The NEW waiting to exchange thread...

mm1985

Due to exchange on Tuesday. Everybody has signed contracts and all is good to go (we should be completing on Thursday) but have just found out our buyers buyers are going over to their house to ‘check if their are any holes in the floor’ they have amtico flooring and from a quick nosey on Rightmove the house looks very well looked after but now I’m panicking the bottom of the chain may pull out 😫

kenneth77

Weve had searches back, signed transfer deeds and checked over searches. Returned and received by solicitor and I believe all that's left is a imdenity insurance from one  party in chain left. How long should I alexoecf to wait for that or is that like asking how long a piece of string is? Was hoping we might get exchange date this week!!! 

kenneth77

kenneth77 said:

Weve had searches back, signed transfer deeds and checked over searches. Returned and received by solicitor and I believe all that's left is a imdenity insurance from one  party in chain left. How long should I alexoecf to wait for that or is that like asking how long a piece of string is? Was hoping we might get exchange date this week!!! 

Apologies should have pressed preview first! How long should I expect to no wait for exchange? Is it worth a daily call to push now?! 

Drawingaline

FTB_Help said:

Peppermint90 said:

FTB_Help said:

Peppermint90 said:

My solicitor  received all the searches this week and has sent out enquiries, but says it will take until mid-feb to complete.... How long are your solicitors planning on taking / have taken? 

Wait what?? Its going to take them until mid-Feb (4/5 weeks) to answer your enquiries?

You sound surprised...so I take it as thats not the norm? 

I just thought you had everything back except answer to enquiries? I just didn't expect vendors to take that long to respond to enquiries!

It's not how long the vendors take to answer, normally if they are living in the house and know it well and have all the paperwork to hand they will get answers to their solicitor in 24/48hrs. But then their solicitor needs to review it all, write it all up for the buyers solicitor who then needs to review it all and write the report for the buyers. If you have no pressing need to exchange asap (ie, someone's mortgage offer expiring) then  it won't be turned around that quick. Sometimes answers to enquiries need more detail, sometimes answers are not satisfactory to one party and indemnity policies need to be looked at. Also the buyers solicitors need to check the mortgage company is happy if buying with a mortgage.

Our enquiries for our purchase took about 5 weeks to get to exchange point. Unfortunately then our buyer pulled out so we are up against it timewise as new buyers solicitor didn't so anything for nearly two months meaning the enquiries were received last Monday and we have to complete on the 27th as that's when our mortgage offer expires. So ours is a priority now over a non priority case. And all solicitors are absolutely slammed right now, more so than normal.

Enquiries are often the bit that takes the longest. Luckily because we had answered them all with our first buyer we knew what to expect and only had two additional ones.

We had a complete chain at the end of July. We will hopefully move on 27th Jan!!!!!

mm1985

So there we were, exchange planned for tomorrow, completion on Thursday. All parties confirmed that contracts were signed on Friday...get a phone call from solicitor at 11am today saying completion will not be going ahead on Thursday as planned because our buyers solicitors have lost the signed contract. It was delivered to the office on Friday, signed for but now is nowhere to be seen. My anxiety levels are through the roof. 

If solicitors can find the paperwork today, or come up with another option to have it signed by 4pm today then our solicitor could still request for funds to be drawn down and we could possibly still complete on Thursday as planned and not lose our removals deposit but if that happens is anybody’s guess 

Mineral1

It's up to you to tell them what you want and instruct them but lots are advising clients against anything other than same day exchange and completion. Ours would make us sign a waiver to say we went against their advise and cant hold them accountable if we didnt exchange and complete same day.

Cuddlybearman

Cuddlybearman said:

Hiya - I think I'm on this list (I hope!!) you'll have to tell me if you think otherwise.

Had an offer accepted on the 30th October after some messing about from 2 fake offers. The accepted guy is a buy-to-let customer and seemed to have his ducks in a row - he even went through all his prep with me and the EA and looked ok to me. He was getting a BTL mortgage from Nationwide.

I had an offer accepted on our new dream house the next day - place is pretty much empty they are not buying anywhere so chain free that end. My mortgage with HSBC was offered 6 days later (!)

Anyway turns out that the buyer was ill advised with Nationwide and they actually sub this out to another lender. So while he has 75% LTV and was told that was ok turns out they wanted 70% LTV that he couldn't do - all that took 26 days to find out - grrrrr

So on the 26th November he went to mortgage broker and went for a BTL mortgage with Satander (which is good news I guess at the broker would know right from wrong).

They did the survey on 9th December by drive-by - all received ok

Last week of December both solicitors said they expected legal paperwork would be ready probably second week of January.

HOWEVER - as of today he STILL doesn't have his mortgage offer yet and I'm completely fed up and tired of this spinning around in my head. I can't get excited about anything or plan anything because I know what banks are like and they can just pull the plug at any minute - and now this lockdown is coming (although I think housing market will carry on as they can't afford to stop that as well) its another excuse to drag stuff out even more.

So hopefully I can stay on this thread LOL but trust me I would quite like to be off it as soon as possible!!

So update on mine - still waiting for news. EA advised me on Friday that the buyer spent 4 hours (!) on hold to the bank and was told he would get their offer this week ( i would assume that means he'll get a reply as i doubt they would have confirmed the offer over the phone). However the buyer has transferred his deposit to his solicitor so he seems confident with whatever he was told.

I haven't heard from my solicitor since they asked me to transfer search fees (figures.....) way back in October so i have no clue where they are at. EA has asked them too and hasn't had a reply.

My selling EA is chasing their solicitor every other day as well.

Just keep on waiting and waiting and waiting....................

babiesmummy

We accepted an offer on our house on 14/09. We are breaking the chain as the house we are buying wont be vacated in time. Unbeknown to us our buyer is using Purple Bricks solicitor, we are now at 17wks and I'm so frustrated with the whole process 😫 

Doodlebugs

mm1985 said:

So there we were, exchange planned for tomorrow, completion on Thursday. All parties confirmed that contracts were signed on Friday...get a phone call from solicitor at 11am today saying completion will not be going ahead on Thursday as planned because our buyers solicitors have lost the signed contract. It was delivered to the office on Friday, signed for but now is nowhere to be seen. My anxiety levels are through the roof. 

If solicitors can find the paperwork today, or come up with another option to have it signed by 4pm today then our solicitor could still request for funds to be drawn down and we could possibly still complete on Thursday as planned and not lose our removals deposit but if that happens is anybody’s guess 

Oh that sounds stressful, are their solicitors not local? I’m guessing they can’t just drop another signed copy off. How careless to misplace or lose a signed contract. I hope they can get it sorted in time. 

mm1985

Doodlebugs said:

mm1985 said:

So there we were, exchange planned for tomorrow, completion on Thursday. All parties confirmed that contracts were signed on Friday...get a phone call from solicitor at 11am today saying completion will not be going ahead on Thursday as planned because our buyers solicitors have lost the signed contract. It was delivered to the office on Friday, signed for but now is nowhere to be seen. My anxiety levels are through the roof. 

If solicitors can find the paperwork today, or come up with another option to have it signed by 4pm today then our solicitor could still request for funds to be drawn down and we could possibly still complete on Thursday as planned and not lose our removals deposit but if that happens is anybody’s guess 

Oh that sounds stressful, are their solicitors not local? I’m guessing they can’t just drop another signed copy off. How careless to misplace or lose a signed contract. I hope they can get it sorted in time. 

They’re a good 100miles away but we’ve just found out they are driving there now to deliver it by hand. We know completion now won’t be Thursday but I think there is the chance it could be Friday or at the latest Monday