The NEW waiting to exchange thread...

ThriftyGinger

sarahjanelodge said:

I'm stressing was sopose to exchange last Tuesday but now my solicitor has found a leasehold lasting 999 years from 1939 on the freehold property we are buying and has insisted it be removed. He states it won't have no immediate impact but thinks our lender won't release funds because of it. Sellers solicitors has applied to land registry but this can take ages right.... ?! 😢😭

Urgh, sodding leases - they seem to triple the time solicitors need to handle anything. Can't believe they've only just found out about it! That must be so stressful. If a problem with a lease is delaying a sale then the solicitor can expedite it with the Land Registry, making sure it's assessed within about two weeks - but it'll still take a while to solve after that, I'm at the three week mark right now with a leasehold problem.

ThriftyGinger

Update: searches came back clear today, and survey should be done this week too - finally. Hopefully that comes back without an issue. Once the Land Registry have solved the issue with my lease extension, I'm told we'll be ready to go: I still doubt it'll be before Christmas but... let's hope!

Bad_Accountant

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.

17/11/2020 - searches and queries back. No obvious problems! The seller's conveyancers are better this time and can now write in complete sentences, and take less than three weeks to reply to anything! Hoping the survey this Friday doesn't throw up any problems.

Good luck everyone!

littlemiss19

Process for selling a leasehold flat and buying a freehold house?

Hi, just got an offer accepted on a house we want to buy and have just sent back the signed contract to our solicitors for the sale of our flat. We need to sell before we buy and understand the leasehold will take longer than the freehold to complete, but can anyone give me a rough guide of the steps that are taken in each process. I realise timings are subjective but would like to know what the process is.

Thanks!
Littlemiss

sancahojo

How long are your searches taking? Our buyer’s solicitor apparently submitted request 6 weeks ago and have now said they are only expecting them on 11th December - we are based in Greenwich London.

ftb_1995

sancahojo said:

How long are your searches taking? Our buyer’s solicitor apparently submitted request 6 weeks ago and have now said they are only expecting them on 11th December - we are based in Greenwich London.

Not in Greenwich but ours took 7/8 weeks and that was the turnaround time that council said. It’s quite accurate so you will probably receive them on 11th December. Did you get that date directly from the council? 

Chloe901

fleur8 said:

Mortgage deed signed. Enquiries back. When do we get a completion date?

If everything is done from your perspective you could start floating some dates with your solicitor, and ask whether that's feasible from their perspective (i.e. do they need X days to request funds from lender, or are they on leave that day), and if so ask that they start to discuss those dates with the rest of the chain. We did this and once we had started to hone in on a likely-looking week, we utilised the estate agent for the house we're buying, who was great at ringing around everyone and getting the date nailed on.

sarahjanelodge

Weve just had a massive hold up right before we were due to sign contracts . Its a freehold property yet in 1939 some chap took a lease out for 999 years and until its removed from the deeds we can't continue with the purchase. Apparently the sellers solicitor has taken this up with land registry but they are on a huge back log and we could be waiting months. There is no way around this and its driving me crazy. Its an empty house that we put an offer in for August this year. Also first time buyers so no chain either side!! 😭😭😭

badger09

sarahjanelodge said:

Weve just had a massive hold up right before we were due to sign contracts . Its a freehold property yet in 1939 some chap took a lease out for 999 years and until its removed from the deeds we can't continue with the purchase. Apparently the sellers solicitor has taken this up with land registry but they are on a huge back log and we could be waiting months. There is no way around this and its driving me crazy. Its an empty house that we put an offer in for August this year. Also first time buyers so no chain either side!! 😭😭😭

That must be really frustrating for you. But.... looking for the silver lining, at least you're not going to lose your purchase and sale (because you've nothing to sell ) because of this delay .

MaryNB

MaryNB said:

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.

Dropped the signed mortgage deed and contract to my solicitor this morning. Deposit is in their account. 
🤞 🤞 🤞 🤞 for exchange on Friday (and a few more 🤞 🤞 🤞  for lockdown ending on December 2nd so I can get some furniture. Otherwise it'll be a camping chair and airbed for a few weeks).