The NEW waiting to exchange thread...

Insomniac101

Navigaor31 said:

Legit about to lose it... 
Completed at 11am this morning.
Our sellers picked up keys at 12pm. 

They have still not finished sorting their stuff out and we are stuck in Tesco car park waiting. 4hours 30mins after they got their keys.  They still have multiple trips to their new house left to do. 

I don't mind giving extra time... Because life happens and it's stressful...but they are just totally unprepared.

This will totally be me, last minute panic packing

Insomniac101

1234 said:

Looking for forever house for a while and found the perfect home (Young Family).
07/08 - AIP
16/11 - Offer made
17/11 - Offer accepted and solicitor appointed
24/11 - Submitted documents via Financial advisor
7/12 - Valuation agreed and Mortgage offer issued (woohoo)
18/12  - Submitted solicitor pack and search fees paid
06/01 - Surveyor carried out after 1 month wait - No concerns or issues
12/01 - No concerns or issues from searches
05/02 - Exchange
08/02 - Expected to complete but...
Unfortunately seller passed away on weekend of 6/02. We must wait for probate to be granted in order to proceed and likely miss the stamp duty holiday so need to pay additional 13/14k.

That is just  

Irishpearce26

Olive3 said:

We've had an update today, it seems that our buyers are ready to exchange!  All enquiries have been answered, their mortgage is agreed, valuation etc is done and all ok and the FTB buying their house is in the same position. We really didn't expect it to move so quickly, we only accepted their offer on 17 December! Our solicitor has confirmed we are ready to exchange on the sale of our house as soon as we are ready to proceed with our purchase. We've had the searches back on our purchase, our solicitor is waiting for replies to enquiries. We have our mortgage agreed (valuation has been done and was all ok). Our structural survey has been done, and we are negotiating as work needs to be done to roof. The vendors are happy to negotiate, we just need 1 more quote, as we are getting 3. But our vendors new build isn't ready until 26 March, which is the date we are working too. Our buyers really want to move sooner, I'm not sure we can! We would love to move sooner, and the vendors have said (via their solicitor) they will move out if their house is delayed. It is unreasonable to ask them to move out sooner if we get to that stage? I don't want to risk the sale of our house, or pay stamp duty! 

If you renegotiate the sale you will have to get a new mortgage offer based on the new price. If the LTV changes it could mean less money in cash form but a reduction in borrowing so technically no cash to do the repair work. However it all depends on the wiggle room within your LTV product. We had a £3k reduction which increased our LTV by 1% however it didn't affect the product bracket we had which is 85% LTV we are at 81%. A new offer doesn't take long as its just a slight amendment but better to do it earlier than be picked up on completion which will delay everything.

Irishpearce26

Navigaor31 said:

Legit about to lose it... 
Completed at 11am this morning.
Our sellers picked up keys at 12pm. 

They have still not finished sorting their stuff out and we are stuck in Tesco car park waiting. 4hours 30mins after they got their keys.  They still have multiple trips to their new house left to do. 

I don't mind giving extra time... Because life happens and it's stressful...but they are just totally unprepared.

What are the terms in your contract to handover? Once you complete that's it keys in your hand. If they have breached the terms you can claim for costs etc.

bsms1147

1234 said:

Looking for forever house for a while and found the perfect home (Young Family).
07/08 - AIP
16/11 - Offer made
17/11 - Offer accepted and solicitor appointed
24/11 - Submitted documents via Financial advisor
7/12 - Valuation agreed and Mortgage offer issued (woohoo)
18/12  - Submitted solicitor pack and search fees paid
06/01 - Surveyor carried out after 1 month wait - No concerns or issues
12/01 - No concerns or issues from searches
05/02 - Exchange
08/02 - Expected to complete but...
Unfortunately seller passed away on weekend of 6/02. We must wait for probate to be granted in order to proceed and likely miss the stamp duty holiday so need to pay additional 13/14k.

If you’ve exchanged then the vendor (or vendor’s estate) will be in breach of contract so you shouldn’t be out of pocket re stamp duty.

Haythere

Haythere said:

Just given authority to exchange today. Wish me luck 🤞

Top of the chain didnt do it intime so not today! The whole process has been issues with the top of the chain ugh

Insomniac101

Haythere said:

Haythere said:

Just given authority to exchange today. Wish me luck 🤞

Top of the chain didnt do it intime so not today! The whole process has been issues with the top of the chain ugh

Oh no  
This is what I'm worried about, and if we don't meet the Stamp Duty deadline, then i need to find another £15k

Haythere

Insomniac101 said:

Haythere said:

Haythere said:

Just given authority to exchange today. Wish me luck 🤞

Top of the chain didnt do it intime so not today! The whole process has been issues with the top of the chain ugh

Oh no  
This is what I'm worried about, and if we don't meet the Stamp Duty deadline, then i need to find another £15k

We are trying again tomorrow.
Our seller has been great through the whole process. Its her seller thats the issue (in a chain of three)
Its like pulling teeth.
Are you having top of the chain issues?

1234

bsms1147 said:

If you’ve exchanged then the vendor (or vendor’s estate) will be in breach of contract so you shouldn’t be out of pocket re stamp duty.

Actually, I didn't look at it that way and something we may raise but given the circumstances we didn't want to add to the families grief and will leave it to the solicitors. Their solicitors reckon there is a possibility to complete before end of March as no complexity in the will. I'm also hoping in March's budget announcement either the holiday is extended or extended for those that are currently in the buy/sell process.

babiesmummy

babiesmummy said:

We are supposed to exchange today & complete on Weds. Ive got a removal firm on standby who are 5hrs away (as we're relocating) to collect our stuff tomorrow & put in storage for a few weeks whilst we wait for the onward chain to be ready.
Im not holding my breath & can't even get excited until that exchange happens 😒

Surprisingly it didn't happen. It is being blamed on our buyers solicitor for not responding to phone calls & emails. At 4pm i spoke to EA to get them to get the buyer to chase their solicitors. My removal company have been great & are being so patient. I tried ringing the solicitor at 5.05......sorry they've gone home 😭
Communication is absolutely shocking.
We now are going to have 24hrs between exchange & complete if we're lucky