The NEW waiting to exchange thread...

annetheman

rachlikeswinter said:

annetheman said:

Has anyone experience  exchange via a Housing Association (Shared Ownership); how long did it take for them to approve your mortgage offer?

My solicitor said: "we are just waiting on mortgage approval from sellers solicitors. That needs to be sent to KRBS for approval before we can exchange."

So I have no idea how long they will take to approve the mortgage, no idea if they would reject it and what reason they might have to reject it (but obviously massively freaking out that they will). 

Ohhhh this process is totrturous, truly.

Completion target: 26th Feb ;[

Hey - my developer accepted my mortgage offer within a week or two. There’s literally zero reason they would reject it - unless it’s a different product then the one you applied with initially, I.e monthly expenses higher which could affect 45% affordability. 

I’ve got my completion date set for 26th Feb! Given my solicitor permission to exchange this week, should be happening any day now - developer has confirmed they’re ready to go. Eeeee!

Ohhh it is way different than initial eligibility. I applied pre-COVID on a 2.4% rate with Leeds, and offer 10 months later on a 4.04% with KR - I did decrease the amount purchased though (MOS amended) to accommodate the higher rate *just* within 45% as it was before.

Good they didn't take long though. It's just another 2 weeks of torture after 10 months, what's the harm....!

Oh, completion twins - exciting! All the best with your exchange this week  

Vichy03

Hi 👋 
Jumping in if I can 
4 in chain offers accepeted 1st October due to mortgage application for Natwest taking 2 months then taking forever for survey Now we've been told all ready to exchange this week however FTB solicitor is now they won't exchange till 12th Feb complete 26th Feb as  they want the electrics checked in our buyers house this after first agreeing they were happy with paperwork given re the electrics before Xmas. Our buyer didn't want to get it done ( not a legal requirement) anyway managed to get buyer to get check done and its booked for tomorrow weve split the cost to get this done. However agent called FTB they said they want exchange for ASAP and have started the process to close ISA. 
Has anyone encounted solicitors delaying rather than the buyer none of it make sense solicitors say we can still exchange this week if all is OK im wondering if this was the FTB solicitors way to get the check done 

Sotts

annetheman said:

Has anyone experience exchange via a Housing Association (Shared Ownership); how long did it take for them to approve your mortgage offer?

My solicitor said: "we are just waiting on mortgage approval from sellers solicitors. That needs to be sent to KRBS for approval before we can exchange."

So I have no idea how long they will take to approve the mortgage, no idea if they would reject it and what reason they might have to reject it (but obviously massively freaking out that they will). 

Ohhhh this process is totrturous, truly.

Completion target: 26th Feb ;[

Hi im doing SO with mortgage through Kent Reliance.   I think them approving the offer is just ticking a box once they get the papers from KR.   I can't see any reason they wouldn't approve it when they've already approved you based on affordability and everything else.

badger09

Fionaanne141 said:

We’ve tentatively agreed a completion date but just waiting on one more enquiry response before the solicitors will accept the date formally.

My sellers are moving into rented as their nee build won’t be complete until end of March. I just wanted to get peoples thoughts on wether it would be okay for me to ask my sellers if they’d mind leaving their broadband contract in place for a month if I reimburse with interest?
They won’t be moving it to the rented house and I’ll cover costs so have I missed anything obvious as to why I shouldn’t ask? I know my sellers personally from long before I made an offer on the home so I thought it might be worth asking and save me the horror of going without broadband if I can’t get connection in-line with completion date. Damn home working and home schooling! 

No harm in asking. They can only say 'no'.
Don't know what sort of work you do from home, but FWIW, we're currently in temp accommodation with no internet. After initial teething troubles tethering laptop, our £20 each x 80GB 30 day 'bundles' have more than met my needs for internet access for sorting utilities, emails, video/Face Time calls, posting on here etc (less than 15GB used in 20 days). Husband is watching 2 - 3 hours live sports most days but has enough GB left for the next 10 days.    

Sotts

badger09 said:

Cuddlybearman said:

So continuing update....
The survey for the second (third? I give up) buyers mortgage application has been booked in for Monday which is good news at least its real. The surveyor attending came to my house 3 months ago for the same applicant but because the survey was done "3 months and 1 day ago" they need to do it again.    - in fact she has been to my house 3 times over 6 years!

I have to trust the process is underway at least - in the meantime my buyers "new" solicitors seem to be on the case and proactive - i think they have agreed that if they don't get completion done by 20th march they'll forfeit some kind of fee. Although ive told him exchange needs to happen some weeks before then so we'll see. I guess if they started applying for searches yesterday - what are we looking like now.....5 weeks for everything back in? Local council says 26 working days on their website for searches reply.

*Question - if solicitors reeeallllllyyyyy want to do they have ways of speeding up local search responses?

Apologies, but I haven't gone back over your posts. Have any of your previous failed buyers had LA searches done? If so, it is possible for current buyers to buy them. We did just that to speed up the process. Paid full amount for them and we have no recourse if anything goes wrong, but we were ok to take that risk.

I think there are ways to speed up the search process, but will let someone who knows, say how to go about it. 

No they can't speed them up.  I work for a local authority and they do them in date order.  Local searches take the longest of all of them 

WiseOwl00

Nile_E_Coyote said:

My solicitor doesn't seem to want to do anything. He told us to go to the lender to talk about lack of buikding reg issues etc. 

Is that normal?

We've had the same thing, but our solicitor contacted our lender themselves. 

Sotts

Getting frustrated. We're buying SO. Solicitor is waiting for 2 enquiries from the HA.  One relates to parking.  One of the documents says there's no right to park in the underground car park, the other document says parking is available first come first served (have already had an agreement in writing that i can rent a space under the building) 
The other is the roof terrace.  Conflict in 2 documents. One says we can use, the other says,we can't 
Solicitor keeps asking the same question and HA seem to struggle to answer.
Anyway i started packing on Friday.  Today I've lost enthusiasm.  Such simple queries.
That said, my solicitor is working late nights and weekends to get through her casework.  I just want a date !!!  

WiseOwl00

Sotts said:

Getting frustrated. We're buying SO. Solicitor is waiting for 2 enquiries from the HA.  One relates to parking.  One of the documents says there's no right to park in the underground car park, the other document says parking is available first come first served (have already had an agreement in writing that i can rent a space under the building) 
The other is the roof terrace.  Conflict in 2 documents. One says we can use, the other says,we can't 
Solicitor keeps asking the same question and HA seem to struggle to answer.
Anyway i started packing on Friday.  Today I've lost enthusiasm.  Such simple queries.
That said, my solicitor is working late nights and weekends to get through her casework.  I just want a date !!!  

I'm feeling very similar! Enquiries have just been going backward and forwards between the two solicitors for over 3 weeks now. They won't even give us an estimated date of completion. I know I could start packing to speed stuff up, but at the same time I just have no enthusiasm for it because who knows how long it will take.  

Caz_Mnaz

WiseOwl00 said:

Sotts said:

Getting frustrated. We're buying SO. Solicitor is waiting for 2 enquiries from the HA.  One relates to parking.  One of the documents says there's no right to park in the underground car park, the other document says parking is available first come first served (have already had an agreement in writing that i can rent a space under the building) 
The other is the roof terrace.  Conflict in 2 documents. One says we can use, the other says,we can't 
Solicitor keeps asking the same question and HA seem to struggle to answer.
Anyway i started packing on Friday.  Today I've lost enthusiasm.  Such simple queries.
That said, my solicitor is working late nights and weekends to get through her casework.  I just want a date !!!  

I'm feeling very similar! Enquiries have just been going backward and forwards between the two solicitors for over 3 weeks now. They won't even give us an estimated date of completion. I know I could start packing to speed stuff up, but at the same time I just have no enthusiasm for it because who knows how long it will take.  

Packing before exchange is risky, though tempting! I'm glad I only did bits and bobs when it all collapsed out the blue the week of exhange!! 

Fionaanne141

badger09 said:

Fionaanne141 said:

We’ve tentatively agreed a completion date but just waiting on one more enquiry response before the solicitors will accept the date formally.

My sellers are moving into rented as their nee build won’t be complete until end of March. I just wanted to get peoples thoughts on wether it would be okay for me to ask my sellers if they’d mind leaving their broadband contract in place for a month if I reimburse with interest?
They won’t be moving it to the rented house and I’ll cover costs so have I missed anything obvious as to why I shouldn’t ask? I know my sellers personally from long before I made an offer on the home so I thought it might be worth asking and save me the horror of going without broadband if I can’t get connection in-line with completion date. Damn home working and home schooling! 

No harm in asking. They can only say 'no'.
Don't know what sort of work you do from home, but FWIW, we're currently in temp accommodation with no internet. After initial teething troubles tethering laptop, our £20 each x 80GB 30 day 'bundles' have more than met my needs for internet access for sorting utilities, emails, video/Face Time calls, posting on here etc (less than 15GB used in 20 days). Husband is watching 2 - 3 hours live sports most days but has enough GB left for the next 10 days.    

Ahhhh that’s great to know, thank you! I work in digital app development so I’m online all day and also have a tween at home doing school work so broadband is pretty vital but if sellers say no then good to know I can up my mobile contract for a month or so and tether off that. 

I was worried it would cost crazy money so that’s a relief