneous exchange of contracts and completion! We’re homeowners!!

withaspritz

23/06 - Our property goes on the market for sale with no chain (moving into rental whilst new build is, well, being built - complete Feb 2021)
28/06 - Viewing by what would become the buyer
28/06 - Offer accepted
29/06 - AML checks by EA begin
06/07 - AML passed. Instructed conveyancers
24/07 - Valuation visit by buyer's lender
28/07 - Mortgage offer received by buyer
28/07 - Searches applied for, enquiries to follow searches back apparently
07/08 - Solo enquiry requesting colour copy of lease due to green shaded car park showing as grey
10/08 - EA chased buyer's solicitor by email for update on searches / enquiries
11/08 - Potential defective lease query by buyer's solicitor
14/08 - Response back to buyer's solicitor - our side disagrees with issue raised

Checked in with my solicitor today and confirmed nothing back yet from the buyer's side!  The buyer's side seem to be taking a week or two to read an email - love to have that level of flexibility at work!

Bfa10

anerise said:

Exchanged and completed today! Final timeline (FTB, bottom of a 3 party chain)

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

1/7 Radon test comes back clear, no further action necessary

3/7 Structural engineer report comes back- no issues. Now ready for exchange! Or so we thought....
8/7 Found out the vendor’s solicitor neglected to do a mining search for their onward purchase as required by their lender...back to waiting 😩😭

5/8 Vendor’s mining search back and approved by lender finally!
10/8 Exchange/Completion date of 18 August agreed!
17/8 Mortgage funds released
18/8 Simultaneous exchange of contracts and completion! We’re homeowners!!

Congratulations!!!

LouLou589

Thought I'd add our saga on here..
30/01 - View house decide we want to make offer
31/01 - See broker and gain AIP, put in offer 
01/02 - Offer accepted (stupidly thought this was the hard part done as we were against 4 other buyers in Best and Final scenario)
07/02 - Mortgage offer issued with desktop valuation included 
11/02 - Solicitors instructed 
14/02 - Memorandum of sale issued 
21/02 - HB Survey conducted 
25/02 - HB Survey report issed, shows issue with roof leak. Agreed to split cost with vendor 50/50
28/02 - Roofer does work and we pay the £650 invoice with agreement vendor to pay 50% on completion (agreed verbally as the cost to draw up legal paperwork was more than the risk of not getting the 50% back)
06/03 - Our Solicitor reports they have been unable to start searches as still awaiting contract documentation from vendor/vendor solicitor. I chase this via vendors EA
10/03 - Vendors EA confirms contract documentation has been hand delivered to their Solicitors
16/03 - Our Solicitor confirms they have what they need and have requested searches, will send contract documentation 
24/03 - Returned last of paperwork to our solicitors (signed contracts) 
** Lockdown - we get copies of searches etc electronically and later via post. Our Solicitor furloughed but work taken over by another that is not furloughed. EA working from home. 
27/04 - Our Solicitors confirm they are waiting on enquires sent to vendors some time ago. Inform Vendors EA and she agrees to chase. Comes back and explains now in hand. 
** Lockdown restrictions lifted
13/05 - Email to vendors EA explaining we are ready to exchange, rental contract expires 1st week of July so keen to exchange and complete ASAP. EA calls to say will be chasing vendor up.
21/05 - Send another email to Vendor EA for them to pass to vendor that explains rental expiry date, mortgage offer expiry date and that we need to get things moving ASAP. 
22/05 - Reply back from one of the vendors (sale due to divorce) saying she is as keen as we are to get things tied up and she will put pressure on other vendor to get things moving again. EA says other vendor will pen his own email to put our minds at rest - this doesn't come. 
28/05 - Vendor confirms he has decided to pull out of onward purchase and will not sell before he buys 
18/06 - Vendor EA confirms he has had an offer accepted on another property 
03/07 - Vendor EA calls to say he has pulled out of that purchase (cant secure funds) but has had offer accepted on another.
04/07 - Confirmation from mortgage broker that our mortgage offer can be extended until 30.09 
09/07 - Solicitor confirms formal offer of mortgage extension has been received
06/08 - Email Solicitor to confirm new target exchange date set by Vendor EA of 21.08. State we want to exchange and complete same day and to see if vendor solicitor ready/able to meet that date. Solicitor emails to say she will email vendors solicitor.
07/08 - Solicitor confirms vendor solicitor has mortgage offer and is preparing contracts to be sent out to vendors for signature (will leave their office on 10.08) 
13/08 - Call Vendor EA for an update on onward chain (2 properties above our vendor) 1 still at enquiry stage, nothing known on status/progress of very top. EA says our vendor ready but waiting on £10k from HMRC (for tax paid in error on pension draw down).

Now fighting to remain calm/positive that things will go through soon... Really want more info on upper chain (considering going to their EA or even those vendors directly to get that). Please tell me someone out there has spent as long as we have trying to buy a house!!

happysellerbuyer

Why did you the pay the roofer's invoice. You should have asked the vendor to pay.