Why do we do this to ourselves?

fullofcold

Final move, well it better be!

I work in a mortgage brokers so know the process fairly well, but oh my god I've had enough and I'm only 8 weeks in.

Chain is 5 deep (including us), so nothing spectacular. I'm ready on the sale of our home and purchase of ours give or take a couple of minor issues that can be resolved with an indemnity.

However, I called my agent the first week in January to do a chain check and see where we are. The buyers agents had not sent out the memorandum of sale, so the first time buyers solicitors had not done anything for two months and we are going to be delayed for at least that period of time because of searches, etc.

I know I am being incredibly impatient because it is only 8 weeks, and that includes a week of shut council offices and solicitors at Christmas, but !!!!!! WHY did no one pick up that the memorandum of sale had not been sent out yet and query it.

My estate agents are already hacked off with me because I am asking them to chase the chain weekly to make sure stuff actually happens. I know this is not their fault, but someone has to keep on it or it may never happen.

I hate this process so much.

Rant over - feel better now!

foxy-stoat

fullofcold wrote: »

Chain is 5 deep (including us),

That would do it for me - I'm out.

Our chain was one and one investor when we moved into an empty new build and they were all painfully slow and stressful when others didn't do what they should of done when then they should of done.

There needs to be a biblical reason for me to move again.

eddddy

This tends to be much more of a problem when EAs are paid in advance (like many of the online EAs), rather than on completion.

If they're paid on completion they have a big incentive to progress the sale and keep everyone moving as quickly as possible.

If they're paid in advance, they're more interested in finding new sellers, than getting current sales to completion.

Were any of the EAs you mention paid in advance?

aestivus

I'm a ftb 2.5 months into the whole process and we don't even have a complete chain yet - it's killing me. So far there are 4 properties in the chain, but there will need to be at least a 5th, and I'm just desperately hoping that's the end of it (and that they find something soon and everything is super smooth from here).

It feels a bit like a second job, just trying to chivvy things around and get information out of estate agents and solicitors.

Ugh!

pimento

We are in rented, don't need a mortgage and are buying a six year old house that is currently empty. No chain at all.

So far it has been 13 weeks and we're still waiting on a 'couple of queries'.

maisie_cat

We recently went through this, 2 properties/3 parties and it took 3 months. Our purchase was straightforward, probate property so vendors denied having any knowledge about the property. Our buyers solicitors were slow, lost emails and then at the last minute decided that we needed an indemnity against a 50 year old garage erected with planning permission. We told them to sod off regarding paying for an indemnity. W heard nothing else but it held up the process for the last 3 weeks because they had "queries" but wouldn't say what they were.
I suspect that the solicitors were looking for anything they could sell an indemnity on but perhaps I'm just a cynic

hazyjo

You might want to join the 'waiting to exchange' thread: https://forums.moneysavingexpert.com/discussion/5685963/the-new-waiting-to-exchange-thread


We had 6 links in our chain - took a while, but got there in the end! A long chain wouldn't put me off (dare I say 'next time' HAHA).


Good luck!

cloo

Why do we do this to ourselves? Cos I guess there's only one transaction procedure and it's bloomin' awful!

Skiddaw1

foxy-stoat wrote: »

There needs to be a biblical reason for me to move again.

Me too!! I don't think my nerves would stand another go at it.

MissMollyJ

eddddy wrote: »

This tends to be much more of a problem when EAs are paid in advance (like many of the online EAs), rather than on completion.

If they're paid on completion they have a big incentive to progress the sale and keep everyone moving as quickly as possible.

If they're paid in advance, they're more interested in finding new sellers, than getting current sales to completion.

Were any of the EAs you mention paid in advance?

I have to say my own experience of buying and selling about 10 houses over the years would not bear this out. My own experience (of buying and renting over 20 homes) is that bricks and mortar EA are lazy and inefficient.

dingling68

I am 46 weeks in to trying to purchase an empty property and no chain ...