The NEW waiting to exchange thread...

foreverhome_89

Fionaanne141 said:

I agreed sale and purchase on 18th October and submitted mortgage application next day. It’s a small chain of three and we’ve continued with our searches / surveys despite not having a full mortgage offer. As has everyone else in the chain. Because mortgage offers are taking so long I’d assumed we had no chance of being in by Xmas and was planning for late Jan but my solicitor and buyers solicitor seem super on the ball so far.

Suddenly panicking that this might happen before Xmas and I’m not prepared at all! Has anyone else got right to the wire and actually only been waiting on their mortgage offer? It’s Santander btw. It’ll be devastating if we get that far to be declined (had AIP first) 

We submitted our application with Santander on 28th July and it took 11 weeks for the offer. I am self employed and partner commission based so it wasn’t straightforward. But we are moving in to new house Friday 🔑🤗

mlb95

Fionaanne141 said:

I agreed sale and purchase on 18th October and submitted mortgage application next day. It’s a small chain of three and we’ve continued with our searches / surveys despite not having a full mortgage offer. As has everyone else in the chain. Because mortgage offers are taking so long I’d assumed we had no chance of being in by Xmas and was planning for late Jan but my solicitor and buyers solicitor seem super on the ball so far.

Suddenly panicking that this might happen before Xmas and I’m not prepared at all! Has anyone else got right to the wire and actually only been waiting on their mortgage offer? It’s Santander btw. It’ll be devastating if we get that far to be declined (had AIP first) 

Hey, so your dates are very close to ours and I just wondered how long your searches took to come back (if they have ) we've been told 4 weeks but reading elsewhere Im expecting them to take a lot longer. Our mortgage offer has been delayed I think as we've asked them to complete the homebuyers survey whilst they do the valuation and that's booked for the 18th. Our MA is optimistic we'll get our offer about a week after that. 
Have you been in touch with Santander to see what sort of time scale you're looking at? 

MaxJones

It won't just be the over indebted landlord properties, there will be plenty of over mortgaged owner occupier properties being reprocessed as jobs go and relationships break up, bargains to be had in the auction rooms over the next couple of years.

Laxmi06

Hi all, 
I have three people in my chain. Our buyer just got his mortgage offer through. How long does it take for that to be reported by solicitors? Ours took 2 weeks - not sure if that is quick or slow. I’m hoping to exchange end of the month, not sure if that’s a bit optimistic...

oniongirl

My go! I've tried to stay calm and easy going, but it's tough.

30/06 - Put house on the market

04/07 - Accepted asking price offer

04/07 - View "our" new house

05/07 - Viewed it again, because I wasn't interested the first time thinking the other house we were seeing that same day was going to be better (it wasn't)

06/07 - offered under asking

07/07 - offered asking

09/07 - got AIP, and offer was accepted 

31/07 - chain complete: FTB > us > "our house" > "their house" > new build

09/10 - top of the chain collapses. Something about the searches on the new build means they have pulled out after 3 months. It appears this happened a while ago but they kept it quiet. After tears, we convince ourselves that staying put is better. Think of all the money we'll save. Our house is lovely. We're only going because we can, not because we must.

16/10 - the top of the chain have found somewhere else. That house is a divorcing couple, one going in to rented, the other to a new build. Nobody seems to know if there build is anywhere near being built or not. Give up hope of being in before Christmas.

02/11 - I'm sure something happened in between this and the last date, but I was consumed by doom and gloom. Our Sellers' agents ring us and say that someone has agreed to break the chain and move in to rented (unsure who) and now we're looking to exchange in December, subject to searches, according to our Sellers' agent. Emotions conflicted as was imagining swimming in piles of money that we'd"save" by not doubling our mortgage in the middle of a pandemic.

03/11 - according to MSE forum, searches are taking 6 weeks. Give up hope to be in before Christmas completely despite the agents saying it's very likely.

11/11 - get bored waiting to hear something, ANYTHING, and write this post

Chloe901

Chloe901 said:

Hi everyone! I've really enjoyed reading everyone's updates - it's reassuring to see others worrying about the same things as me. We offered on a house towards the end of July. We're FTBs, in a chain of 4. We originally had a 95% mortgage offer from NatWest on a different house, which we withdrew from for various reasons. NatWest wouldn't let us transfer the mortgage to the new house (slightly more expensive) so we had to start a new application. By that time, 95%s had vanished and we had to scramble together the extra money to get a 10% deposit together. Five week wait for the mortgage offer, which came through no problem in mid-September. We've now done all the enquiries, searches etc (and we're not getting a survey done) so we're just waiting for the chain to agree a date for simultaneous exchange/complete.

It feels like it's been going on ages, but on reflection it's only been just over three months, and we're hoping to exchange/complete next week (or perhaps the week after, if we're unlucky), so it's actually been very quick, especially considering covid.

Best of luck to everyone!

Well, we exchanged yesterday! The chain couldn't agree a date for simultaneous exchange/complete; originally it was going to be the end of Oct, then the first week of Nov, then this week and so on. We eventually agreed to exchange on Monday (didn't actually happen until yesterday) and complete on 26 Nov! Now to order some curtains! Good luck all x

Drawingaline

oniongirl said:

My go! I've tried to stay calm and easy going, but it's tough.

30/06 - Put house on the market

04/07 - Accepted asking price offer

04/07 - View "our" new house

05/07 - Viewed it again, because I wasn't interested the first time thinking the other house we were seeing that same day was going to be better (it wasn't)

06/07 - offered under asking

07/07 - offered asking

09/07 - got AIP, and offer was accepted 

31/07 - chain complete: FTB > us > "our house" > "their house" > new build

09/10 - top of the chain collapses. Something about the searches on the new build means they have pulled out after 3 months. It appears this happened a while ago but they kept it quiet. After tears, we convince ourselves that staying put is better. Think of all the money we'll save. Our house is lovely. We're only going because we can, not because we must.

16/10 - the top of the chain have found somewhere else. That house is a divorcing couple, one going in to rented, the other to a new build. Nobody seems to know if there build is anywhere near being built or not. Give up hope of being in before Christmas.

02/11 - I'm sure something happened in between this and the last date, but I was consumed by doom and gloom. Our Sellers' agents ring us and say that someone has agreed to break the chain and move in to rented (unsure who) and now we're looking to exchange in December, subject to searches, according to our Sellers' agent. Emotions conflicted as was imagining swimming in piles of money that we'd"save" by not doubling our mortgage in the middle of a pandemic.

03/11 - according to MSE forum, searches are taking 6 weeks. Give up hope to be in before Christmas completely despite the agents saying it's very likely.

11/11 - get bored waiting to hear something, ANYTHING, and write this post

This is us. When we lost our buyer we talked about staying out and being mortgage free in 10 years, what we could do with the £800 a month we are saving atm etc. New buyer found and I had a huge wobble, then guilt as our vendor had waited for us (basically ready to exchange on it!) Then hubby telling me to stop it and we really did need more space etc etc. So new offer accepted Tuesday, now I am back to stress and worry about doubling the mortgage payment for the next 30years!!! 

If it doesn't happen this time that's it, I am done. Staying put. Until the parking situation annoys me too much....

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!

12/11/2020 - Survey booked for 20/11/2020. As long as that's all OK solicitor says we should be able to exchange on the 4th and complete on the 11th December. Might own a house this time next month. Absolutely !!!!ing bricks at the prospect. I've been wanting this for 12 yrs and the thought of it happening, is great, but also nerve-wracking. Anyone else feel the same?

fiwen30

Bad_Accountant said:

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!

12/11/2020 - Survey booked for 20/11/2020. As long as that's all OK solicitor says we should be able to exchange on the 4th and complete on the 11th December. Might own a house this time next month. Absolutely !!!!ing bricks at the prospect. I've been wanting this for 12 yrs and the thought of it happening, is great, but also nerve-wracking. Anyone else feel the same?

Same here. Signing contract on 17/11 and while very excited, am also pooping pants. It’s seemed like such a far-off fantasy dream for so long, it’s difficult to get to grips with the idea that it’s happening Now.

tigerlily74

Well. The last search came back today, 9 weeks after my solicitor ordered them from a personal search company to sell to our buyer, as this would be ‘quicker’. We are ready to go as soon as our buyer his, hopefully his solicitor doesn’t raise too many enquiries! We have a couple of indemnities to transfer from when we bought our house so they should cover it unless something new has come up in the past seven years. We are posting the contract and deed transfer form to our solicitor today, fingers crossed for exchanging and completing early next week! Then I can focus on my onward purchase (we are moving in to my mums to avoid a complicated chain).