The NEW waiting to exchange thread...

firsttimebuyerhelpme

Joining in here, 

29/09/20 Offer Accepted 
05/10/20 Mortgage Application
15/10/20 Mortgage Offer 
29/10/20 Homebuyers survey completed 
02/11/20 Searches back and enquiries raised 
03/11/20 Enquiries back! (With lightening speed. I want to know who those solicitors are!!) 

Solicitor has angled at a completion date of the 20th November, we are FTB no chain either side and property is empty. My partner has closed his help to buy so just need the paperwork for that, my half of the deposit is cash! Hopefully exchange soon! 

Jadek

Finally heard today that our sellers have had their mortgage offer through (after 3 months!), the estate agent has suggested we could finally be exchanging next week! That's only...8 months from offer being accepted. Not going to get my hopes up too much but hoping we'll have the keys by the end of the month. 

katie91_2

Had our offer accepted mid-August. The chain formed within a few days, collapsed two weeks later as our vendor’s vendor pulled out. Formed again a couple of weeks later, now almost three months down the line the chain has collapsed again - again our vendor’s vendor pulling out (not the same one as last time).

I’m so fed up, we’re ready to exchange. How anyone ever buys a house is beyond me!

badger09

ftb_1995 said:

Just been reading the paperwork for signing and the conveyancer is charging us an extra £120 if the gap between exchange and completion day is under 5 working days. Can anyone tell me if this is standard practice? I imagine most people would aim for that? £75 if under 10 working days. 

Interesting, I wonder why, when some solicitors/conveyancers are suggesting simultaneous exchange & completion. Please update if you get a reason.

I'd be very happy with a few days in between, as we'll need a 2 day packing/moving process.

ftb_1995

badger09 said:

ftb_1995 said:

Just been reading the paperwork for signing and the conveyancer is charging us an extra £120 if the gap between exchange and completion day is under 5 working days. Can anyone tell me if this is standard practice? I imagine most people would aim for that? £75 if under 10 working days. 

Interesting, I wonder why, when some solicitors/conveyancers are suggesting simultaneous exchange & completion. Please update if you get a reason.

I'd be very happy with a few days in between, as we'll need a 2 day packing/moving process.

The reason is due to them having to do everything quicker apparently. I can't imagine many people going for over 2 week gap between exchange and completion either so maybe just a reason to charge more. Not sure if this is standard across all conveyancers.

badger09

katie91_2 said:

Had our offer accepted mid-August. The chain formed within a few days, collapsed two weeks later as our vendor’s vendor pulled out. Formed again a couple of weeks later, now almost three months down the line the chain has collapsed again - again our vendor’s vendor pulling out (not the same one as last time).

I’m so fed up, we’re ready to exchange. How anyone ever buys a house is beyond me!

Oh that is bad news.

We're 2nd from top of chain of 5; had our vendor pull out 4 weeks ago, but persuaded back in by a hefty financial incentive, and the FTB's mortgage was downvalued last week, so our buyer & their buyer have agreed lower sale prices so FTB can proceed. Compromise all round but at least feels like everyone is committed. 

Hope you (or rather they!) get back on track soon.  

ftb_1995

Local searches in our area currently have a 7 week turnaround time and we are on week 6 Any day now hopefully! Have spoken to the sellers that we both want it done and dusted this month but probably very ambitious. More of a positive note is that we can make use of the black friday sales to buy new bits for the house so that's exciting!

ameliarate

Supposed to be completing Monday but buyers solicitor still doesn’t have the title to check over and hasn’t sent the contract to them to sign 😡. Buyer keeps talking to them but getting nowhere! 

katie91_2

badger09 said:

katie91_2 said:

Had our offer accepted mid-August. The chain formed within a few days, collapsed two weeks later as our vendor’s vendor pulled out. Formed again a couple of weeks later, now almost three months down the line the chain has collapsed again - again our vendor’s vendor pulling out (not the same one as last time).

I’m so fed up, we’re ready to exchange. How anyone ever buys a house is beyond me!

Oh that is bad news.

We're 2nd from top of chain of 5; had our vendor pull out 4 weeks ago, but persuaded back in by a hefty financial incentive, and the FTB's mortgage was downvalued last week, so our buyer & their buyer have agreed lower sale prices so FTB can proceed. Compromise all round but at least feels like everyone is committed. 

Hope you (or rather they!) get back on track soon.  

It’s so frustrating! Our vendors have said they’ll widen their search area and are keen to move, they found somewhere quickly the last two times and don’t seem too fussy so at least that’s encouraging. I do feel sorry for them!

We’re proceeding without selling our current property so we’re not in a rush to move, but want to complete before 31st March obviously. We’ve said to the EA we’ll wait for now, there’s no other houses available we like as much and could just end up with the same chain issues elsewhere, but I hate all the uncertainty!

KnobbynrTam

ftb_1995 said:

Local searches in our area currently have a 7 week turnaround time and we are on week 6 Any day now hopefully! Have spoken to the sellers that we both want it done and dusted this month but probably very ambitious. More of a positive note is that we can make use of the black friday sales to buy new bits for the house so that's exciting!

Im currently on Week 8. waiting for the local search....... was hoping to move in end of this month.....