The NEW waiting to exchange thread...

PERMOTIO

Sending my deposit today - so anxious that something is going to go wrong!
Aiming to Exchange Friday and complete next Friday. Eeek!

Chrisabian

Good luck to anybody hoping to exchange/complete this week!
After a 30 minute call to our lender Clydesdale, bypassing the broker because one is on holiday, and the backup hasn't replied to email or phone call (don't rely on anyone else, seriously, just chase it yourself) - they initially couldn't find our fund release request, so god knows what our Solicitor put as the subject line, but I gave them all of our solicitors details, they called her, found it, and it will be processed today. Completion is 26th.

By far and away the most stressful process I've ever had to do, we're first time buyers as well so completely new to it, and it's been a horrible experience. Still not getting any hopes up until those keys are in my hands.

kasqueak

Good luck to everyone hoping to exchange this week!

A new week here and we’re still being held up by enquires on both our sale and purchase that keep going back and forth and none of the solicitors seem to have any sense of urgency. My buyers need to complete by 30 Sept and the house I’m moving too is already empty. So really it should be straight forward but the enquires are driving me mad! The vendors of the house we’re buying answered “don’t know”
on so much of the property information form or left half of it blank it’s meant our solicitor has had to raise lots of questions to them. You’d think they’d never lived there some of their answers! Like they can’t answer if that’s their driveway etc 🤦🏻‍♀️ Sigh! Hoping to get some answers this week as all this waiting and back and forth is so stressful! 

toriade

toriade said:

Today marks 2 weeks since my solicitor has been away  on holiday, I've been unable to reach the "substitute" solicitor via calls nor does she reply to emails. Developer ideally wants us to exchange/complete next week as all enquiries have been responded to by them since Aug 3, we ideally want this asap as baby is on the way   but no contact/response from my substitute Solicitor to either myself or the seller. 

Any other means to chase solicitor guys? main mistake is choosing a non-local solicitor,  I might have to drive up north from Birmingham to get an update.  So frustrating.

Looking to exchange and complete on Friday 28th as agreed with the developer. Seems I'm living in fantasy island, I'm a FTB with a solicitor that doesn't reply to email/calls etc. Wasn't able to get an update from my solicitor for 3 weeks until last week, only to confirm they just applied for Help to buy ATE despite being informed they have applied for this 3 weeks ago. Also, they are still awaiting local search which was applied for since July 20.

 

Can one really complete without the local search? it's a new build. The solicitor hasn't informed me if they are in touch with the lender for the release of funds - does this have be done 5 working days before agreed completion?

chillicheesedog

Had our building's survey back and there are no major issues! The things listed are optional or minor and the one big thing we knew about and were gonna change anyway.
With that in mind there's nothing from our side hindering an exchange, hoping the seller's solicitor is happy with their searches and queries and we can hopefully exchange this week.
I've asked about when to get buildings insurance too as I read there is no such thing as a set exchange date? It's just whenever the contracts have been signed and funds have been deposited?
No idea when completion date would be, none have been floated by, the seller told us that they wanted to move in September and have already been packing so assuming that they're confident it's in 2-4 weeks time.

SharkMoney

I’m really confused by the final steps in this process. All buyers have signed contracts but no exchange date or completion date is set. Will solicitors request funds before exchange? 

Tiglet2

SharkMoney said:

I’m really confused by the final steps in this process. All buyers have signed contracts but no exchange date or completion date is set. Will solicitors request funds before exchange? 

Signing the documents is usually done quite a bit in advance of exchange, so that they sit on the file in readiness and there is no last minute rush to get signed papers back to the solicitor.  The buyer at the start of the chain will need to pay their deposit (10% usually) before exchange can take place.  Other buyers in the chain may have all their funds tied up in their properties and mortgage, so that part will be transferred up the chain on completion day.  All monies owing to the solicitor will have to be in their account before completion takes place.

Hannimal

Heart just sunk. Apparently will take until 2nd week of September before Platform will go through the paperwork, nearly a month after valuation to hear back. I am speechless. 

KateO78

KateO78 said:

Well this is supposed to be the week - we are supporting to complete on Thursday..... text this morning from our Lender to say the mortgage funds will be available on Wednesday- so just need the solicitors to exchange 😬 
Everything is in boxes & removals booked as can’t leave it any later..... just hoping it all goes smoothly- my husband has faith but I’m stressed! I think I need to let our utilities know today and book the post to be redirected..... but what if it all falls through????? 

Solicitor emailed - buyers solicitor is not in the office so exchange will be tomorrow..... although vendor said they had instructed their solicitor to exchange today ! OMG right to the wire.... I need wine !

Bfa10

What a day! After waiting 11 working days, HTB Agent notifies us through developer that the ATE application was rejected on Saturday because some information relating to incentives did not match (developer previously was paying for our stamp duty which has now been removed). Bear in mind the solicitor was informed of the change by us and the developer's solicitor. We got the call this evening from the developers and not even heard from our solicitor at all! We'll be ringing her first thing in the morning. We already missed the exchange deadline set for 21st August due to ATE processing timescales and we have a deadline to complete on Friday the 28th. The solicitor has now been advised (by HTB and developer's solicitors) to fill the Form 1 again and submit the Form 2 alongside this. HTB  agent has reassured developer they will process both forms as a matter of urgency by Thursday so we exchange and complete this Friday. Cannot believe this is happening right now!!! The waiting continues...