The NEW waiting to exchange thread...

oniongirl

oniongirl said:

My go! I've tried to stay calm and easy going, but it's tough.

30/06 - Put house on the market

04/07 - Accepted asking price offer

04/07 - View "our" new house

05/07 - Viewed it again, because I wasn't interested the first time thinking the other house we were seeing that same day was going to be better (it wasn't)

06/07 - offered under asking

07/07 - offered asking

09/07 - got AIP, and offer was accepted 

31/07 - chain complete: FTB > us > "our house" > "their house" > new build

09/10 - top of the chain collapses. Something about the searches on the new build means they have pulled out after 3 months. It appears this happened a while ago but they kept it quiet. After tears, we convince ourselves that staying put is better. Think of all the money we'll save. Our house is lovely. We're only going because we can, not because we must.

16/10 - the top of the chain have found somewhere else. That house is a divorcing couple, one going in to rented, the other to a new build. Nobody seems to know if there build is anywhere near being built or not. Give up hope of being in before Christmas.

02/11 - I'm sure something happened in between this and the last date, but I was consumed by doom and gloom. Our Sellers' agents ring us and say that someone has agreed to break the chain and move in to rented (unsure who) and now we're looking to exchange in December, subject to searches, according to our Sellers' agent. Emotions conflicted as was imagining swimming in piles of money that we'd"save" by not doubling our mortgage in the middle of a pandemic.

03/11 - according to MSE forum, searches are taking 6 weeks. Give up hope to be in before Christmas completely despite the agents saying it's very likely.

11/11 - get bored waiting to hear something, ANYTHING, and write this post

We are still here. No one is breaking any chain, someone lied. There is a hold up at the top of the chain, one part of which is there are enforcement proceedings against the developer, amongst other things.

Our buyers' mortgage offer expired at the beginning of January so they've reapplied. The mortgage valuer was due last Thursday, but they took my phone number down incorrectly, so we rearranged to today. Am suddenly terrified my house isn't worth what we sold it for, even though we agreed our sale before the stamp duty announcement and everything similar since has gone for £20k+ more than we sold for.

Still here, nearly 6 months after the chain completed. SIIIIIGH.

retepetsir

Tuesday1510 said:

Hello,
Just recieved this from my solicitor. Anyone know what the final search is? Is it the pre-completion search?
And what is the final ok from the lender? We are just about to exchange and have no completion date yet so I am assuming this isnt a request for the funds to be released.

1. Your signed documentation has been received.
2. I now just await the final OK from your lender and the final search. I am chasing these and will let you know once received.
3. Your LISA funds should arrive with me on Friday 22nd, so thereafter once the above are received, we can then proceed to an exchange!

I am in full panic mode!! Thank you

Is it a credit search from the Lender?!

MandM90

MandM90 said:

Hello, can I join?
17/12 offer accepted
18/12 solicitor instructed
21/12 mortgage application submitted
06/01 title deeds sent - searches due in next 3 weeks
12/01 our survey booked
13/01 bank valuation booked
We're chain free both ends so - like everyone and his dog - hoping to get the deal done before end of March. It's a second property for us so that'll save us a hefty chunk, but if not we can cope and have the funds ready and waiting. Really excited to get in there!

14/01 valuation done (was rescheduled)
20/01 - offer issued
Today the probate was meant to be seen in court, searches seem to be coming back ok. I'm English and buying in Northern Ireland so not really sure on the conveyancing process here but solicitor confident we can exchange late feb/mid march!

Irishpearce26

Tuesday1510 said:

Hello,
Just recieved this from my solicitor. Anyone know what the final search is? Is it the pre-completion search?
And what is the final ok from the lender? We are just about to exchange and have no completion date yet so I am assuming this isnt a request for the funds to be released.

1. Your signed documentation has been received.
2. I now just await the final OK from your lender and the final search. I am chasing these and will let you know once received.
3. Your LISA funds should arrive with me on Friday 22nd, so thereafter once the above are received, we can then proceed to an exchange!

I am in full panic mode!! Thank you

I would take a guess that the ok from the lender is for them to transfer the funds or the mortgage offer. The final search I guess is the local searches regarding the property i.e. drainage, environment etc. Its common practice to not exchange until all searches and mortgage offer are in.

Kelb93

I’ve found out today that the hold up for my purchase is due to probate at the top of the chain. Has been confirmed that we will not complete before my offer expires but my broker has been amazing and has helped enormously at keeping me calm today. He’s told me not to worry and leave him to work on getting an extension. Hopefully things will go smoothly. 

benp1992

We've joined the process this week, with an investor purchasin our house and the house we are purchasing being chain free

House on the market 14/01/21

Offer accepted on house we want 14/01/21

House sold 18/01/21

Solictor insturucted 19/01/21

Mortgage advisor instructed 19/01/21

Fionaanne141

Im in a chain of three properties (FTB to my buyer to me and then my sellers). We’re close to exchange and completion bar a couple of outstanding enquiries. The EA at top of the chain is suggesting a completion date of 12th Feb and asked me to check down the chain if they are all okay with that. I’m now not sure what to do if they all say yes , do we each simply inform our solicitors and hope they work to that date? Is it almost meaningless? Should I booked removals for the 12th if everyone in chain says yes or wait until my solictor confirms with their solictors? 

I’ve been waiting so long to hear a date for completion I guess I’m now not sure how and when I take it seriously 😂

Irishpearce26

calamityjenny said:

Tuesday1510 said:

Hello,
Just recieved this from my solicitor. Anyone know what the final search is? Is it the pre-completion search?
And what is the final ok from the lender? We are just about to exchange and have no completion date yet so I am assuming this isnt a request for the funds to be released.

1. Your signed documentation has been received.
2. I now just await the final OK from your lender and the final search. I am chasing these and will let you know once received.
3. Your LISA funds should arrive with me on Friday 22nd, so thereafter once the above are received, we can then proceed to an exchange!

I am in full panic mode!! Thank you

I was told by my broker that just before they release the money they do a (soft?) search, just to make sure that you haven't taken out a bucket load of finance since the mortgage offer was made.

This wouldn't be the solicitors job to chase, many lenders don't carry out another credit search in between offer and completion unless its either their policy or if the person may have adverse credit. I would be confident the solicitor is chasing a local search regarding the property. Best just to ask the solicitor what he means.

badger09

Tdawes said:

Hi guys, FTB here part of a 3 home chain.

Was getting pressure at the end of last week from our vendor and estate agent for the signed contract docs to arrive in time for an exchange this week. We got the go ahead all had arrived yesterday and prepared for an exchange today and completion on 27th Jan. Fast forward to this morning, we're told that there's a tenant in the property at the end of the chain who's not going to be leaving until 8th Feb so completion won't be til earliest 15th. Neither we nor our solicitor had any idea there was a tenant in the mix and the estate agent (who's selling both houses) seems to deny any responsibility for this. The tenant is apparently a friend of the owner so no tenancy agreement. We've already purchased furniture and white goods which has really screwed us now. Do we have any recourse here? We're also massively worried that there's no commitment from the tenant to leave on any specified date. Any words of advice would be really helpful.

Sorry. I now realise my previous reply wasn’t helpful to you (though I stand by it). 

Having been in the situation where our vendor’s onward purchase was tenanted I would say there is very little you can do at this stage, other than write this one off & start again. (This was forced on us when our vendors realised they couldn’t buy the house they wanted so withdrew theirs from sale). 

UNLESS you can actually speak to the tenants to find out exactly what their intentions are. 

We’re also currently in temp accommodation belonging to relative of our friend. We’re definitely not tenants and we would move out into a hotel if friend decided to sell. If they are actually tenants, and don’t want to leave, it will be a long time before you can complete. 

I do think you’ve jumped the age gun by buying white goods and furniture though😉

Caz_Mnaz

My oh is technically my tenant (my mortgage, house in my name but he lives here and pays me some money each month)

He had to sign a declaration to say he will vacate on completion, could they not do the same?