The NEW waiting to exchange thread...

Doodlebugs

FTB_Help said:

I didn't get the fall story as i was just really shocked when the EA called.

Back when we had our offer accepted, we were told they were leaving the country in the 1st week of May and the vendor was going to pay them to leave earlier in Feb, but thats no longer happening not sure why.

Even with lockdown being lifted i doubt they'll leave earlier than planned.

So im just counting down the days now!

How is your sale going? Did you get a chance to view your new house yet?

Maybe they couldn’t find suitable temporary accommodation. The only short term ones near us are extortionately priced (over twice our new mortgage for a month), so that leaves a 6 month rental which isn’t ideal at all. That’s why we’ve planned to move in with family if there’s any issues. 

Spoke to our EA and our buyers are apparently all happy with exchange tomorrow, completion next week, they just needed to transfer their deposit. 

We’re viewing the house again tomorrow morning and hopefully exchanging tomorrow afternoon/Wednesday. I still can’t quite believe we have gotten to this point. House is mostly packed now and crazy cleaning has commenced. If anything happens, at least we will have a super clean house! 

parkingadvice1212

Slithery said:

parkingadvice1212 said:

Irishpearce26 said:

Gentoo365 said:

Irishpearce26 said:

parkingadvice1212 said:

Anty21 said:

Had word this weekend that we should be at point of exchange this week - trying not to get our hopes up as we believed we were here mid Jan and it is dragging! Up against all sorts of deadlines so desperately hoping it will all come together before this time next week 🤞🏻

Good luck, hope you get some positive news tomorrow.
After weeks of dragging it out I've been told everyone has settled on a completion date of the 15th which would mean we would have to exchange next week by thursday latest.. it'll be interesting to see if they can get a move on now!

Why do you need to exchange 11 days before completion? You can do both on the same day.

Some people want certainty before arranging removals and various other things.
If you choose to exchange on completion date then it is the same has having no contract, anyone can drop out.

I understand the concerns around COVID, but if that caused a delay, at least you have exchanged so completion is just delayed, not cancelled.

I get why its best to exchange early but he is stating they need to exchange at the latest 11 days beforehand so just interested as to why. 

Anyone can drop out after exchange they are duty bound to compensate which is a certain percentage of the deposit.

Mortgage company needs 7 working days to release funds 

You can request funds before exchange. If everything falls through for some reason they just get sent back again.

We'd lose £70 each time this happened to CHAPS fees (and then have to pay interest as well I think?).
Our chain is too unreliable to risk it, we were already asked once by our seller's solicitor if we were ready to exchange for completion on the 2nd of March when it turned out their sellers were nowhere near ready.

Cuddlybearman

I had to speak to my buyer over the weekend directly to basically beg him to stay patient as he says if he doesn't get a completion date set for the 12th March by the end of the day he is going to break the chain and pull out as his buyer is threatening him in the same way.
Still no word from my solicitor whatsoever. Apparently they are waiting on my seller solicitor to say "ok" and then they can do the paperwork but if we need to complete on the 12th - we need to get the exchange done by .......Wednesday? Is that right?
I'm always confused about bank requests - some say 5 working days, some say 7, some say 3?? what the best assumption to be safe?
And how come so many people on this forum exchange and complete within like 1 or 2 days then?

Irishpearce26

Cuddlybearman said:

I had to speak to my buyer over the weekend directly to basically beg him to stay patient as he says if he doesn't get a completion date set for the 12th March by the end of the day he is going to break the chain and pull out as his buyer is threatening him in the same way.
Still no word from my solicitor whatsoever. Apparently they are waiting on my seller solicitor to say "ok" and then they can do the paperwork but if we need to complete on the 12th - we need to get the exchange done by .......Wednesday? Is that right?
I'm always confused about bank requests - some say 5 working days, some say 7, some say 3?? what the best assumption to be safe?
And how come so many people on this forum exchange and complete within like 1 or 2 days then?

You can request funds without exchange if you know a date that you are due to complete. We haven't exchanged yet and are completing on Wednesday, our solicitor has been in contact with the lender about drawing down funds.

denideth

Morning all! Welcome to another week of riding the house buying rollercoaster!

Searches are due back today. Sent off for them at the beginning of January!

SoTiredTho

Morning and good luck to everyone this week!

Our solicitors and the vendor's solicitors are officially in touch and hopefully wrangling dates now. Hoping our LISA withdrawal comes through soon, because that's the last possible hold up we have! 

youth_leader

My solicitor wrote to ask confirmation of my authority to exchange this morning.  Does anyone know if I will hear if it's happened? 

parkingadvice1212

youth_leader said:

My solicitor wrote to ask confirmation of my authority to exchange this morning.  Does anyone know if I will hear if it's happened? 

Your solicitor should confirm when it's taken place.

Movinghome12345

Do they always recheck each day for authority? 

springmagpie

We are really hoping to exchange this week, our lender is being very picky about the evidence required for the special conditions (to pay off our debts) we sent the final evidence on friday. Our solicitors aren't the quickest and the lender seems to take ages to reply as welll. Our sellers are getting very twitchy. Fingers crossed for an exchange early this week and completion next week.