The NEW waiting to exchange thread...

SoTiredTho

After a few weeks of back and forth between our solicitor and the vendor's solicitor over whose responsibility it was to get an old lease removed from the land registry... The vendor's solicitor has finally caved and done it. 

Which is a relief! But the process will apparently take a couple of weeks and we've been told we've been on the cusp of exchanging contracts since the beginning of January, and were really hoping to move out of our grotty/small flat this month.

( Also seeing as our first house purchase ended up collapsing literally the day before we were meant to exchange contracts back in September, my partner and I are both feeling very on edge.) 

Got our fingers crossed. 

Anty21

badger09 said:

oniongirl said:

Guys, hold up. There are 5 people in our chain: FTBs, us, our vendors, their vendors and their vendors, a divorcing couple. We were told the ex-wife had moved in with family and the ex-hubby was staying in the property until Exchange.

Today I found out there's a new build at the end of the chain that no one told me about. I presume it's the ex-wife, but no one seems to be sure. Apparently the developers of said mysterious new build have given an ultimatum of the 5th Feb to complete, but our buyers solicitors have only just sent them their revised mortgage deed to sign (they needed to apply for a new mortgage because this has dragged on for so long because of the people at the end of the chain), which then has to be returned, which I suspect won't happen before Friday, when we would need to exchange by.

I mean... I don't want to call their bluff, but surely completing on, say, the Monday instead of the Friday wouldn't be the end of the world to the developer? It'd make more sense to give them 3 days rather than to find a new buyer, right?!

I can't believe we're this close to exchange and the chain could be about to fall apart after nearly 7 months.

Hopefully, too many people now have too much to lose to let that happen.

Quote from our solicitor this morning re developer at top refusing to accept COVID rider (requested by someone else, after he apparently waited way more than 6 months for chain below to reform) "if there is a builder/ developer involved anywhere in a chain, they always try to call the shots" 
If we, the cash buyers at bottom of chain pull out now, as I'm sorely tempted to do due to various unreasonable demands, I'd guess he won't sell his conversion this side of June, let alone next week!

I am sorry to read this - I hope it gets resolved for you, it just adds to the stress and takes any potential excitement away ☹️ 

tigerlily74

It is exciting to see so many of you getting firm dates. Fingers crossed we do too, even if it is only for our sale and we have to go into temporary accommodation! 

@wiseowl00 how did you find out how long it would take for your solicitor to hear back from your lender? I can’t find anything by searching online and I don’t want to harass my solicitor!

oniongirl

badger09 said:

oniongirl said:

Guys, hold up. There are 5 people in our chain: FTBs, us, our vendors, their vendors and their vendors, a divorcing couple. We were told the ex-wife had moved in with family and the ex-hubby was staying in the property until Exchange.

Today I found out there's a new build at the end of the chain that no one told me about. I presume it's the ex-wife, but no one seems to be sure. Apparently the developers of said mysterious new build have given an ultimatum of the 5th Feb to complete, but our buyers solicitors have only just sent them their revised mortgage deed to sign (they needed to apply for a new mortgage because this has dragged on for so long because of the people at the end of the chain), which then has to be returned, which I suspect won't happen before Friday, when we would need to exchange by.

I mean... I don't want to call their bluff, but surely completing on, say, the Monday instead of the Friday wouldn't be the end of the world to the developer? It'd make more sense to give them 3 days rather than to find a new buyer, right?!

I can't believe we're this close to exchange and the chain could be about to fall apart after nearly 7 months.

Hopefully, too many people now have too much to lose to let that happen.

Quote from our solicitor this morning re developer at top refusing to accept COVID rider (requested by someone else, after he apparently waited way more than 6 months for chain below to reform) "if there is a builder/ developer involved anywhere in a chain, they always try to call the shots" 
If we, the cash buyers at bottom of chain pull out now, as I'm sorely tempted to do due to various unreasonable demands, I'd guess he won't sell his conversion this side of June, let alone next week!

I did think that exact same thing. Feels a lot like cutting off your nose to spite your face. Someone has asked if our buyers solicitors will exchange without having the original signed mortgage deed. I suspect not.

I hope you manage to get through yours without too much more hassle? Just think, in 5 to 10 years time maybe the memories will have faded enough to think about doing it all over again 😂

annetheman

I'm anxious and freaking out and scared my HA's solicitor is going to reject my mortgage. Even if they don't, I'm scared something else is going to happen and my offer will be taken away, or the B1 will become a B2 before completion.

Or something else diabolical, surely.

I have nothing positive to add. Work is busy enough to distract me but as soon as it's over: hello anxious worst-case-scenario imagination land

Good. Luck.

Sotts

annetheman said:

I'm anxious and freaking out and scared my HA's solicitor is going to reject my mortgage. Even if they don't, I'm scared something else is going to happen and my offer will be taken away, or the B1 will become a B2 before completion.

Or something else diabolical, surely.

I have nothing positive to add. Work is busy enough to distract me but as soon as it's over: hello anxious worst-case-scenario imagination land

Good. Luck.

I want to say pull yourself together, why would HA reject your mortgage offer.  Then realised i thought exactly the same yesterday about my HA 😂
They won't.  They want you to buy the property and move in.  

youth_leader

Good luck to everyone. I feel so unsettled waiting for the exchange/completion date to be confirmed by my solicitor, I agreed it on the the phone with my vendor two weeks and three days ago.  Everything is happening in slow motion but time is passing quickly.

jrrrrj

Due to exchange today and complete on Monday. Halifax confirmed yesterday that a chaps payment had been ordered. Nerve wracking! The end is in sight though! 🤞 

rachlikeswinter

Sotts said:

annetheman said:

I'm anxious and freaking out and scared my HA's solicitor is going to reject my mortgage. Even if they don't, I'm scared something else is going to happen and my offer will be taken away, or the B1 will become a B2 before completion.

Or something else diabolical, surely.

I have nothing positive to add. Work is busy enough to distract me but as soon as it's over: hello anxious worst-case-scenario imagination land

Good. Luck.

I want to say pull yourself together, why would HA reject your mortgage offer.  Then realised i thought exactly the same yesterday about my HA 😂
They won't.  They want you to buy the property and move in.  

Literally this @annetheman Your developer is GAGGING for your rent money - think how much profit they’ve lost on that empty plot over the last year. There is not one single chance they will reject it - they’re in it to make money (even if shared ownership companies are ‘not for profit’ - they still have to claw back their sunk costs!) and to reject you and start again with a new buyer is not good business sense!

Deep breaths. Ommmmmmmmm

JessJ23425

JessJ23425 said:

mlb95 said:

mlb95 said:

Morning, I too am hoping to exchange today 🤞 Solicitor has just rang to ask for authority to do so and is now speaking to the vendors solicitor to ensure she has vacated the property and happy to exchange. As they didn't want a COVID clause but also didn't want a simultaneous exchange/completion, so she has to leave in case she needs to self isolate between now and completion 🤷 Hopefully completing on Friday ...

We have exchanged 🎉 , completing on Friday 🤞 . Hope everyone else who was hoping for the same today has also 🙂 

Congrats!
Getting me worried.. we're also supposed to be competing on Friday, had the completion statement through today and confirmation of mortgage release on Thursday but we're still not exchanged and solicitor has sent another query today (hopefully a straightforward reply will seal it!) 

Hurah! Just gave solicitor the go ahead to exchange today, completing tomorrow.
FTB purchasing no chain house.

Offer accepted 9th October
Completed 29th January

Not too bad for the current climate I feel!