The NEW waiting to exchange thread...

charliesmith125125

our chain of 5 fell apart on wed after signing contracts, told friday new ftb at bottom found so all back on never make the dead line now what a pain.

Tsj90s

Never thought I'd say I'd hate the weekend.... but hate that it all goes quiet!!!! My solicitor sent requests for 2 indemnity policies on thursday to which should have been sent back end of play friday according to EA! My solicitor asked when I wanted to complete which I replied asap and he reiterated that to the other side (FTB no chain) I'm just waiting for monday for some sort of date!!! Hopefully nothing goes wrong between now and exchange!
I got told they were doing AML checks last Friday, she said she thought she had everything she needed and would let me know any queries or that it had been signed off. Heard neither so presume it's all done and we are ready to go! 

tigerlily74

That’s great news wiseowl00! It seems they wait til we are in complete despair to get things done!

As far as we know all our ducks are in a row and so are our vendors so I am hoping we can exchange on Monday for our planned completion on Tuesday! 

Caz_Mnaz

charliesmith125125 said:

our chain of 5 fell apart on wed after signing contracts, told friday new ftb at bottom found so all back on never make the dead line now what a pain.

The same happened to us eurgh. Its good the chain reformed but I was still cursing 😂

Wren14

I am very tentatively joining this thread! 
27/01/21 - Offer accepted on our house for £131,000 from FTB.
27/01/21 - Our offer of £227,000 accepted on onward purchase.
Intervening weeks we have lots of drama - the buyers mortgage company value our house at £110,000 which is way under the EA valuation. We ask for a little bit more and get to £115,00 which is still not what we want but we have fallen in love with the new property so we proceed. Then HB Survey brings up issues with new property so we try to renegotiate on price, it all gets called off for 48 hours then the seller has a change of heart and it's all back on! 
New purchase price of £223,750 and all systems go - hopefully!
In the intervening week we had our house valued and we had two valuations of £110,000 and £116,000 so it appears that our EA massively overvalued the property in the first place! We thought we were letting it go way under market value but it appears not.
I am already so over buying and selling!

ohdarn

We have a valuation on Tuesday and we're terrified of the house being valued lower than the asking price.
Everything else is almost ready to exchange contracts, as I mentioned earlier, it came as a surprise to us that after over five months, our buyer hadn't even got a mortgage offer yet.
What do you do though if it's undervalued?
We have no more money to make up the shortfall so would we have to try and convince our buyer to stump up some more money for it?
If that doesn't work, does it all fall apart?

Caz_Mnaz

My surveyor said I was paying over the odds for my new house but my lender didn't even do a valuation as the mortgage is only 50% LTV thankfully. They're also not fussed about the lack of building regs completion certificates!

I think the price I'm paying is a decent one compared to what others in the area were on for! 

Nikkihud0609

We were supposed to be exchanging and completing this week coming but looking through our paperwork I don’t think we’ve had anything to sign about the lifetime Isa being used as part of the deposit and I’m sure it’s going to throw a massive spanner in the works now 😩. I know we should have checked earlier but I kind of feel like my conveyancer should have dealt with this before now. Has anyone had any experience with lifetime isa deposits?

thaddy

Nikkihud0609 said:

We were supposed to be exchanging and completing this week coming but looking through our paperwork I don’t think we’ve had anything to sign about the lifetime Isa being used as part of the deposit and I’m sure it’s going to throw a massive spanner in the works now 😩. I know we should have checked earlier but I kind of feel like my conveyancer should have dealt with this before now. Has anyone had any experience with lifetime isa deposits?

We are using a Skipton lifetime ISA and only asked our solicitor if we could also use my partner's Help to Buy ISA much later as I didn't think we needed to use both at the time. So just let your solicitor know and depending on who your ISA provider is, you just need to complete the investor declaration and send it to your solicitor who will complete the conveyancing declaration and submit it for the release of funds. It helps if you have a completion date in mind as they aim to send the money 48hrs before. Our completion date is Monday so we had 7working days for the request but you can ask for an urgent transfer.
Here is our timeline if it helps: 

Sent investor declaration by 1st class post to solicitor as Skipton need original signatures

LISA funds requested by solictor - 08/02

Signed online LISA funds release form - 09/02

LISA funds released - 17/02

Your solicitor may ask you to provide the proof of funds for the LISA account for anti-money laundering purposes. All the best!

Nikkihud0609

thaddy said:

Nikkihud0609 said:

We were supposed to be exchanging and completing this week coming but looking through our paperwork I don’t think we’ve had anything to sign about the lifetime Isa being used as part of the deposit and I’m sure it’s going to throw a massive spanner in the works now 😩. I know we should have checked earlier but I kind of feel like my conveyancer should have dealt with this before now. Has anyone had any experience with lifetime isa deposits?

We are using a Skipton lifetime ISA and only asked our solicitor if we could also use my partner's Help to Buy ISA much later as I didn't think we needed to use both at the time. So just let your solicitor know and depending on who your ISA provider is, you just need to complete the investor declaration and send it to your solicitor who will complete the conveyancing declaration and submit it for the release of funds. It helps if you have a completion date in mind as they aim to send the money 48hrs before. Our completion date is Monday so we had 7working days for the request but you can ask for an urgent transfer.
Here is our timeline if it helps: 

Sent investor declaration by 1st class post to solicitor as Skipton need original signatures

LISA funds requested by solictor - 08/02

Signed online LISA funds release form - 09/02

LISA funds released - 17/02

Your solicitor may ask you to provide the proof of funds for the LISA account for anti-money laundering purposes. All the best!

Thanks so much, it’s with Newcastle Building Society, hopefully they let us do an urgent request. I can’t believe we’ve got to this stage and only now are learning about it. Luckily there is no chain involved.