The NEW waiting to exchange thread...

badger09

grk1964 said:

Hello, if any of you have completed the house purchase process, can I ask how long you had to wait to exchange after your survey/searches were completed?

The survey has been completed on our property (no issues raised) and searches have also come back. We have a cash buyer and we are going into rented so no chain. However, we are in a difficult situation trying to sort out a rental property when we don't know when we are going to exchange. We can't sign a tenancy agreement until we have. Apparently our buyer's have sent enquiries through to our solicitor so hopefully they won't take too much time. How long do you think we have left to exchange? I know it varies case to case but just wondering what people's experiences are.

Thank you

I haven't actually completed ...yet... but it will depend on the number and nature of the enquiries raised by your buyers' solicitor and how quickly both solicitors respond to each other.
You say you have a cash buyer. Do they actually have the cash, or do you mean they have no property to sell but need a mortgage. If they do, then you could have a long wait for their mortgage offer according to some posters on here.

impatient2020

So after 10months of waiting to get into the house, 2 chain collapses. Search delays. We have just been told our seller was made redundant so they have pulled out. 

We are so upset and this was the dream house. 

Priorities are now trying to find somewhere temporary to live as we need to be out our rental in 2 weeks and then start the search again. 

Good luck to the rest of you waiting to exchange. Hope you get better news than us. 

grk1964

badger09 said:

grk1964 said:

Hello, if any of you have completed the house purchase process, can I ask how long you had to wait to exchange after your survey/searches were completed?

The survey has been completed on our property (no issues raised) and searches have also come back. We have a cash buyer and we are going into rented so no chain. However, we are in a difficult situation trying to sort out a rental property when we don't know when we are going to exchange. We can't sign a tenancy agreement until we have. Apparently our buyer's have sent enquiries through to our solicitor so hopefully they won't take too much time. How long do you think we have left to exchange? I know it varies case to case but just wondering what people's experiences are.

Thank you

I haven't actually completed ...yet... but it will depend on the number and nature of the enquiries raised by your buyers' solicitor and how quickly both solicitors respond to each other.
You say you have a cash buyer. Do they actually have the cash, or do you mean they have no property to sell but need a mortgage. If they do, then you could have a long wait for their mortgage offer according to some posters on here.

Yes, they are paying with 100% cash. No mortgage involved.

Drawingaline

Our searches were back mid sep, conveyancing wise we are good to go. Unfortunately our buyers changed lenders so still don't have a mortgage offer.

So depending on the number and nature of your enquiries, could be two weeks, could be two months.

HoopyNJ

HoopyNJ said:

Thought I'd finally post here as things are moving super quickly and it's all getting very exciting! We're FTBs and the sellers have no chain.

• 22/08/20 - First viewing - fell in love but we'd only seen 5 houses by that point so wanted to keep options open.
• 27/09/20 - Second viewing, which confirmed our decision that the house was the one for us.
• 28/08/20 - Offer made, a bit of back and forthing and final offer accepted.
• Then we had the bank Holiday weekend, awful timing!
• 03/09/20 - Mortgage application submitted via broker
  
• 04/09/20 - Solicitors formally instructed
• 14/09/20 - all documentation finally sent to solicitor (We had to wait for a few bits and bobs like a gift letter etc)
• 17/09/20 - Mortgage approved
• 23/09/20 - Solicitor confirmed we were happy with mortgage offer. 
•  Got a call on 01/10/20 from the estate agent of all people who advised that the sellers had forgotten to complete a piece of paperwork and the sellers solicitor was just sitting on it. 
• 02/10/20 - Homebuyers report and contract pack received, enquiries raised by our solicitor. Searches commenced.

So not much to wait for now! Both us and the vendors are hoping to complete by Mid-November, all being well. Dya reckon that's realistic?

*Still* waiting for searches to be completed, apparently we won't get them back before 16th November. It's looking less and less likely that we're going to be moved before Christmas

FinallyStoppedLurking

HoopyNJ said:

HoopyNJ said:

Thought I'd finally post here as things are moving super quickly and it's all getting very exciting! We're FTBs and the sellers have no chain.

• 22/08/20 - First viewing - fell in love but we'd only seen 5 houses by that point so wanted to keep options open.
• 27/09/20 - Second viewing, which confirmed our decision that the house was the one for us.
• 28/08/20 - Offer made, a bit of back and forthing and final offer accepted.
• Then we had the bank Holiday weekend, awful timing!
• 03/09/20 - Mortgage application submitted via broker
  
• 04/09/20 - Solicitors formally instructed
• 14/09/20 - all documentation finally sent to solicitor (We had to wait for a few bits and bobs like a gift letter etc)
• 17/09/20 - Mortgage approved
• 23/09/20 - Solicitor confirmed we were happy with mortgage offer. 
•  Got a call on 01/10/20 from the estate agent of all people who advised that the sellers had forgotten to complete a piece of paperwork and the sellers solicitor was just sitting on it. 
• 02/10/20 - Homebuyers report and contract pack received, enquiries raised by our solicitor. Searches commenced.

So not much to wait for now! Both us and the vendors are hoping to complete by Mid-November, all being well. Dya reckon that's realistic?

*Still* waiting for searches to be completed, apparently we won't get them back before 16th November. It's looking less and less likely that we're going to be moved before Christmas

Will be tight but timeline wise there is still chance. 
Searches aside the biggest barrier will be whether the sellers want to get it sorted by Christmas. If you both are willing and keep on to your solicitors it's still achievable. 

Have a chat with your solicitor and ask them to speak to the Vendor. Explain that you'd rather they were honest with you even if it isn't the news you want to hear. Find out when's the latest they'd be willing to exchange?

badger09

impatient2020 said:

So after 10months of waiting to get into the house, 2 chain collapses. Search delays. We have just been told our seller was made redundant so they have pulled out. 

We are so upset and this was the dream house. 

Priorities are now trying to find somewhere temporary to live as we need to be out our rental in 2 weeks and then start the search again. 

Good luck to the rest of you waiting to exchange. Hope you get better news than us. 

That is horrible news, but the poor seller didn't have any option. I haven't reread your posts, but if you're already in rented, is there no chance you could stay? Who gave the notice  - you or your landlord? 

Cekaelta

We have completed! Just back in the flat after some measuring and cleaning. We have a long notice period on rental so not actually moving for a week or so yet.  Lovely note left by the sellers too. Celebrating with a tiny bit of fizz and pizza. Very happy to have keys in good time for Christmas & baby!

Full timeline for us:
Offer accepted 10/09
Solicitor instructed 13/09
Memo of sale received 14/09
Full mortgage application 15/09
First docs from sellers' solicitors received 21/09
Mortgage offer issued 28/09
Amended mortgage offer issued (increased fixed term) 02/10 but didn't arrive until 10/10
Building survey 20/10 (took ages to sort as v busy here)
Solicitor's report & contracts received  (& read) 20/10
All paperwork sorted for LISA to be withdrawn 20/10
Survey report 27/10
Final enquiry & exchange 28/10
Completion 6/11
Removals booked for 18/11

Bad_Accountant

ftbhoping said:

Yay, just had solicitor call to say that we’ve completed at 10am. To say I’m relieved is an understatement. 14 years of us renting and now I finally own. 🥳

Congratulations, gives me hope - I've been renting the same amount of time. Hope you're happy in your new place.

Splatfoot

We tried to exchange today for completion on the 20th but our buyers lost their removals slot. So we're going to try again on Monday with a completion date of 24th (my son's birthday, he'll be so chuffed 😂). We are moving into a converted horsebox which isn't yet finished 🤔😮