The NEW waiting to exchange thread...

Jasjeet54

Hi all...never really understood how frustrating it was waiting to exchange till now.! I accepted an offer for my one-bedroom flat in mid- August, and since then I've been as efficient as possible in getting all paperwork sorted, clearing and cleaning up my flat, giving solicitors every thing need etc.

I was in touch with the EA in mid September to ask for an update regarding the buyer's situation, as I was getting worried I'd be asked for an EWS1 form. They informed me that the buyer had a mortgage offer already from a previous property that they had attempted to purchase, and that they were moving this over to my flat. When I asked for an update on this a week later, EA told me that they now had the mortgage offer and lender had only just carried out a desktop survey, so everything was fine. I was quite surprised that they were not doing a in-person survey, but just assumed that lenders were busy with applications and were trying to save time.

So, a month later, I have everything completed on my side and just now waiting to exchange, and then my solicitor informed me yesterday that the buyer is still waiting for their mortgage offer! I understand things are slow at the moment, but is it really taking so long to get mortgage offers in place, i.e. 2-3 months?? Has anyone else experienced similar issues? Also very annoyed that I've been told they had an offer and now suddenly there isn't one. Don't really know who is miscommunicating here, EA or buyer. But anyway, the whole process is becoming quite frustrating. Hopefully writing this all out makes me feel better! 

jimjam83

ameliarate said:

Solicitors are a nightmare. Maybe they take on too many cases, I don’t know, but they cause delay after delay and it’s so frustrating!!! 

What bothers me is that the delays have in no way been reflected in their fees. They've obviously taken on way too much work but I don't really care. Perhaps I'd be more understanding if they adjusted their fees to reflect delays!

Jadek

Jasjeet54 said:

Hi all...never really understood how frustrating it was waiting to exchange till now.! I accepted an offer for my one-bedroom flat in mid- August, and since then I've been as efficient as possible in getting all paperwork sorted, clearing and cleaning up my flat, giving solicitors every thing need etc.

I was in touch with the EA in mid September to ask for an update regarding the buyer's situation, as I was getting worried I'd be asked for an EWS1 form. They informed me that the buyer had a mortgage offer already from a previous property that they had attempted to purchase, and that they were moving this over to my flat. When I asked for an update on this a week later, EA told me that they now had the mortgage offer and lender had only just carried out a desktop survey, so everything was fine. I was quite surprised that they were not doing a in-person survey, but just assumed that lenders were busy with applications and were trying to save time.

So, a month later, I have everything completed on my side and just now waiting to exchange, and then my solicitor informed me yesterday that the buyer is still waiting for their mortgage offer! I understand things are slow at the moment, but is it really taking so long to get mortgage offers in place, i.e. 2-3 months?? Has anyone else experienced similar issues? Also very annoyed that I've been told they had an offer and now suddenly there isn't one. Don't really know who is miscommunicating here, EA or buyer. But anyway, the whole process is becoming quite frustrating. Hopefully writing this all out makes me feel better! 

We're in a very similar position, except that we're the buyers and the sellers are the ones still without a mortgage offer for their onward purchase after almost 3 months. We also have everything completed on our side and are ready to exchange. I can't offer advice but can only share in your frustration! 

Jamaicanmelaff

Jasjeet54 said:

Hi all...never really understood how frustrating it was waiting to exchange till now.! I accepted an offer for my one-bedroom flat in mid- August, and since then I've been as efficient as possible in getting all paperwork sorted, clearing and cleaning up my flat, giving solicitors every thing need etc.

I was in touch with the EA in mid September to ask for an update regarding the buyer's situation, as I was getting worried I'd be asked for an EWS1 form. They informed me that the buyer had a mortgage offer already from a previous property that they had attempted to purchase, and that they were moving this over to my flat. When I asked for an update on this a week later, EA told me that they now had the mortgage offer and lender had only just carried out a desktop survey, so everything was fine. I was quite surprised that they were not doing a in-person survey, but just assumed that lenders were busy with applications and were trying to save time.

So, a month later, I have everything completed on my side and just now waiting to exchange, and then my solicitor informed me yesterday that the buyer is still waiting for their mortgage offer! I understand things are slow at the moment, but is it really taking so long to get mortgage offers in place, i.e. 2-3 months?? Has anyone else experienced similar issues? Also very annoyed that I've been told they had an offer and now suddenly there isn't one. Don't really know who is miscommunicating here, EA or buyer. But anyway, the whole process is becoming quite frustrating. Hopefully writing this all out makes me feel better! 

My mortgage application took 2.5 months back during full lockdown. I’ve seen a good few people on a FTB group on Facebook waiting months too. I think it depends on the lender. I can imagine how frustrating it is for you though. I hope it gets sorted soon.

Drawingaline

Took seven weeks for our mortgage offer. Our buyer decided to change lenders at the last minute. One month in, still waiting 🤦🤷 as far as I am aware the legal side is all done. So frustrating. Was told 10days by buyers MA through the EA so that will be Monday. Short chain too, only us moving so once we discuss dates need to break the news that removals here are booked up a month in advance atm 

movingon2020

We exchanged this morning - two weeks later than buyer said they were ready - but still great news! Completion on 5th November. Accepted their offer 17 July - we are going into rented while we wait for ours.

Jamaicanmelaff

movingon2020 said:

We exchanged this morning - two weeks later than buyer said they were ready - but still great news! Completion on 5th November. Accepted their offer 17 July - we are going into rented while we wait for ours.

Yay! Glad it went through. Congratulations!

ftbhoping

We’ve just exchanged, completion set for the 6/11. We reserved our house on 14/6 so will have been 5 months as FTB buying a newbuild - what a stress but all worth it 🏡

Chrispy_2

I was supposed to complete at around lunchtime and get the keys around 1ish. This morning my lender has suddenly decided at 9am this morning that they would quite like to pass a mine entry interpretive report prior to completion and requested a return of their money. What a fiasco, I have a van rented, given notice to vacate my storage unit etc.

ameliarate

My buyers were supposed to exchange with their buyers this morning, but their buyers solicitors have suddenly got some additional queries!  Everybody so frustrated.