The NEW waiting to exchange thread...

vkvp

Chilli6 said:

vkvp said:

Chilli6 said:

Getting closer... (no chain purchase) 
July 24th - offer accepted
Early August - mortgage offer
Late August - searches/Enquiries started
11th November - enquiries finally sorted. signed contract. Waiting for nationwide to OK the indemnities. 

Aiming to exchange and complete week of 23rd.... We will see

Hi, if I may ask what indemnities did you have to take? I'm in similar situation for BR indemnity, just wondering how long bank takes to accept or consider the request? 

I had 3 indemnities. Something to do with mines and minerals, lack of building regs for an extension and something to do with a drain through the garden. As you can tell I know little about their actual purpose but the solicitor felt them important!
They sent them to NW 28th Oct and we have yet to hear back. The EA said they usually take a few days but could be a week in current times. We're obviously now at 3 weeks so I'm hoping they will reply in time to exchange and complete week of 23rd. 

Thanks for reply. 3 weeks seems longer for decision but could be due to current busy times. When was the extension built? 

WiseOwl00

Finally feeling a bit more positive about the whole homebuying process after our last attempt. We originally had an offer accepted on a house in July this year and the vendors made out they were keen for a quick sale. For 3 (very stressful) months, they did nothing to progress the sale and kept saying they were going to instruct their solicitors, but never actually did. They finally admitted they didn't have a house to buy and pulled out of the sale early October. We luckily found a new (better) one and I'm finally feeling confident enough to start writing my timeline!

Myself and my partner are both FTBs with no property to sell. Vendor had already had an offer accepted on another property with all surveys, etc. back. This person does not have a house to buy, so a chain of 3 in total. 

17/10 - viewed property + put in an offer lower than asking price. 
18/10 - vendor asked for higher offer (still under asking price). Offer accepted. 
20/10 - information passed to estate agents. All solicitors instructed. 
26/10 - applied for mortgage (10% with Nationwide).
27/10 - Nationwide arranged date for valuation.
03/11 - Nationwide conducted valuation. 
10/11 - Nationwide asked for more information, mortgage advisor supplied.
12/11 - solicitor received contract pack. Paid solicitor fees + searches sent. 

Bit upset we won't be in our own home for Christmas, but just so glad this sale has actually started. 

Chilli6

vkvp said:

Chilli6 said:

vkvp said:

Chilli6 said:

Getting closer... (no chain purchase) 
July 24th - offer accepted
Early August - mortgage offer
Late August - searches/Enquiries started
11th November - enquiries finally sorted. signed contract. Waiting for nationwide to OK the indemnities. 

Aiming to exchange and complete week of 23rd.... We will see

Hi, if I may ask what indemnities did you have to take? I'm in similar situation for BR indemnity, just wondering how long bank takes to accept or consider the request? 

I had 3 indemnities. Something to do with mines and minerals, lack of building regs for an extension and something to do with a drain through the garden. As you can tell I know little about their actual purpose but the solicitor felt them important!
They sent them to NW 28th Oct and we have yet to hear back. The EA said they usually take a few days but could be a week in current times. We're obviously now at 3 weeks so I'm hoping they will reply in time to exchange and complete week of 23rd. 

Thanks for reply. 3 weeks seems longer for decision but could be due to current busy times. When was the extension built? 

It does seem long doesn't it!
Extension was built 14 years ago. No planning permission was granted as said it was on existing conservatory base, so think it was due to that. Not convinced it was built great (surveyor didn't rate it) and its single brick with no radiators but I'll just have to see once living there. I can always improve it if I need to. 

badger09

WiseOwl00 said:

Finally feeling a bit more positive about the whole homebuying process after our last attempt. We originally had an offer accepted on a house in July this year and the vendors made out they were keen for a quick sale. For 3 (very stressful) months, they did nothing to progress the sale and kept saying they were going to instruct their solicitors, but never actually did. They finally admitted they didn't have a house to buy and pulled out of the sale early October. We luckily found a new (better) one and I'm finally feeling confident enough to start writing my timeline!

Myself and my partner are both FTBs with no property to sell. Vendor had already had an offer accepted on another property with all surveys, etc. back. This person does not have a house to buy, so a chain of 3 in total. 

17/10 - viewed property + put in an offer lower than asking price. 
18/10 - vendor asked for higher offer (still under asking price). Offer accepted. 
20/10 - information passed to estate agents. All solicitors instructed. 
26/10 - applied for mortgage (10% with Nationwide).
27/10 - Nationwide arranged date for valuation.
03/11 - Nationwide conducted valuation. 
10/11 - Nationwide asked for more information, mortgage advisor supplied.
12/11 - solicitor received contract pack. Paid solicitor fees + searches sent. 

Bit upset we won't be in our own home for Christmas, but just so glad this sale has actually started. 

Don't want to dampen your enthusiasm, but if your new vendor already had an offer accepted on their next property & searches back, I assume they must have lost their previous buyer. You might want to find out why that happened, eg if it was because of adverse survey. 

Hope it works smoothly for you this time.

WiseOwl00

badger09 said:

Don't want to dampen your enthusiasm, but if your new vendor already had an offer accepted on their next property & searches back, I assume they must have lost their previous buyer. You might want to find out why that happened, eg if it was because of adverse survey. 

Hope it works smoothly for you this time.

I checked with them, we're the first offer they have accepted. The house they want to buy is "one-of-a-kind" so to speak, and they've already had a survey done on it. They instructed their solicitors for their onward purchases on the same day as they did for our purchase. I'm assuming they haven't had their searches back yet, I probably just didn't word it well on my first post. 

ftb_1995

We've finally exchanged for completion next week! It was supposed to be a straightforward transaction with no chain either end but we're getting there! The final stretch.
Here's our timeline 
04/09/2020 - offer accepted. mortgage app submitted the following week.
06/10/2020 - mortgage offer
16/11/2020 - exchanged for completion next week!

omarmansour

Hello
FTB here and the final paperwork on a property I am buying is pretty much done- finally. Now, I am very convinced with the idea of exchanging and completing on the same day, for many reasons really, but most importantly, the fact that at this stage, the bank would have transferred the mortgage funds to my solicitors (I think?), so all have been ironed out. The seller, with all his valid reasons, is less keen on this as he wants something legally binding first. He is not involved in any chain, just like us. His concerns are that he doesn't want to pay for vans, boxes before we exchange. My argument is really all about my fear of losing a 10% (~20K) deposit, if for any reason the bank decides to pull out ! 

Am I being an unreasonable or this is something usual to ask of the seller? Thank you so much for your help !

tigerlily74

Why would the bank pull out between exchange and completion? It seems like you are not being reasonable to me, unless you are suddenly unemployed or in debt and your bank might find out in between?

FinallyStoppedLurking

Simultaneous exchange or completion is not the usual process. It's starting to happen but usually at the solicitors suggestion. 

One of you is going to have to concede. Could you agree a lesser deposit? 

If he isn't in a chain, where is he moving to?

omarmansour

tigerlily74 said:

Why would the bank pull out between exchange and completion? It seems like you are not being reasonable to me, unless you are suddenly unemployed or in debt and your bank might find out in between?

Thanks for your reply. I have been reading in the past weeks several articles that banks actually pulled out after exchange as they reassessed the market overall, leaving people kind of stuck. I am not at a position really to judge what will the banks do in the coming weeks, and to whether my offer is safe or not...