Close to exchange?

jdp_FTB87

Just looking for some opinions on how close we might be to exchange.

Our offer was accepted in May. In August we were told there is a garage in our seller’s purchase that needs to be transferred from multiple owners, as it falls outside the title boundary. We are FTBs and have a mortgage offer (expiring in December) and have finished with the conveyancing on our side. We’re led to believe this garage transfer is our seller’s final legal enquiry. All parties provisionally agreed to completion on 8th November.

The latest from our seller’s solicitor:

“The contents of the transfer on our related purchase has now been agreed. This is currently in the process of being signed by the required parties.”

The latest from their seller’s solicitor:

“I am just waiting for the signed Transfer Deed back from the owners of the land and garage. I have our clients’ signed documents.”

My interpretation of this is that everyone has provisionally agreed to the transfer and the owners of the garage are now formalising this by signing a TR1 form. I’m hopeful this means exchange could happen within the next two weeks.

Is this realistic?

Bookworm105

no one on here is clairvoyant

horsewithnoname

Only your solicitor can help on this, it’s one of those “ how long is a piece of string” questions. 

jdp_FTB87

Thanks for the replies. Appreciate I’m unlikely to find clear answers on this. It’s a very frustrating situation and getting anything out of the solicitors and agent is like drawing blood from a stone!

Tiglet2

jdp_FTB87 said:

Just looking for some opinions on how close we might be to exchange.

Our offer was accepted in May. In August we were told there is a garage in our seller’s purchase that needs to be transferred from multiple owners, as it falls outside the title boundary. We are FTBs and have a mortgage offer (expiring in December) and have finished with the conveyancing on our side. We’re led to believe this garage transfer is our seller’s final legal enquiry. All parties provisionally agreed to completion on 8th November.

The latest from our seller’s solicitor:

“The contents of the transfer on our related purchase has now been agreed. This is currently in the process of being signed by the required parties.”

The latest from their seller’s solicitor:

“I am just waiting for the signed Transfer Deed back from the owners of the land and garage. I have our clients’ signed documents.”

My interpretation of this is that everyone has provisionally agreed to the transfer and the owners of the garage are now formalising this by signing a TR1 form. I’m hopeful this means exchange could happen within the next two weeks.

Is this realistic?

I think it will depend on:

(a) whether the solicitor acting for the purchasers of the garage is happy to go ahead with transferring the title of the current owner(s) of the garage after completion, on the basis of having the signed Transfer Deed to assist in their application to Land Registry

or

(b) whether they want the seller's solicitor acting for the sellers of the garage to register the Transfer Deed at Land Registry before completion.

(a) will be quicker than (b), but two weeks to exchange is probably tight.

jdp_FTB87

Thank you, that’s very helpful. Given that our mortgage offer expires on 7th December, when would you recommend we start to consider submitting a new application? Really hope it doesn’t come to that!

annetheman

jdp_FTB87 said:

Thank you, that’s very helpful. Given that our mortgage offer expires on 7th December, when would you recommend we start to consider submitting a new application? Really hope it doesn’t come to that!

I was waiting for a Land Registry application to be approved when my mortgage offer ran out, not a fun time at all. I did apply for an extension, then another mortgage offer with the same lender since there was no end/exchange in sight.

It's not a big deal, in fact I would say it's a great because it gives you an additional 6 months breathing space while the HMLR stuff drags on - the house I applied for had a dodgy extension so re-valuation was a sweaty-bum-time activity but other than that, you know you will be approved so no big deal. Also got a lower rate.

This won't affect you (hopefully) but if you do pull out and go with another lender for another house, they won't necessarily frown upon the recent hard search for previous mortgage if it led to an approval (they can see declined credit applications vs approved). My broker (if you're using one, even better) explained all to the new lender's underwriter just in case.

housebuyer143

jdp_FTB87 said:

Thank you, that’s very helpful. Given that our mortgage offer expires on 7th December, when would you recommend we start to consider submitting a new application? Really hope it doesn’t come to that!

A lot of lenders will extend the offers so just call them up and ask them if it's possible.

jdp_FTB87

Thanks for the helpful replies. It’s reassuring to hear other people’s stories.

Unfortunately our lender doesn’t offer extensions. When do you think would be the right time to submit a new application? How long would you give it?

I’d like to avoid doing this as it would add another 4 weeks along with an additional hard credit check.

Tiglet2

jdp_FTB87 said:

Thanks for the helpful replies. It’s reassuring to hear other people’s stories.

Unfortunately our lender doesn’t offer extensions. When do you think would be the right time to submit a new application? How long would you give it?

I’d like to avoid doing this as it would add another 4 weeks along with an additional hard credit check.

Something to discuss with your solicitor really.  Your solicitor will have had a copy of your mortgage offer so they'll be able to liaise with your lender if they think a short extension may be needed.  Often lenders will add a few weeks onto the offer if exchange/completion is imminent.

annetheman

My lender (Santander) didn't do extensions, either. But when I applied for a whole new offer, they extended then gave me a whole new offer, which was confusing.

Expired 23 September, applied 4th September (advised by broker no less than 2 weeks prior to expiry), offer received on 18th September expiring 4th October, then broker asked for the new offer again, new offer received on 3rd October expiring 26th February. I then applied for a new product at a lower rate, which came through in less than 24 hours. Then pulled out >.>

One hard search for all of the above.