The NEW waiting to exchange thread...

Doodlebugs

Joining the anxious wait to reach exchange and completion. We have FTB buying our current home and the property we are buying is a tenanted house with no onward chain. Due to COVID-19 the tenants were given 6 months notice to vacate which we are fine with and luckily our buyers are too. Waiting for our mortgage offer, application was submitted 13/11 so not expecting it soon. 

Worryingly we’ve heard very little from our buyers. They haven’t requested a homebuyer report, nor a mortgage valuation. Our home is only 6 years old but I figured everyone got a survey unless it’s new? Would a mortgage lender do a desktop valuation on a property that isn’t brand new? We’ve requested an update from our estate agent. At least their solicitors have made enquiries and requested documents etc. 

It’s going to be a long few months! 

BekahLeaDee

Wanting to jump on in here! Its nice to write things down sometimes! 
Background- sold in August and found a house to purchase for our sale to fall through (mortgage lender wanting more deposit money which our buyer could not afford!) All back in the market.
Jump forward to Monday this week (Nov 16th) we have new buyers who are cash buyers PLUS the house we were buying was still available to purchase! It's still early days but fingers crossed it all works out this time around! 

firsttimebuyerhelpme

Doodlebugs said:

Joining the anxious wait to reach exchange and completion. We have FTB buying our current home and the property we are buying is a tenanted house with no onward chain. Due to COVID-19 the tenants were given 6 months notice to vacate which we are fine with and luckily our buyers are too. Waiting for our mortgage offer, application was submitted 13/11 so not expecting it soon. 

Worryingly we’ve heard very little from our buyers. They haven’t requested a homebuyer report, nor a mortgage valuation. Our home is only 6 years old but I figured everyone got a survey unless it’s new? Would a mortgage lender do a desktop valuation on a property that isn’t brand new? We’ve requested an update from our estate agent. At least their solicitors have made enquiries and requested documents etc. 

It’s going to be a long few months! 

Our mortgage lender did a desktop valuation on our house which is approx 70 years old! 

Beeboo23

I’m finally looking at completion dates after having one house sale fall through after 6 months of waiting for probate and no progress! This whole process has been over a year long. Can’t wait to get the keys!

Doodlebugs

firsttimebuyerhelpme said:
Our mortgage lender did a desktop valuation on our house which is approx 70 years old! 

Wow! Would never have thought they’d do that. Good to know that it’s a possibility though. 

Othmas

Two weeks ago I asked my solicitor to clarify some legal terms in the documents I was given from the searches and the title information. I can’t even get a brief answer. Every day I’m told “tomorrow”. How hard can it be to explain terminology that is your work language? It’s unacceptable. 

fiwen30

Othmas said:

Two weeks ago I asked my solicitor to clarify some legal terms in the documents I was given from the searches and the title information. I can’t even get a brief answer. Every day I’m told “tomorrow”. How hard can it be to explain terminology that is your work language? It’s unacceptable. 

I found that Google was my friend when it came to things like this.

Othmas

fiwen30 said:

Othmas said:

Two weeks ago I asked my solicitor to clarify some legal terms in the documents I was given from the searches and the title information. I can’t even get a brief answer. Every day I’m told “tomorrow”. How hard can it be to explain terminology that is your work language? It’s unacceptable. 

I found that Google was my friend when it came to things like this.

True, I’ve Googled as much as I can but there are some specific issues that need to be clarified. I can’t totally rely on a Google search 😂

Tiglet2

Doodlebugs said:

Joining the anxious wait to reach exchange and completion. We have FTB buying our current home and the property we are buying is a tenanted house with no onward chain. Due to COVID-19 the tenants were given 6 months notice to vacate which we are fine with and luckily our buyers are too. Waiting for our mortgage offer, application was submitted 13/11 so not expecting it soon. 

Worryingly we’ve heard very little from our buyers. They haven’t requested a homebuyer report, nor a mortgage valuation. Our home is only 6 years old but I figured everyone got a survey unless it’s new? Would a mortgage lender do a desktop valuation on a property that isn’t brand new? We’ve requested an update from our estate agent. At least their solicitors have made enquiries and requested documents etc. 

It’s going to be a long few months! 

I would sincerely advise you to read the threads regarding tenanted properties.  Even though the tenants have been served with notice, they do not have to vacate the property.  The only way to get tenants out of a property (if they don't leave at the end of the notice period) is to evict them through the courts and at the current time it could be another year.  

Doodlebugs

Tiglet2 said:

I would sincerely advise you to read the threads regarding tenanted properties.  Even though the tenants have been served with notice, they do not have to vacate the property.  The only way to get tenants out of a property (if they don't leave at the end of the notice period) is to evict them through the courts and at the current time it could be another year.  

Don’t worry we are very aware that is a possibility and considered the different scenarios before agreeing to purchase. We are hopeful that is not going to happen as the tenants are in the process of buying a property themselves and hope to be out before the 6month notice, but we are preparing just in case. We’re happy to complete our sale and go into temporary accommodation if need be, we don’t want to lose our buyers! Will check out the threads though, thanks.