The NEW waiting to exchange thread...

FinallyStoppedLurking

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
• Enquiries raised- 2nd October
• Enquiries answered- 6th October

So my situation is becoming a little bit desperate.  It turns out that although I am buying a freehold property, the lease has fallen to under 60 years and this means the seller will need to extend the lease.  To top this off, I have been given notice on my current property and have to be out by 8th Nov.  Realistically, can anyone advise as to whether it is possible that we can exchange and complete by then or am I having to look for temporary accommodation? I have tried to contact my solicitor but they have been on annual leave. Its SUPER stressful!

Are you currently in rented? There seems to be a lot on here at the moment about long notice periods. Someone who better understands the current rules will be able to advise on this if you can confirm your situation (may be worth starting a separate thread).

Tabitharocks

FinallyStoppedLurking 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
• Enquiries raised- 2nd October
• Enquiries answered- 6th October

So my situation is becoming a little bit desperate.  It turns out that although I am buying a freehold property, the lease has fallen to under 60 years and this means the seller will need to extend the lease.  To top this off, I have been given notice on my current property and have to be out by 8th Nov.  Realistically, can anyone advise as to whether it is possible that we can exchange and complete by then or am I having to look for temporary accommodation? I have tried to contact my solicitor but they have been on annual leave. Its SUPER stressful!

Are you currently in rented? There seems to be a lot on here at the moment about long notice periods. Someone who better understands the current rules will be able to advise on this if you can confirm your situation (may be worth starting a separate thread).

Hello, yes I am in rented accommodation and my landlord has given me one month's notice! JOY.

FinallyStoppedLurking

Tabitharocks said:

FinallyStoppedLurking 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
• Enquiries raised- 2nd October
• Enquiries answered- 6th October

So my situation is becoming a little bit desperate.  It turns out that although I am buying a freehold property, the lease has fallen to under 60 years and this means the seller will need to extend the lease.  To top this off, I have been given notice on my current property and have to be out by 8th Nov.  Realistically, can anyone advise as to whether it is possible that we can exchange and complete by then or am I having to look for temporary accommodation? I have tried to contact my solicitor but they have been on annual leave. Its SUPER stressful!

Are you currently in rented? There seems to be a lot on here at the moment about long notice periods. Someone who better understands the current rules will be able to advise on this if you can confirm your situation (may be worth starting a separate thread).

Hello, yes I am in rented accommodation and my landlord has given me one month's notice! JOY.

"The provisions in the Coronavirus Act 2020 have been extended meaning that from 29 August 2020, landlords must provide six months’ notice to their tenants in most circumstances."

https://www.gov.uk/government/publications/covid-19-and-renting-guidance-for-landlords-tenants-and-local-authorities/coronavirus-covid-19-guidance-for-landlords-and-tenants

Tabitharocks

FinallyStoppedLurking said:

Tabitharocks said:

FinallyStoppedLurking 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
• Enquiries raised- 2nd October
• Enquiries answered- 6th October

So my situation is becoming a little bit desperate.  It turns out that although I am buying a freehold property, the lease has fallen to under 60 years and this means the seller will need to extend the lease.  To top this off, I have been given notice on my current property and have to be out by 8th Nov.  Realistically, can anyone advise as to whether it is possible that we can exchange and complete by then or am I having to look for temporary accommodation? I have tried to contact my solicitor but they have been on annual leave. Its SUPER stressful!

Are you currently in rented? There seems to be a lot on here at the moment about long notice periods. Someone who better understands the current rules will be able to advise on this if you can confirm your situation (may be worth starting a separate thread).

Hello, yes I am in rented accommodation and my landlord has given me one month's notice! JOY.

"The provisions in the Coronavirus Act 2020 have been extended meaning that from 29 August 2020, landlords must provide six months’ notice to their tenants in most circumstances."

https://www.gov.uk/government/publications/covid-19-and-renting-guidance-for-landlords-tenants-and-local-authorities/coronavirus-covid-19-guidance-for-landlords-and-tenants

Wow... thanks for this... !

Drawingaline

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
• Enquiries raised- 2nd October
• Enquiries answered- 6th October

So my situation is becoming a little bit desperate.  It turns out that although I am buying a freehold property, the lease has fallen to under 60 years and this means the seller will need to extend the lease.  To top this off, I have been given notice on my current property and have to be out by 8th Nov.  Realistically, can anyone advise as to whether it is possible that we can exchange and complete by then or am I having to look for temporary accommodation? I have tried to contact my solicitor but they have been on annual leave. Its SUPER stressful!

You say you are buying s freehold property, but it has a short lease? If it has a lease it must be a leasehold property surely? Freeholds don't have leases. Is it a house or a flat? In England/Wales?

Drawingaline

And yes, any notice after August needs to be six months.

sanquar

Selling my flat with no onward purchase and today my solicitor asked for my mortgage account details in order to get the redemption statement. So I'm hoping this means we are getting ready to exchange soonish?? 

Tabitharocks

Drawingaline 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
• Enquiries raised- 2nd October
• Enquiries answered- 6th October

So my situation is becoming a little bit desperate.  It turns out that although I am buying a freehold property, the lease has fallen to under 60 years and this means the seller will need to extend the lease.  To top this off, I have been given notice on my current property and have to be out by 8th Nov.  Realistically, can anyone advise as to whether it is possible that we can exchange and complete by then or am I having to look for temporary accommodation? I have tried to contact my solicitor but they have been on annual leave. Its SUPER stressful!

You say you are buying s freehold property, but it has a short lease? If it has a lease it must be a leasehold property surely? Freeholds don't have leases. Is it a house or a flat? In England/Wales?

Its a flat in England.  As I understand I am buying part of the freehold and each flat has a leasehold which as fallen under 60 years.
Sadly, apparently my landlord is entitled to only give me 30 days notice as she is the live-in landlord and I am a lodger.  It seems lodgers have no rights in these covid times!

Tiglet2

Tabitharocks said:

Drawingaline 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
• Enquiries raised- 2nd October
• Enquiries answered- 6th October

So my situation is becoming a little bit desperate.  It turns out that although I am buying a freehold property, the lease has fallen to under 60 years and this means the seller will need to extend the lease.  To top this off, I have been given notice on my current property and have to be out by 8th Nov.  Realistically, can anyone advise as to whether it is possible that we can exchange and complete by then or am I having to look for temporary accommodation? I have tried to contact my solicitor but they have been on annual leave. Its SUPER stressful!

You say you are buying s freehold property, but it has a short lease? If it has a lease it must be a leasehold property surely? Freeholds don't have leases. Is it a house or a flat? In England/Wales?

Its a flat in England.  As I understand I am buying part of the freehold and each flat has a leasehold which as fallen under 60 years.
Sadly, apparently my landlord is entitled to only give me 30 days notice as she is the live-in landlord and I am a lodger.  It seems lodgers have no rights in these covid times!

OK, it's not freehold.  You are buying a leasehold flat with a share of the freehold.  How many flats are in the block?  To be honest, if enquiries were only raised in early October, I find it hard to believe they were answered just 4 days later, where there was also a weekend in between.  The freeholder has to provide answers to leasehold enquiries, usually by way of a leasehold pack or LPE1 form and freeholders are not usually that quick at responding.  I think 8th November for completion may be a little tight.

Tabitharocks

Tiglet2 said:

Tabitharocks said:

Drawingaline 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
• Enquiries raised- 2nd October
• Enquiries answered- 6th October

So my situation is becoming a little bit desperate.  It turns out that although I am buying a freehold property, the lease has fallen to under 60 years and this means the seller will need to extend the lease.  To top this off, I have been given notice on my current property and have to be out by 8th Nov.  Realistically, can anyone advise as to whether it is possible that we can exchange and complete by then or am I having to look for temporary accommodation? I have tried to contact my solicitor but they have been on annual leave. Its SUPER stressful!

You say you are buying s freehold property, but it has a short lease? If it has a lease it must be a leasehold property surely? Freeholds don't have leases. Is it a house or a flat? In England/Wales?

Its a flat in England.  As I understand I am buying part of the freehold and each flat has a leasehold which as fallen under 60 years.
Sadly, apparently my landlord is entitled to only give me 30 days notice as she is the live-in landlord and I am a lodger.  It seems lodgers have no rights in these covid times!

OK, it's not freehold.  You are buying a leasehold flat with a share of the freehold.  How many flats are in the block?  To be honest, if enquiries were only raised in early October, I find it hard to believe they were answered just 4 days later, where there was also a weekend in between.  The freeholder has to provide answers to leasehold enquiries, usually by way of a leasehold pack or LPE1 form and freeholders are not usually that quick at responding.  I think 8th November for completion may be a little tight.

Yes you are right re the leasehold/freehold.  There are three flats.  The seller informed he worked over the weekend to answer enquiries and an LPE1 form was submitted last week.  Yes, I did think 8th Nov was a tight deadline... so will have to look for temporary accommodation.  Such a pain....