The NEW waiting to exchange thread...

ccfc1972

krusty101 said:

ccfc1972 said:

An update on ours...due to complete on the 15th, everyone has removal firms booked.

Seems like there is still an issue with the purchase at the top of the chain regarding the Freehold. The current owners purchased it back in March, but apparently, there is no available documentation for it. So it is currently showing as not registered as a feehold. It may be that it is just not showing on the land registry yet OR the solicitors that dealt with it may not have registered it properly. So they are waiting on an undertaking from Countrywide that this has been done, or will be done, before they can agree to exchange.

The issue is Countrywide have not responded to any emails or phone calls, so we are waiting on a reply from them so that we can agree an exchange/completion date.

Night.
Mare.

We’re buying our lease at the moment and have been told it can take up to 12 months for the Land Registry to do their bit, but once we have an offer and Memorandum of Sale we can apply for the LR to expedite it and it would take about 1 month. Sounds like in your case they didn’t do that. 

So if they didn't, it will be a case of just getting a letter to the effect that it has been purchased but hasn't been changed yet?

ThriftyGinger

So... I gave my permission to exchange this morning so I presume it's happened...

And now I'm chasing my help to buy ISA closing statement so I might get the bonus before next Friday when we complete! (Bloody COVID, closing the banks...)

Sotts

Tiglet2 said:

Sotts said:

So stupid question from me- do you agree the completion date then work backwards to exchange date.   Do you all need to exchange on the same day, or is it the completion date that needs to be agreed

Everyone in the chain has to be ready in order to exchange.  When they are ready, they need to decide on a completion date agreeable to everyone (this is why contemplative dates are suggested up and down the chain to ascertain preferences).  Once everyone has agreed on a completion date, then exchange may take place, but it is important to note that exchange can take place any time up to the completion date.  There isn't an exchange date set.   Let's say everyone decides (this includes solicitors and lenders) that 29th January is a suitable date, then they will try to exchange at any point between now and the 29th.  The exchange date is not important, what is important is that each client has given their authority to exchange, the solicitors have confirmed that the lenders will release the monies in time for completion and all the solicitors are able to contact each other on the day the exchange is initiated.  If one client is uncontactable or a solicitor is in a meeting and someone else cannot take over the file, then exchange will wait another day.  Everyone needs to exchange on the same day.

Great thanks for that 

Sotts

fleur8 said:

We are ready to exchange but I’m not sure whether to proceed because there’s a risk that the co-freeholder might be crazy 

This sounds intriguing

amandacat

I’m having 3 weeks between exchange and completion that has been agreed with both solicitors. 
I haven’t heard a thing from my solicitor this year so far but I’ve done everything as the seller and am waiting for buyer searches still- has now been 5 weeks but I guess with Christmas and covid it might take a bit longer. 

krusty101

ccfc1972 said:

krusty101 said:

ccfc1972 said:

An update on ours...due to complete on the 15th, everyone has removal firms booked.

Seems like there is still an issue with the purchase at the top of the chain regarding the Freehold. The current owners purchased it back in March, but apparently, there is no available documentation for it. So it is currently showing as not registered as a feehold. It may be that it is just not showing on the land registry yet OR the solicitors that dealt with it may not have registered it properly. So they are waiting on an undertaking from Countrywide that this has been done, or will be done, before they can agree to exchange.

The issue is Countrywide have not responded to any emails or phone calls, so we are waiting on a reply from them so that we can agree an exchange/completion date.

Night.
Mare.

We’re buying our lease at the moment and have been told it can take up to 12 months for the Land Registry to do their bit, but once we have an offer and Memorandum of Sale we can apply for the LR to expedite it and it would take about 1 month. Sounds like in your case they didn’t do that. 

So if they didn't, it will be a case of just getting a letter to the effect that it has been purchased but hasn't been changed yet?

Yes that’s what our solicitor has said. He can confirm the lease has been purchased although he did say not all buyers/ buyers solicitors would accept it. But I guess you would be happy to by the sounds of it. 

ccfc1972

krusty101 said:

ccfc1972 said:

krusty101 said:

ccfc1972 said:

An update on ours...due to complete on the 15th, everyone has removal firms booked.

Seems like there is still an issue with the purchase at the top of the chain regarding the Freehold. The current owners purchased it back in March, but apparently, there is no available documentation for it. So it is currently showing as not registered as a feehold. It may be that it is just not showing on the land registry yet OR the solicitors that dealt with it may not have registered it properly. So they are waiting on an undertaking from Countrywide that this has been done, or will be done, before they can agree to exchange.

The issue is Countrywide have not responded to any emails or phone calls, so we are waiting on a reply from them so that we can agree an exchange/completion date.

Night.
Mare.

We’re buying our lease at the moment and have been told it can take up to 12 months for the Land Registry to do their bit, but once we have an offer and Memorandum of Sale we can apply for the LR to expedite it and it would take about 1 month. Sounds like in your case they didn’t do that. 

So if they didn't, it will be a case of just getting a letter to the effect that it has been purchased but hasn't been changed yet?

Yes that’s what our solicitor has said. He can confirm the lease has been purchased although he did say not all buyers/ buyers solicitors would accept it. But I guess you would be happy to by the sounds of it. 

Yes, had an update from EA last night that the letter is on the way and should be there by Tuesday, which means we MAY still be able to exchange next week and complete on Friday.

WiseOwl00

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.
25/11 - mortgage offer received.
22/12 - searches due back (nearly 6 weeks after requesting!) 
04/01 - draft contract received to be signed (3 weeks after solicitor posted - post has been crazy round here!)
06/01 - solicitor has searches + raised enquiries.
08/01 - received fixture + fittings form and property information (finally!). 

I feel like we've been sat twiddling our thumbs for the last 11 weeks waiting for people to send us forms, etc. Then all of a sudden we've received loads of information regarding the property this week, and feel under pressure to read and understand it all quickly! The vendor seems really keen to move - they want a completion date of next week. We are definitely keen to move, as we've been trying to buy since July, but I don't want to cut corners! I've told my partner that we should raise any enquiries about anything we're not sure about, but apparently I'm being uptight and worrying about nothing.  The house has a loft conversion and conservatory - it's very unlikely they will have building regulations or planning permission due to when they were built, but I want to know this for definite from the solicitor and understand any implications this may have. Chances are it will be fine and not an issue, but I'd rather know this now than worry down the line when trying to sell. But apparently this is me being uptight.  Nonetheless, going to spend the day reading all the forms thoroughly and then will email all my enquiries to the solicitor. 

tigerlily74

WiseOwl00 said:

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.
25/11 - mortgage offer received.
22/12 - searches due back (nearly 6 weeks after requesting!) 
04/01 - draft contract received to be signed (3 weeks after solicitor posted - post has been crazy round here!)
06/01 - solicitor has searches + raised enquiries.
08/01 - received fixture + fittings form and property information (finally!). 

I feel like we've been sat twiddling our thumbs for the last 11 weeks waiting for people to send us forms, etc. Then all of a sudden we've received loads of information regarding the property this week, and feel under pressure to read and understand it all quickly! The vendor seems really keen to move - they want a completion date of next week. We are definitely keen to move, as we've been trying to buy since July, but I don't want to cut corners! I've told my partner that we should raise any enquiries about anything we're not sure about, but apparently I'm being uptight and worrying about nothing.  The house has a loft conversion and conservatory - it's very unlikely they will have building regulations or planning permission due to when they were built, but I want to know this for definite from the solicitor and understand any implications this may have. Chances are it will be fine and not an issue, but I'd rather know this now than worry down the line when trying to sell. But apparently this is me being uptight.  Nonetheless, going to spend the day reading all the forms thoroughly and then will email all my enquiries to the solicitor. 

I am sure if the vendor is that motivated they can answer your enquiries quickly. Good luck! I wish I was in your shoes. Sadly my vendor used purple bricks’ solicitors so who knows how long we will wait for this one last piece of information we have been waiting for since November.

WiseOwl00

tigerlily74 said:

I am sure if the vendor is that motivated they can answer your enquiries quickly. Good luck! I wish I was in your shoes. Sadly my vendor used purple bricks’ solicitors so who knows how long we will wait for this one last piece of information we have been waiting for since November.

We're in touch with the vendors via text, and they've already answered the enquiries from our solicitors so they're really quick. But ours is also using Purple Bricks' solicitors and we didn't receive our fixture + fittings forms (which the vendors filled out in November) until yesterday...