The NEW waiting to exchange thread...

Drawingaline

We have had a delay in our sale. Purchaser has had to change lender at the 11th hour due to the interest rate given being 2% higher than offered. But they didn't actually discover it until their solicitor was going through all the paperwork to do a report to them. (They are landlords so BTL mortgage) they didn't tell the EA as hoped it would be quick and were told it would be a desktop valuation. So the first we know is when EA get a message from countrywide asking to book a survey, which we know they had two months ago!!! Only plus to this is they didn't pull out which has been a huge worry of mine with them being BTL.

The only plus to this is they our purchase was delayed for a month in August due to miscommunication between solicitors, so is running about two weeks behind our sale so this gives us time to all fall in together (survey booked for the 5th, then 48hr turnaround for report, 72hrs for mortgage offer.) EA was saying we may be able to exchange week of the 19th and complete the following week (our vendors are moving internationally so can't do same day e/c) so then I said I didn't want to move during half term really and that if we completed after 2nd Nov we save 1.5k in redemption fees. I was happy to pay them if we could complete before 16th October, but if we have to wait to the end of Oct, then we may as well push it back a few days to save us the money. And Nov is 16 weeks from chain complete which I think is very doable.

Sending our signed contracts etc in today for our purchase, sale stuff went in a month ago.

Tabitharocks

FTB here! So my timeline is as follows:-

• Offer accepted on property- 3rd July
• Solicitors instructed- 3rd July
• Full Mortgage approved- 19th August
• Homebuyers survey- 9th September
• Land searches received- 11th September
• Draft contracts from vendors sent to my solicitors-12th September

So my Homebuyers Survey has shown high levels of damp so I instructed a damp surveyor to go round last week.  They have just quoted me £3000+ to fix the issues and I am now having to try and negotiate with the seller to see what can be done about this.... fingers crossed.  If nothing can be done, I guess I will have to pull out as £3000+ is unaffordable at the moment and the damp is quite extensive.  Eeek...

Hannimal

Tabitharocks said:

FTB here! So my timeline is as follows:-

• Offer accepted on property- 3rd July
• Solicitors instructed- 3rd July
• Full Mortgage approved- 19th August
• Homebuyers survey- 9th September
• Land searches received- 11th September
• Draft contracts from vendors sent to my solicitors-12th September

So my Homebuyers Survey has shown high levels of damp so I instructed a damp surveyor to go round last week.  They have just quoted me £3000+ to fix the issues and I am now having to try and negotiate with the seller to see what can be done about this.... fingers crossed.  If nothing can be done, I guess I will have to pull out as £3000+ is unaffordable at the moment and the damp is quite extensive.  Eeek...

Oh no, I am so sorry. I hope the sellers will be flexible on this as they will also not want to lose you as a buyer and this will come up with anyone wanting to buy. I had a similar thing with the roof with my house I am buying and we've agreed to go half-and-half with the seller. 

Tabitharocks

Hannimal said:

Tabitharocks said:

FTB here! So my timeline is as follows:-

• Offer accepted on property- 3rd July
• Solicitors instructed- 3rd July
• Full Mortgage approved- 19th August
• Homebuyers survey- 9th September
• Land searches received- 11th September
• Draft contracts from vendors sent to my solicitors-12th September

So my Homebuyers Survey has shown high levels of damp so I instructed a damp surveyor to go round last week.  They have just quoted me £3000+ to fix the issues and I am now having to try and negotiate with the seller to see what can be done about this.... fingers crossed.  If nothing can be done, I guess I will have to pull out as £3000+ is unaffordable at the moment and the damp is quite extensive.  Eeek...

Oh no, I am so sorry. I hope the sellers will be flexible on this as they will also not want to lose you as a buyer and this will come up with anyone wanting to buy. I had a similar thing with the roof with my house I am buying and we've agreed to go half-and-half with the seller. 

Yeah I'm hoping at least they will meet me halfway... its quite disappointing and possibly a further delay in the whole process.

SoTiredTho

Hannimal said:

 @SoTiredTho
There is little your landlord can do if you do not vacate the property, does he have new tenants in mind yet? It's most likely in his interest to keep you there as long as you can if you're good and reliable tenants (which I am sure you are), particularly now with another lockdown coming in. 

I am so sorry you're having to deal with this, I hope the sale goes through. It must be so stressful and disappointing for you. Hopefully should it not go through you can keep the chain with the new top finding elsewhere to purchase. 

Thankfully you were right and our landlord has let us back on the lease! Genuine hurray for not ending up temporarily homeless. 

The person up the chain has pulled out of their purchase and is starting the house search again from scratch. No one above us is considering temporary rental accommodation so that the sales can complete, so we're now left considering whether we're willing to sit around and wait (knowing the whole thing could collapse again, and would likely take months even in a best case scenario) or whether we should get back on the property hunt and say goodbye to the place we thought we were moving into. 

I wish our vendor's would take into account that it's unlikely they'll get future buyers that will both be at the end of the chain and go as far above the asking price as we did, but we'll have to see what happens over the next few days. Maybe someone up the chain will have a change of heart and find somewhere else to stay. 

Feeling very frustrated at the situation, may have our first house purchase be our only house purchase so we can avoid ever having to do this again. 😂😫

zv13424

Finally completed yesterday!! 😁😁
Offer was made 9th June, FTB and no onward chain

CBush86

zv13424 said:

Finally completed yesterday!! 😁😁
Offer was made 9th June, FTB and no onward chain

Congrats!! 🎉🎉 Enjoy your new home 😊🏡

Hannimal

SoTiredTho said:

Thankfully you were right and our landlord has let us back on the lease! Genuine hurray for not ending up temporarily homeless. 

The person up the chain has pulled out of their purchase and is starting the house search again from scratch. No one above us is considering temporary rental accommodation so that the sales can complete, so we're now left considering whether we're willing to sit around and wait (knowing the whole thing could collapse again, and would likely take months even in a best case scenario) or whether we should get back on the property hunt and say goodbye to the place we thought we were moving into. 

I wish our vendor's would take into account that it's unlikely they'll get future buyers that will both be at the end of the chain and go as far above the asking price as we did, but we'll have to see what happens over the next few days. Maybe someone up the chain will have a change of heart and find somewhere else to stay. 

Feeling very frustrated at the situation, may have our first house purchase be our only house purchase so we can avoid ever having to do this again. 😂😫

This sounds incredibly frustrating.. Sorry you're having to deal with the delay. If my heart wasn't set on the house I would probably start viewing other properties. If it's quite a big chain the odds are others are getting a bit frustrated with this too!

Falafels

Process90 said:

KRen2020 said:

We are FTBs and have already signed our contracts in advance. Been told by solicitors we are just waiting on search results coming back which they sent off last week and them receiving the mortgage approval. We are hoping for an exchange date in the next couple of weeks and then a completion date around the 20th October... is this realistic or not?

Signed contracts in advance without the searches being back or a mortgage agreed?

That's unusual!

I signed mine at a very early stage, too, so that it would be readily available when the time came. I'm selling, no mortgage and no onward chain.

Hannimal

I also signed mine early on. The solicitor held onto them and double-checked at exchange that I was still happy. They're just trying to limit how many times they see people face to face and speed things up as there is a killer virus out there.