The NEW waiting to exchange thread...

tigerlily74

Well after being told the only thing we were waiting for to exchange and complete was the local authority searches which was due on the 26th, we are still waiting. My council are supposed to be one of the fastest in the country and they were requested 7 weeks ago so yeah, pretty frustrated. We are moving out this weekend regardless so not looking forward to having to travel back and check in on it while we wait who knows how long.

Drawingaline

uralmaid said:

Drawingaline that is exactly how we feel. Living surrounded by boxes and can't even look forward to our new home as I feel it is all going pearshaped.  I know this horrible covid situation is making everything take longer but when you add into the mix people swapping and changing stuff like lenders or solicitors a way into the process it is just soul destroying.

I am annoyed mostly that the EA said when we accepted the offer and I queried the financial position, that, we have no concerns about the financials for this buyer, they have a big portfolio and are known to all the local EA. Well it would appear the big portfolio is the issue they are having with getting a mortgage at a decent rate, as lenders are tightening up all the products available, esp for BTL. The survey for this second lender was completed a month ago, we just need to know if they are getting it or not!!! 

Caramac

uralmaid said:

Thanks Swash.  I am now even more frustrated. For the last couple of weeks we have been urging the vendor of our new property to find a rental as he said he was doing. This finally looks as if it has been sorted. Great we thought, now we can crack on.  Wrong! Now our buyer, after 2 months has decided that his solicitor is too slow and is looking to change solicitors.  I have, and my estate agent too has tried to explain that this will push everything back to square one but the are just fed up and say they think it will speed up the transaction. Tearing my hair out here with all of them. Doing my anxiety no good at all. I feel like abandoning the whole thing and staying put.

Our buyer is threatening to change solicitor as well and I’m getting mixed messages from the EA. In one breath she is recommending they change as their solicitor doesn’t talk to anyone, yet then she says it will hold everything up. As far as our solicitor is concerned we are only waiting for an indemnity policy regarding a narrow strip of land not on our deeds. I have delegated talking to everyone to DH as I get totally stressed about it.

Bad_Accountant

Bad_Accountant said:

Joining this thread! I'm buying with OH, FTBs currently in rented flat.
AIP Sept 2019 (Halifax)
... about 20-odd viewings including complete horrors :rotfl:
18/10/2019 Offer accepted on property, £5k below asking price
26/10/2019 Mortgage application via broker done (changed to Barclays for best rate)
04/11/2019 Underwriters approve
05/11/2019 EA confirms that our vendors have found a chain-free property to move into - chain of three complete :shocked:
06/11/2019 valuation
08/11/2019 mortgage approved, solicitor instructed
Good grief - so after all this ...

[Four month saga of seller's conveyancers being appallingly slow. Absolute pile of clowns. etc. who made a simple transaction take FAR longer than necessary. Never use Muve conveyancers!]

25/03/2020 pulled out of sale due to my OH's job being on the rocks with COVID. Much wailing and gnashing of teeth

[Lockdown, working from home, you know the drill]

Early September got 15% deposit together and OH's job is stable

Re-offered on former house as it was still on market, offer accepted, solicitor instructed!

Sellers say they're moving in with family once they sell so we are buying CHAIN FREE

26/10/2020 mortgage approved .... again ... a year after we first got it approved!

Let's see how quickly we can get the conveyancing done and really hoping we'll be moved early next year (but I said that last time .... )

30/10/2020 - engaged surveyor for homebuyer's report for a truly obscene price ... but they were the only decent ones without a six-week wait. If something's badly wrong I want to know ASAP!

periwinkleperkins

Finally had a call from our solicitor advising they’ve agreed with the developer’s solicitor to aim for exchange “late next week” and completion on Thursday 12th which will be 90 days since reserving the plot. 

Part of me is excited as this SHOULD be simple given we’re FTB and buying a new build which is now complete... but worried COVID is going to get in the way of signing the engrossment copy transfer deed as might not be able to go anywhere to get it witnessed! 

Keeping everything crossed that we do t end up in tier 4 if Boris starts to change his mind again. 

ameliarate

So national lockdown appears to be imminent does that mean we’ll all have further delays?  😳

Drawingaline

ameliarate said:

So national lockdown appears to be imminent does that mean we’ll all have further delays?  😳

I think this will be the nail in the coffin for our small chain tbh. 

snowcat75

snowcat75 said:

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!!

Well all completed Friday by 12 midday and I'm now in that lovely position of being mortgage free, never thought the cancelation of a DD could give such satisfaction.
Only one annoyance is the cretins at (all banks apply) Santander who decided at 5.20pm to return the CHAPs payment for the balance, Luckily solicitor's PA is on the ball and was still in the office when it was returned so there wasn't a weekend of guessing where a over quarter of million had disappeared to.
Her guess is Friday afternoon and they simply couldn't be bothered to do it, she said on Monday there come out with the standard excuses of Fraud and protecting the customer... Good thing is she's going to di it first thing again Monday but only once she's had "words" with the bank.... Still on the plus side iv been meaning to ditch the 123 account so that's the push I needed. 

badger09

Finally decided to post our timeline, which is bound to spell disaster!

28/7 Our ‘niche/marmite’ house live on RM

25/8 2 identical below asking offers from 2nd viewing, & another who viewed today. Told EA to seek ‘best & final’ offers by 27th

27/8 both increased offers to above asking price. Viewed house we are buying - in torrential rain (+ 1 other)

28/8 accepted our buyers’ offer even though £4k lower than other offer. Solicitor lined up

29/8 2nd viewing on house we are buying – in sunshine (+ 2 others). Negotiated below asking offer direct with seller (PBricks)

1/9 buyer does his own survey. All OK (house built late 1950s, extended 1990s) Exchanged contact details. He mentions end October completion if possible

2nd offer couple ask EA if another £10k will change our minds. Decide he might be a chancer, so stick with our agreement

2/9 seller’s offer accepted on onward purchase, mortgage application done. Wanted to buy this ‘forever’ home for years. Offered privately. Its tenanted, tenants will be out by end October, but they will move in with parents if any delay. Alarm bells ring but this is repeated on several conversations. EA dismissive about my concern over issues re evicting tenants

5/9 buyers get their mortgage offer. Sales & Purchase packs received from solicitor  

7/9 Homebuyers survey done on purchase (no mortgage)

8/9 Completed Property Information Form, Fittings & Contents etc. Solicitor already has contract papers re purchase (PPL)

11/9 Homebuyers Survey received – nothing untoward, valued at offer price

17/9 contract papers to buyers’ conveyancer (Countrywide Conveyancing). Contract papers re purchase received

22/9 our solicitor raises enquiries re purchase

7/10 buyer says their chain is ok, all mortgage offers in place, waiting for searches. Doesn’t know if solicitor has raised any enquiries on contract paperwork.

8/10 I phoned solicitor for update. Buyers solicitors have lost our pre contract paperwork! No replies to enquiries to sellers’ solicitors. Searches not yet received.

Seller says tenants in onward purchase ‘being awkward’. Alarm bells & sirens now going off. Very unsettled all weekend

13/10 solicitor phones, sellers not going ahead with sale. She said it was odd as on 9th she received replies to most enquiries.  Devastated; can’t lose sale as our house not easy to sell (failed 3 years ago). Decide to view others & look for rented. 

In view of friendly relationship with seller, decide to message to try a work around. Costed rental, storage, hassle factor etc etc we would offer sellers more, to cover additional SDLT they might pay due to delay. Wonder if we’re completely mad.

14/10 view chain free house, but too many compromises. Resigned to renting. Seller contacts me. Equally devastated by turn of events. What did we have in mind? We offered additional money if they completed to original timescale. They discussed with parents & accepted. Instructed their solicitor same day. I updated our solicitor. Immense relief.

20/10 single enquiry from buyers solicitor, reply same day

22/10 seller confirmed all enquiries dealt with. They are working towards completion mid November. Already sold some furniture. I feel much happier about whole situation.

23/10 receive 14 page ‘Client Report’ and half a rainforest of paperwork & replies to enquiries on our purchase. Solicitor on holiday next week

24/10 updated buyers. He will chase solicitor re only one enquiry. Sent me list of 10 enquiries, supposedly sent by conveyancer 8/10 BUT mine told me 13/10 she’d received only 1 enquiry.

27/10 Our solictor says list of 10 enquiries was received 26th by email. Somebody has been less than honest!

28/10 visited our new house to check boundaries with Title plan, chatted with sellers. Children excited to be staying with grandparents, boxes everywhere. Replied to Client Report.

31/10/20 today buyer tells me they’ve taken reduction on their sale in order to keep chain intact.

No chickens being counted – but all hopefully committed. Now for the COVID announcement!

Congratulations if you've got this far. You're either bored, or like me, derive some comfort from knowing you're not alone on this rollercoaster. Anyway, it has helped me to 'share'   

 

foreverhome3

Anyone heard how the national lockdown will affect the housing market? Can we move house?