The NEW waiting to exchange thread...

sambam67

Right here goes! 

So I found my dream home in July, placed offer and accepted few days later. Applied with broker to one lender.. they took almost 40 working days to inform me I had being declined. Applied to second lender and was approved last Wednesday. Paid for searches the following day and these were instructed. Now here comes to key problem...

The vendors text me on Monday night asking if I was able to exchange on 02/11 giving me 7 days. Explained that due to searches only being placed, this is highly unlikely. They informed me that they are moving into new build and their builder has asked for exchanges to be complete by that date other wise they will lose their house. According to my solicitor, one of my searches is back, waiting on Local and Drainage. 

Has anyone got any positives to shed if they had/have being in this situation. I’m so worried that both myself and vendors are going to lose our houses. 

Thanks.

zodiac55

sambam67 said:

Right here goes! 

So I found my dream home in July, placed offer and accepted few days later. Applied with broker to one lender.. they took almost 40 working days to inform me I had being declined. Applied to second lender and was approved last Wednesday. Paid for searches the following day and these were instructed. Now here comes to key problem...

The vendors text me on Monday night asking if I was able to exchange on 02/11 giving me 7 days. Explained that due to searches only being placed, this is highly unlikely. They informed me that they are moving into new build and their builder has asked for exchanges to be complete by that date other wise they will lose their house. According to my solicitor, one of my searches is back, waiting on Local and Drainage. 

Has anyone got any positives to shed if they had/have being in this situation. I’m so worried that both myself and vendors are going to lose our houses. 

Thanks.

That just sounds way too soon, surely your vendor AND builder knows this is unrealistic?
From my experience, our searches were initiated on 14th September and we are still waiting for drainage...

Bad_Accountant

sambam67 said:

Right here goes! 

So I found my dream home in July, placed offer and accepted few days later. Applied with broker to one lender.. they took almost 40 working days to inform me I had being declined. Applied to second lender and was approved last Wednesday. Paid for searches the following day and these were instructed. Now here comes to key problem...

The vendors text me on Monday night asking if I was able to exchange on 02/11 giving me 7 days. Explained that due to searches only being placed, this is highly unlikely. They informed me that they are moving into new build and their builder has asked for exchanges to be complete by that date other wise they will lose their house. According to my solicitor, one of my searches is back, waiting on Local and Drainage. 

Has anyone got any positives to shed if they had/have being in this situation. I’m so worried that both myself and vendors are going to lose our houses. 

Thanks.

You might get a better response starting your own thread. But I think this comes up fairly often that builders want a very fast exchange on a new build, and often it's just a target to keep things moving quickly. If the houses are selling slowly the builder would be mad to drop an otherwise solid buyer. See here for a bit of chat on this: https://forums.moneysavingexpert.com/discussion/6098795/new-build-reservation-exchange-completion

I hope it all works out for you!

söpöpöllö

Right, we completed today no earlier than 4.20 pm due to our buyer's solicitor dicking around. Never mind, we're in and I'm never moving again! 😄

Our flat was originally put on the market in January, one buyer pulled out and here we are.

Buying timeline:

3/8 offer accepted
11/9 mortgage approved 
6/10 exchanged 
28/10 completed 

snowcat75

snowcat75 said:

Thought Id post mine up, thank god I'm just selling and moved into my self build 2 1/2 years ago.
12/03/20 tenants leave, house in typical post tenant state.
17/03/20 start massive clearance and tidy up job prior to sale.
21/05/20 house went on market.
4/06/20 offer for full asking price excepted, chain free buyer
17/06/20 Buyers funds prove to be bogus, remarket property.
15/07/20 Except new offer.
12/09/20 Install new treatment plant as per agreement for sale. 
18/09/20 Legal work completed for mine and buyers sale.
21/09/20 penciled in date to exchange end of the month.
28/09/20 FTBs at the bottom of the chain waiting on there shambles that are countrywide conveyancing but planed exchange 02/10/20

02/10/20 failed to exchange countrywide realized they haven't an in date management pack!
09/10/20 chain was hoping to complete but management back has turned up today.. EAs finally seem to be doing something with the finish so near, and are hoping to have a final date by early next week. now phoning daily.

It feels like a long stressful haul and I'm not even moving, hopeful the goals in sight. 

Well 2 more false starts and then suddenly an exchange yesterday and a completion due Friday!!

Fionaanne141

Hey all

Finally joining the thread after following for sometime.

Accepted offer on my house and had offer accepted on our purchase 18/10

Awaiting results of valuation and formal mortgage offer from santander 

Initial solicitor forms returned and search money on account so fingers crossed we can get moving soon. Chain is FTB to my buyer then my purchase is breaking the chain. 

sambam67

Bad_Accountant said:

sambam67 said:

Right here goes! 

So I found my dream home in July, placed offer and accepted few days later. Applied with broker to one lender.. they took almost 40 working days to inform me I had being declined. Applied to second lender and was approved last Wednesday. Paid for searches the following day and these were instructed. Now here comes to key problem...

The vendors text me on Monday night asking if I was able to exchange on 02/11 giving me 7 days. Explained that due to searches only being placed, this is highly unlikely. They informed me that they are moving into new build and their builder has asked for exchanges to be complete by that date other wise they will lose their house. According to my solicitor, one of my searches is back, waiting on Local and Drainage. 

Has anyone got any positives to shed if they had/have being in this situation. I’m so worried that both myself and vendors are going to lose our houses. 

Thanks.

You might get a better response starting your own thread. But I think this comes up fairly often that builders want a very fast exchange on a new build, and often it's just a target to keep things moving quickly. If the houses are selling slowly the builder would be mad to drop an otherwise solid buyer. See here for a bit of chat on this: https://forums.moneysavingexpert.com/discussion/6098795/new-build-reservation-exchange-completion

I hope it all works out for you!

Thank you for replying. I will open a new thread. 

grk1964

Joining! Our survey and searches will be completed by next week. How long to go after this? Cash buyer, no onward chain. Not expecting any major issues. 

croag

I have exchanged today!!! 

Completion is the 26th November so I have almost a month to wait!

zodiac55

croag said:

I have exchanged today!!! 

Completion is the 26th November so I have almost a month to wait!

Awesome! Now you have a month to wait and buy new things!
Our sellers EA finally mentioned ‘completion’ today after weeks of ‘it’s still early’. How long after getting your searches back were you notified of exchange?