The NEW waiting to exchange thread...

crumblylancashire

Natbag said:

crumblylancashire said:

I have a question about insurance...apparently I need to get the policy in place this week, but the solicitor says that the policy must say that Accord have an interest in the house, or something along those lines.  Has anyone has to also do that, and which insurance company would you recommend?

Yes, this is very typical when insuring a house that is mortgaged. You just have to let the insurer know that Accord have a financial interest in the property as the mortgage lender, and ask them to make sure that the policy wording reflects that. You need to have the property insured from the date of the exchange, this is usually a requirement of the lender to protect their investment and you'll need to provide the proof/paperwork. Many insurers will cover you on buildings and contents on your current home, and buildings only on your new home for the period between exchange and completion, with everything moving over on completion day. I recommend Direct Line too, been with them a few years and they've always been great, easy to get hold of by phone or webchat (handy when dates are up in the air!), and I've used their home emergency additional cover a few times lately and the service has been really fast.

Thank you @Natbag and @imsomniac101 - i'll get onto Direct Line this afternoon - they sound decent 

Insomniac101

homemover21 said:

Exchanged today with completion tomorrow! 8 months since we put our house up for sale and 3 months since offer accepted on our purchase. 

Congratulations and very jealous!

ohdarn

Ah, another week has rolled around. What horrifyingly frustrating things will be in store for us this week?

Supposed to find out today or tomorrow whether our buyer actually has a mortgage or not. 
Our estate agent said that it would only take 48 hours after the valuation to get an answer to that.
So far it's been about 482 hours.
So will probably find out sometime around 2057.

What else has there been, oh yeah, three weeks ago, our conveyancer wanted our lenders valuation report.
We asked broker, broker said they'd never heard of a conveyancer wanting a valuation report, but they'd ask our lender, lender said they'd mail it to us.
Didn't arrive.
Asked a week later, they asked again, said they'd mail it to us.
Didn't arrive.
Asked a week later, they asked again, said we couldn't have a copy, they'd email it to conveyancer.
Didn't arrive.
Asked again, they said the conveyancer has to write them a letter to ask for it.
Conveyancer gets a letter to say they can't have it.
Ring lender directly, lender says no one can have it.
We ask why we were told they'd send it us for three weeks.
They don't know.
We'd like to make a complaint then.
They say 'you don't have to, your broker has already made a complaint'.
We'd like to make another one.
They decide they will send a copy to conveyancer, but conveyancer needs to send a written request.
We say they've already sent a written request that they'd said no to.
They say the conveyancer has to send another one then.
What fun.
Who knows why the conveyancer needs the valuation?
Why are we paying the conveyancer £220 to deal with out lender and then we have to spend hours on the phone chasing people?
Why are we paying anyone more than 20p and a Mars bar?
Is everyone involved with the property market a ****ing imbecile?
Can't wait to find out what will happen next.

crumblylancashire

ohdarn said:

Ah, another week has rolled around. What horrifyingly frustrating things will be in store for us this week?

Supposed to find out today or tomorrow whether our buyer actually has a mortgage or not. 
Our estate agent said that it would only take 48 hours after the valuation to get an answer to that.
So far it's been about 482 hours.
So will probably find out sometime around 2057.

What else has there been, oh yeah, three weeks ago, our conveyancer wanted our lenders valuation report.
We asked broker, broker said they'd never heard of a conveyancer wanting a valuation report, but they'd ask our lender, lender said they'd mail it to us.
Didn't arrive.
Asked a week later, they asked again, said they'd mail it to us.
Didn't arrive.
Asked a week later, they asked again, said we couldn't have a copy, they'd email it to conveyancer.
Didn't arrive.
Asked again, they said the conveyancer has to write them a letter to ask for it.
Conveyancer gets a letter to say they can't have it.
Ring lender directly, lender says no one can have it.
We ask why we were told they'd send it us for three weeks.
They don't know.
We'd like to make a complaint then.
They say 'you don't have to, your broker has already made a complaint'.
We'd like to make another one.
They decide they will send a copy to conveyancer, but conveyancer needs to send a written request.
We say they've already sent a written request that they'd said no to.
They say the conveyancer has to send another one then.
What fun.
Who knows why the conveyancer needs the valuation?
Why are we paying the conveyancer £220 to deal with out lender and then we have to spend hours on the phone chasing people?
Why are we paying anyone more than 20p and a Mars bar?
Is everyone involved with the property market a ****ing imbecile?
Can't wait to find out what will happen next.

Oh that must be so so frustrating - can't imagine why the conveyancer wants that though, really hope you get it sorted out soon.

Josephgousto

Josephgousto said:

Hi everyone!
Been reading on this thread for a while, here´s our timeline so far:

• Offer made and accepted on the house we want 9/02
• Offer received and accepted on our house 20/02
• Solicitors Instructed 22/02
• Solicitor gave us our fixtures and fittings form for purchase and sale questionnaires 22/02
• Mortgage application submitted to Santander 23/02
• Valuation booked 24/02
• Valuation carried out 25/02
• My buyers valuation carried out 25/02

Very excited about everything!

Our mortgage offer was issued last Monday 08/03
Still waiting for the buyer´s mortgage offer to be approved. Got a call off the EA this morning, our buyer´s valuation has massively undervalued my house  so back to negotiations now.. Unsure what to do!

Sunsaru

I was hoping to exchange today after some shenanigans on Friday but it now looks like it could be Wednesday now which would make completing on Friday 50/50 at best. So !!!!!! close I can taste it, yet so far away. Plus my plans to surprise my 8 y/o (who has no clue yet when I showed her a list of houses on Rightmove she picked this house) will have to be changed.
Sigh....

Jadek

I took a hiatus posting here after our previous purchase fell through. We started looking at houses in Jan 2020, found one we liked and had the offer accepted mid March 2020. Then, with Covid and being messed around a lot by the sellers, we were finally meant to complete on 27th November. A week before completion we were meant to exchange (on a Friday), but on the day it didn't happen, I assumed it was just a breakdown of communication and we'd exchange on the Monday instead. Got a phone call from the EA at 9am that Monday morning, I assumed she was calling to rally around to get exchange to happen, but instead she told me the sellers had just pulled out, and hadn't even given a reason!
We found another property that same week but I've been trying very hard not to get excited about it or generally think about it too much, I guess to emotionally protect myself.
But at the end of last week we found out that everyone in our short chain is now ready to exchange and I'm currently obsessively refreshing my emails waiting for the EA to come back to us with a date (as we are FTBs with a planned overlap between the house and our rented flat we have left it to the rest of the chain to dictate when this will be, especially as the top of the chain is moving from Somerset to Scotland). 
Before the sellers found the property they are buying they had offered to break the chain and go into rented if they hadn't found anything by the end of Feb, so I keep trying to tell myself that they are committed to the sale and I shouldn't worry, but after being at this process for 14 months it's really hard to be optimistic! 
Oh, and also, last week I found out that the first house went back on the market less than a month after the sellers pulled out! I have my theories as to the reasoning in this given the little I did know about the seller's circumstances, but still, it's very baffling...

houghton91

Coopsy85 said:

timmins91 said:

One week today until completion for us - looong weekend of packing/clearing and now we're just twiddling our thumbs and waiting to move now!

Fingers crossed for some more good news on this thread this week.

So, you are 1 week ahead of us. I'm thinking about what we need to keep out after a mammoth packing session this coming weekend - any tips? what have you kept unpacked? i'm thinking just a weeks worth of clothes and really plan out meals to try and empty fridge and freezer??? 

@Coopsy85 We've basically got slobby clothes and underwear left out, a few cups/plates/glasses, toiletries, one pair of shoes each and the dog bed! Got a couple of meals left in the fridge and we'll get a couple of takeaways I think. 
Saying that though there still seems to be stuff EVERYWHERE despite the fact that we've packed nearly everything. TV, games console, hair dryer etc will have to be done the night before.

Just want it to be over now!

Natbag

Josephgousto said:
Our mortgage offer was issued last Monday 08/03

Still waiting for the buyer´s mortgage offer to be approved. Got a call off the EA this morning, our buyer´s valuation has massively undervalued my house  so back to negotiations now.. Unsure what to do!

This has happened to me twice, and I feel for you. The options you have really fall down to:
* Ask the buyer to appeal or try another lender - no guarantees this will result in a better outcome
* Find another buyer - again, no guarantees this will return a better figure, especially if they're using the same lender
* Negotiate with your buyers to see if anything can be done (unlikely), and even negotiate with your seller to see if they can offer a price reduction to share the impact and prevent the chain from breaking. Check with your mortgage provider to see if you can borrow more, if needed.
* Take your house off the market and decide not to move at this time
Both times we were able to secure a price reduction on the property we were buying, so shared the gap in cost. This time, we have stressed to the buyer that there will be no further negotiations or price reductions at any stage of the process and so far they've caused us no bother.
Obviously it depends on the gap and your own finances, and how much you want to move. Hope you can sort it.

Becksina

More Accord drama holding us up. They want 7 working days to review this ridiculous audit they’ve started and a further 7 working days to be informed of completion. So we are looking at April if they stick to these timescales. We were assured we’d exchange and complete last week so this is beyond frustrating. Half tempted just to unpack everything, and half tempted to just go to a different lender because Accord have been nothing short of terrible this whole process.