The NEW waiting to exchange thread...

badger09

onyx911 said:

Keeping everything crossed for exchange in the next couple of days. On 1st October I was told everyone in the chain was ready and they were waiting for us to get a signed contract to solicitor. I rushed it over that same afternoon and it turns out, we were the only ones actually ready. Hoping all issues now resolved and we can exchange by Tuesday/Wednesday. Good luck everyone waiting. 

Fingers crossed for you. How long will you have between exchange & completion?

Chrispy_2

Does anyone have experience of this situation I currently find myself in? 

I am a FTB and I am at the very end of the conveyancing process. We were due to complete last Friday (16th) however it was postponed for the following reason. The seller had to produce an indemnity policy for some historic coal mining activity in the area, low risk of subsidence. My lender requested on the mortgage offer to be shown any indemnity policies prior to releasing the money. These policies were sent through at the end of September and then again 2 weeks ago. My solicitor is chasing them up daily and trying to escalate this but with no joy and States he is being passed from pillar to post. I am concerned about finding myself in limbo and having neverending postponements as a result of this. We are now due to complete on Friday 23rd but this will fall through again without the lender having reviewed the indemnity. Is there a reasonable timeline or escalation policy for this or is it just tough?? 

croag

ftb_1995 said:

croag said:

Getting close now.... have signed all contracts and sent back to solicitor, hopefully will arrive on Monday. The LISA money has been requested for the 20th. I need to give notice for my rental this month so hoping I can exchange by the 30th.

Fingers crossed for you! By the way, Is the LISA date anything to go by? We haven't heard any dates from our solicitor yet but my partner received a letter from LISA provider that the funds are being cleared on a certain date.. but we don't know if this means anything!!! 

I will have to let you know tomorrow! They've put the 20th as the date they will send the money, and then it says it may take another 2 days to come through. But bearing in mind this was only requested last Wednesday or Thursday - it looks to be quite a quick process.

jimjam83

We are at the tail end of the process too but we’ve just tested positive for COVID and will need to self-isolate for the next 10 days. We haven’t signed contracts yet but I’m presuming this would not be done electronically? It looks like we’ll be delaying things for a couple of weeks now 😫

movingon2020

jimjam83 said:

We are at the tail end of the process too but we’ve just tested positive for COVID and will need to self-isolate for the next 10 days. We haven’t signed contracts yet but I’m presuming this would not be done electronically? It looks like we’ll be delaying things for a couple of weeks now 😫

Very sorry to hear that, hope you are feeling OK. Yes usually your solicitor needs a signed contract. You may want to just wait till you are feeling better and it's safe for you to venture out but if you really need to exchange then my only suggestion would be to print and sign the contract then ask a close friend or neighbour to take it to the post box. You could leave it on your doorstep in the same way people that people are asked to get their shopping delivered by friends and neighbours etc. 

jimjam83

movingon2020 said:

jimjam83 said:

We are at the tail end of the process too but we’ve just tested positive for COVID and will need to self-isolate for the next 10 days. We haven’t signed contracts yet but I’m presuming this would not be done electronically? It looks like we’ll be delaying things for a couple of weeks now 😫

Very sorry to hear that, hope you are feeling OK. Yes usually your solicitor needs a signed contract. You may want to just wait till you are feeling better and it's safe for you to venture out but if you really need to exchange then my only suggestion would be to print and sign the contract then ask a close friend or neighbour to take it to the post box. You could leave it on your doorstep in the same way people that people are asked to get their shopping delivered by friends and neighbours etc. 

Thank you! It’s not pleasant but we’re lucky enough to be in good general health - and we very much appreciate it!

bearclaws

bearclaws said:

Another week waiting on seller’s solicitors to respond to enquiries! Ahhhhhhh. Everything else is sorted and the questions are so basic, just respond to them!!!

My solicitors have received answers and some documents from seller’s solicitors, going to review them “in due course”. Hoping that means today, and fingers crossed they’re okay and don’t need anything else. 13 weeks since my offer was made this week so hoping completion is just round the corner. 

croag

Woohoo! Finally setting an exchange and completion date today with all parties. The LISA transfer was extremely quick - from notice to solicitors receiving the moneys was only 3/4 working days. No where near the 30 days they ask for.

Looks like I can exchange next week, so I can give my notice in to my rental before the end of the month - and I've requested maybe the 13th November for completion so I have a little bit of time to move everything over, and my first mortgage won't be too expensive.

badger09

croag said:

Woohoo! Finally setting an exchange and completion date today with all parties. The LISA transfer was extremely quick - from notice to solicitors receiving the moneys was only 3/4 working days. No where near the 30 days they ask for.

Looks like I can exchange next week, so I can give my notice in to my rental before the end of the month - and I've requested maybe the 13th November for completion so I have a little bit of time to move everything over, and my first mortgage won't be too expensive.

Sounds good. When done, would you mind posting what gap you manage between exchange & completion, and whether this was advised by your solicitor. Thanks

Dant

So waiting to exchange and complete I have been informed today that our vendors have signed the contracts do they then get sent to us ? Also we haven’t signed ours for our buyers and I am on the phone constantly trying to get hold of our solicitor as we all want to complete end of next week