The NEW waiting to exchange thread...

otmotm

Our solicitor refused to exchange even though all the enquiries are now finished until they receive a confirmation from the lender that the funds will be released on the agreed completion date of 17 Nov. They requested the lender to respond and confirm but we have not heard anything yet. How long does it normally take for the lender to get back to our solicitor (if anyone has any experience with this)?

Drawingaline

And that's us probably back on the market 😭 EA rang and said enough is enough waiting for our buyers mortgage. They are investors and their broker has dropped two clangers and three months in still no offer. They are meeting the in house broker tomorrow, so will see what they say, but we will remarket to sell asap and pray we don't lose our purchase. If we do we will most likely give up, pay the conveyancing (which is pretty much ready to go) and wait a year. So bloody frustrating, as the house we wanted was so perfect for us.

Caramac

tigerlily74 said:

It’s now week 8 since we requested searches, still waiting for the local search. I’m so annoyed we weren’t given the option of the faster, more expensive local authority search over this ridiculously delayed personal search. I have gone from loving my estate agent to being really angry with them as they recommended this solicitor to us on the basis they would request the searches straight away and sell them to our buyer. They didn’t, they waited two weeks, and our house sold within 24 hours 😢. We have no chain, a cash buyer who is ready to go, and our house is now empty because the estate agent told me we’d be ready to complete on the 26th so we moved our last weekend stressing my whole family out and abandoning my house for nothing.

I feel your pain we moved out on 15th October as we were due to exchange/complete on 16th. We assumed everything was in order as the buyer’s solicitor was pushing for this date which was a week earlier than the date originally mentioned. We only found out too late that it wasn’t going ahead. Not sure what the problem is as the buyer’s solicitor won’t talk to the Estate Agent. Our solicitor is chasing it up but it’s all so slow.

impatient2020

badger09 said:

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? 

Unfortunately our flat had 2 months notice on it and we were due to exchange on Aug, 2 days after our rent day was due so we thought to make sure we didn’t hit 3 months rent to pay and a mortgage we would give notice then, everyone was finalising completion dates etc so naively thought any delay would be fine as we had 8 weeks. Turns out the chain collapsed the end of that week so got an extension from landlord but they only gave us til Nov 20th. This brings us to now. 

Just spent tonight searching for rentals and new houses. To add to this I am back on furlough and no idea if my current mortgage offer can be moved to a new house without the bank looking over my payslips. Really don’t want to stay renting when I can afford to buy. So annoying but I also feel bad for the sellers losing their job, this year is horrid and I hate it. 

sarcal3813

So our searches came back last weekend, and one of the things that came back, was that only one name was on the sellers deeds when it should be two. Anybody dealt with this and know how long it will take to sort?? 

RTC87

Hi all, hoping for a little advice. We are hoping to purchase our forever home and everything with our vendors is going fine, we also received our mortgage offer last week and I had already instructed searches so just waiting on those.

However, our buyer is an investor, being an investor we thought this would be a smooth ride but it is all so quiet. They applied for their mortgage 4-weeks ago through an IFA recommended by our estate agent, apparently this is still going through and they are chasing the lender.

In the meantime we haven't been contacted about a valuation on our property (a 3-year old new build) and my solicitor hasn't heard anything from their's. Should I be worried or am I being a little silly?

We are hoping to complete Jan 2nd and just really keen for know more bumps in the road.

Drawingaline

RTC87 said:

Hi all, hoping for a little advice. We are hoping to purchase our forever home and everything with our vendors is going fine, we also received our mortgage offer last week and I had already instructed searches so just waiting on those.

However, our buyer is an investor, being an investor we thought this would be a smooth ride but it is all so quiet. They applied for their mortgage 4-weeks ago through an IFA recommended by our estate agent, apparently this is still going through and they are chasing the lender.

In the meantime we haven't been contacted about a valuation on our property (a 3-year old new build) and my solicitor hasn't heard anything from their's. Should I be worried or am I being a little silly?

We are hoping to complete Jan 2nd and just really keen for know more bumps in the road.

No sounds like our journey. Although our buyers (investor) did get a mortgage quite quickly, they rejected it as the interest rate was too high, and have basically spent the past eight weeks trying to find one that is a better rate. They have pulled out today. We are gutted, our purchase is ready to exchange. 

However mortgages are taking an age, our took seven weeks.

RTC87

Drawingaline said:

RTC87 said:

Hi all, hoping for a little advice. We are hoping to purchase our forever home and everything with our vendors is going fine, we also received our mortgage offer last week and I had already instructed searches so just waiting on those.

However, our buyer is an investor, being an investor we thought this would be a smooth ride but it is all so quiet. They applied for their mortgage 4-weeks ago through an IFA recommended by our estate agent, apparently this is still going through and they are chasing the lender.

In the meantime we haven't been contacted about a valuation on our property (a 3-year old new build) and my solicitor hasn't heard anything from their's. Should I be worried or am I being a little silly?

We are hoping to complete Jan 2nd and just really keen for know more bumps in the road.

No sounds like our journey. Although our buyers (investor) did get a mortgage quite quickly, they rejected it as the interest rate was too high, and have basically spent the past eight weeks trying to find one that is a better rate. They have pulled out today. We are gutted, our purchase is ready to exchange. 

However mortgages are taking an age, our took seven weeks.

I'm so sorry to hear that, absolutely heartbreaking. Fingers crossed you can find another buyer quickly. 

You would think investors would have done their due diligence on mortgage rates and viability before making on offer wouldn't you!?

I guess all I can do is wait for now, I may call our estate agent again mid-week and ask her to put a bit more pressure on if they still haven't instructed searches. We managed to get our mortgage offer in 4-weeks so maybe I am expecting too much in the current market.

Fingers crossed for you.

fiwen30

So our building survey was done on Monday, we were actually able to meet with the vendor & surveyor at the house to go over everything - all fine! House needs some windows repairing, and could do with a full replacement in the next couple of years, but we knew that already.

Gonna get a copy of the report sent over to the solicitors when it comes in, and then see if they’ve an idea of exchange date! Searches all through fine, as far as I know, and vendors have moved into rented so house is empty and ready to go. Starting to feel very real!

tigerlily74

Caramac said:

tigerlily74 said:

It’s now week 8 since we requested searches, still waiting for the local search. I’m so annoyed we weren’t given the option of the faster, more expensive local authority search over this ridiculously delayed personal search. I have gone from loving my estate agent to being really angry with them as they recommended this solicitor to us on the basis they would request the searches straight away and sell them to our buyer. They didn’t, they waited two weeks, and our house sold within 24 hours 😢. We have no chain, a cash buyer who is ready to go, and our house is now empty because the estate agent told me we’d be ready to complete on the 26th so we moved our last weekend stressing my whole family out and abandoning my house for nothing.

I feel your pain we moved out on 15th October as we were due to exchange/complete on 16th. We assumed everything was in order as the buyer’s solicitor was pushing for this date which was a week earlier than the date originally mentioned. We only found out too late that it wasn’t going ahead. Not sure what the problem is as the buyer’s solicitor won’t talk to the Estate Agent. Our solicitor is chasing it up but it’s all so slow.

It sucks doesn’t it. Fingers crossed for us both.