The NEW waiting to exchange thread...

FTB_Help

Doodlebugs said:

FTB_Help said:

Oh !!!!!!! I guess the good thing was they've told you now rather than at the last minute.

Im still working on my purchase that my tenants will be leaving end of Feb, not heard of any changes, so im still clutching on the hopes of exchanging on the 1st week of March

Absolutely, I would have been gutted if they’d only told us the week they were planning on leaving. Taking it as a positive sign that they’re being considerate and keeping us all updated. I appreciate it’s not easy for them to be moving out during a lockdown! 

Should be doable as long as the EA get their end of tenancy check done quickly. Will you look to exchange and complete on the same day? 

We're just waiting on some replies on additional queries we sent a week ago but have sent and signed all docs and sent to the solicitor ready to execute when we do exchange.

We've not discussed exchange/ completion date with my solicitor (my vendor did email me back in oct to say they'll be happy for exchange/ complete the day after the tenants leave).

My solicitor is fantastic so belive she could get everything ready to exchange/ complete same day.

Im still actively watching the stamp duty extention petition for a debate date, just hoping we can make it through before end of march 🤞

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!). 

Still no exchange/completion date. It's been nearly three weeks since our solicitor raised enquiries. I know the vendor has been quick at replying to them (think they've had 3/4 sets of enquiries sent to them), but my solicitor keeps asking for further information and saying the answers aren't incomplete. So, it seems that the problem isn't slowness on either side, just the enquiries not being answered properly which is frustrating. Starting to get really fed up of it all now. Solicitors won't even discuss an estimated completion date, and as a result we're all putting our lives on hold. The majority of us in this transaction work front-line in the NHS and our jobs are directly affected by Covid. We have to plan leave in advance, and can't just book it off last minute. 

Hoping we hear back this week but realised there's no point in getting my hopes up anymore. 

tigerlily74

After apparently doing nothing for the past ten days when she received an unsatisfactory response to the enquiry that has been ongoing since November, my solicitor has now requested the correct information for the 4th time, sent us an interim report on everything else and raised some new enquiries. There is something we weren’t expecting in the deeds that we had read ages ago but not put together til our solicitor spelled it out, so lots of thinking to do. I am looking for rented accommodation just in case it’s a deal breaker. Meanwhile radio silence from the rest of the chain that were demanding a completion date of the 29th on Friday. Does anyone know the likely costs of maintaining a tarmac road/driveway and how often it would be needed?????

pinkundine

So the trainee who has been dealing with my purchase since my original solicitor went off sick is now off until next Tuesday. At least she told me, and copied in someone else who is apparently working on my case. But with everything being passed from person to person, I'm not holding out any hope of exchanging by Thursday, which means I can't give notice on my rental at the right time, which means I may end up having to pay 2 months instead of one. 
It's so frustrating that this could have been sorted so much sooner if original solicitor had done the things he said he'd done. 

oniongirl

badger09 said:

oniongirl said:

Things people said to me on Friday that did not make me feel great, 22nd January edition:
My estate agent: "If we don't have a date by then, then something is REALLY wrong", when I mentioned our broker says we need to apply for an extension on the 1st Feb at the latest because this has been going on since July.
My conveyancer: "I'm surprised you're still carrying on", when asked if there was an end in sight.

Oh no, I'm not surprised you're feeling down again. I haven't checked on your posts, but are your buyers ok with the continuing delay? IIRC, you don't have to move and are happy where you are. I guess at this stage, that is something to keep focussed on. 

Yes, I guess so - they just reapplied for a new mortgage as theirs expired before ours! They are FTBs and our property is (now) priced very competitively; we accepted their offer shortly before the stamp duty announcement and since then prices have gone up ~£20k. They've also spent a LOT of money on various reports and inspections. 

You're right. We can stay put. But we torture ourselves every weekend when we go on our walks as we walk by the house (it's "on the way" to the countryside) and fall more in love with the area! Oh well. It'll be fine, whatever happens.

oniongirl

thaddy said:

oniongirl said:

Things people said to me on Friday that did not make me feel great, 22nd January edition:
My estate agent: "If we don't have a date by then, then something is REALLY wrong", when I mentioned our broker says we need to apply for an extension on the 1st Feb at the latest because this has been going on since July.
My conveyancer: "I'm surprised you're still carrying on", when asked if there was an end in sight.

@oniongirl this sounds similar to our situation. Our mortgage offer is expiring in two weeks and there are still outstanding enquiries which the vendor says are not quick answers. Really hoping to have some positive news this week. Our lender only offers a 15 day extension but I won't hold my breath with the pace that everything has gone so far. Congratulations to those who have managed to exchange and complete...your updates somewhat give me a glimmer of hope! 

Yes, the enquiries at the top of our chain require 3rd parties to respond (such as the council, who have brought enforcement proceedings against the developer of the nearly-new build estate). 

I'll feel in a better position to start asking questions about dates when we reach the 1st and I need to decide between an extension and a new mortgage offer. At the moment I feel really awkward asking for updates. I feel like everyone is fed up of this chain, us, estate agents and conveyancers!

Fingers crossed for you that something happens for you this week!

jonners666

Our buyer apparently submitted their mortgage application last week, but we've had no contact about booking in a survey. 

This was booked pretty much the next day when we sent ours off - is it taking longer at the moment, or with different lenders?  

badger09

jonners666 said:

Our buyer apparently submitted their mortgage application last week, but we've had no contact about booking in a survey. 

This was booked pretty much the next day when we sent ours off - is it taking longer at the moment, or with different lenders?  

Some lenders are simply doing 'Desk top' survey/valuations, so a physical survey might not take place.

badger09

oniongirl said:

badger09 said:

oniongirl said:

Things people said to me on Friday that did not make me feel great, 22nd January edition:
My estate agent: "If we don't have a date by then, then something is REALLY wrong", when I mentioned our broker says we need to apply for an extension on the 1st Feb at the latest because this has been going on since July.
My conveyancer: "I'm surprised you're still carrying on", when asked if there was an end in sight.

Oh no, I'm not surprised you're feeling down again. I haven't checked on your posts, but are your buyers ok with the continuing delay? IIRC, you don't have to move and are happy where you are. I guess at this stage, that is something to keep focussed on. 

Yes, I guess so - they just reapplied for a new mortgage as theirs expired before ours! They are FTBs and our property is (now) priced very competitively; we accepted their offer shortly before the stamp duty announcement and since then prices have gone up ~£20k. They've also spent a LOT of money on various reports and inspections. 

You're right. We can stay put. But we torture ourselves every weekend when we go on our walks as we walk by the house (it's "on the way" to the countryside) and fall more in love with the area! Oh well. It'll be fine, whatever happens.

Walking past every weekend sounds a bit masochistic .
I'm taking the opposite approach and not even looking at the photos and floorplan online. Not wise to go and look for real, as we're in Wales & house is in Shropshire. Just can't get enthusiastic about this purchase. However, my son in HK is making up for it, by constantly looking at the photos & noticing different things. He's also already bagged 'his' bedroom, in the unlikely event he'll be allowed in the country any time soon.

Solicitor phoned this morning to say earliest those higher up the chain will exchange is Mon 1st with completion Thurs 4th, and a COVID rider. I'd hoped to exchange by this Friday at the latest, but I've lost the will to argue. 

kenneth77

Small chain here. All parties (3) in chain happy with completion Friday 29th which was agreed this Monday morning, yesterday, and now we've heard nothing since! Dont want to pester the solicitors, did email yesterday afternoon asking what day we exchange as don't want to change broadband and that until I know for sure but nothing back. And so we wait! Really just hoping we get a call saying we're exchanging now but who knows?!