The NEW waiting to exchange thread...

Drawingaline

RTC87 said:

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.

Unfortunately I think the market is so uncertain atm and mortgage companies are pulling products/changing rates on a daily basis. I am just annoyed that we are over three months in before they decided not to go ahead. We are remarketed and have two viewings lined up for Monday, but if we lose our purchase we will probably pull out and wait. Nothing else on that we like as much right now. Just a waste of conveyancing fees, especially as it is pretty much all done.

badger09

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.

If your buyer is an investor they very unlikely to need a survey on a 3 year old house. Depending on the LTV of their mortgage, the lender will probably simply do a 'desktop' valuation, so you won't know that it has been done. 
Fingers crossed for you.

Isteon

Received the contract to sign today, exciting! Starting to believe I might be in by Christmas after all, although annoyingly looks like I'm going to miss my 15th of the month deadline for giving notice on my rental this month as the sellers are waiting for final searches to come back next week before they'll be ready to exchange. But hey, I'll take a month of rental overlap if needed. In the grand scheme of buying a house that's relatively low down the list of possible issues... 

ameliarate

Supposed to exchange and complete today but the bank didn’t sent the money to the solicitors in time. 😡
I our case it doesn’t matter too much as we are selling my late father’s house but boy it’s frustrating! 

Splatfoot

We exchanged today. After losing one buyer in August and getting another a few days later, it's been relatively pain free. This has been four years of thought for us as we want to move away from where we are. We love our house, our neighbours etc but want to go somewhere where it's less populated. We are in Sussex so v.congested! Good luck to everyone. Xx

MaryNB

MaryNB said:

Moving over from the "Awaiting Mortgage Decision" thread...

31/07 Offer accepted on house 
12/08 Halifax mortgage appointment & application submitted. Payslips submitted, ID checked at branch. Soft & hard credit searches.
13/08 Valuation instructed
28/08 Lender's valuation (with Homebuyers survey) carried out. Mortgage offer issued.
01/09 Homebuyers Report received. Quite a few reds but as expected for a Victorian house. Valuation same as asking.
Vendors' EA confirms the vendor has found a property. Their vendor has no onward purchase. Chain complete.
04/09 Solicitor instructed.
07/09 Offer FINALLY received by snail mail.

Got a provisional exchange date (20th of Nov) and completion date (27th of Nov). Excitement!!!
I'll be counting down the days until lockdown (hopefully) ends on 2nd of December when I go out and start getting furniture. Until then I've got my camping chair and air bed. 

Just need my father to send adequate proof of funds for the gifted deposit.  Wouldn't show me what he sent my solicitors the first time and won't show me what's he's sent her the second time (after she said she needed more info). Knowing him I'm lucky he didn't keep his money under the mattress...So stubborn, took half an hour of arguing to get him to agree to use his licence as proof of address. I'm very grateful for the funds but he's flipping nightmare sometimes 🤦. I've had sleepless nights over it.

fiwen30

fiwen30 said:

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!

Took days to get hold of our solicitor’s assistant, but finally got through this afternoon.

We’re meeting our solicitor to sign our part of the contract next Tuesday 17th, and then they’ve estimated about 7 days between exchange & completion, for funds to be drawn down from the lender, sounds like we’ll be scraping in completion at the end of the month!

Very excited, there’s been nothing done for the last 4 weeks while we waited for the survey, and now it’s all go again!

Our rented house is a monthly periodic tenancy, with the first day being the 1st of the month. I assume this will mean that the last day of our tenancy will be the 31st of December, if we complete around the end of November? We’ve set aside the last month’s rent, and it would be useful to have those weeks to decorate the new house, move, and then clean up the rented house.

sarcal3813

We’re hoping to complete by 20th November. The house we’re purchasing is empty and needs a full rewire and new flat roof on the extension, so we really want to get started on it before the real bad weather! 🤞🤞🤞

madwife260

We were hoping to complete by 20th but our solicitor is still waiting for enquires from sellers solicitor. Fed up of waiting now. Im getting very impatient!!!! 

Good news for everyone that has already exchanged and completed.

firsttimebuyerhelpme

Been to see the solicitor today, still
hopeful for exchange and completion on the 20th November! Going on Saturday to sign yet more paperwork and drop of yet more bank statements! Luckily house is empty and no chain either side. I’ve officially booked the day off work now too so really hoping it all is sorted for then!