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The NEW waiting to exchange thread...

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  • jennhg88
    jennhg88 Posts: 253 Forumite
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    jennhg88 wrote: »
    Well my sale and purchase are ready to go, BUT bottom of the chain (my buyer!!!8217;s sale) has a massive delay that the EA told me was previously sorted. Absolutely fuming and could potentially lose my purchase.
    Today is going to be fun.

    May not be as bad as EA orignally told me. Bottom of the chain has their report from the solicitor, they're being given the weekend to go through it and EA will hold their hand on Monday so we can bl**dy well get on with it.
  • jedthehumanoid
    jedthehumanoid Posts: 56 Forumite
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    Well that was quick! Exchanged today, completion on the 17/08. Offer was accepted on 25/05 so about 3 months in total. Time to start packing...

    jedthehumanoid wrote: »
    Just had a call from our Solicitor - everything back from the other side and ready to exchange this afternoon, fingers crossed. Looking at completion on 17/08. The end is in sight...
  • s_glover
    s_glover Posts: 653 Forumite
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    A quick update, new points in bold:


    April 18 Informal mortgage offer
    17/04/18 Put our house on the market
    20/06/18 Accepted an offer on our house
    09/07/18 Valuation on our house
    17/07/18 Had our offer accepted on new house
    18/07/18 Homebuyers survey completed on our house
    01/08/18 Formal Mortgage Application Made and DIP given (subject valuation and paperwork)
    06/08/18 Instructed surveyor to carry out Homebuyer Report
    09/08/18 Received enquires from buyers and replied
    10/08/18 Homebuyers Survey being completed on our purchase


    Valuation for mortgage should be completed next week.
  • 2004nsnazir
    2004nsnazir Posts: 81 Forumite
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    jedthehumanoid wrote: »
    Well that was quick! Exchanged today, completion on the 17/08. Offer was accepted on 25/05 so about 3 months in total. Time to start packing...



    Congrats!
    That's a similar timeline to mine. Ours was accepted on 16/05.
    Got a call from estate agent today to exchange today and complete 17/8. there trying to get hold of my solicitor and asked me to chase her.
    Just spoken to my solicitor who said she isn't in the office today and needs to have the file to exchange and will respond on Monday.


    Do you think if we exchange on Monday we can complete by Friday?
    What exactly happens on exchange? We have already signed our contract and transfer funds to our solicitor a few weeks ago.
  • jedthehumanoid
    jedthehumanoid Posts: 56 Forumite
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    What happened? Not a lot to be honest. We'd already signed everything and sent over our deposit about a week ago so we just got a phone call this morning asking for permission to exchange, then another call a couple of hours later to say exchange had taken place and we would complete 17/08.


    We were told we needed 5 working days between exchange and completion because that's the notice our lender needed to send over the funds. Fingers crossed for you.

    2004nsnazir wrote: »
    Congrats!
    That's a similar timeline to mine. Ours was accepted on 16/05.
    Got a call from estate agent today to exchange today and complete 17/8. there trying to get hold of my solicitor and asked me to chase her.
    Just spoken to my solicitor who said she isn't in the office today and needs to have the file to exchange and will respond on Monday.


    Do you think if we exchange on Monday we can complete by Friday?
    What exactly happens on exchange? We have already signed our contract and transfer funds to our solicitor a few weeks ago.
  • Thrugelmir
    Thrugelmir Posts: 89,546 Forumite
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    2004nsnazir wrote: »
    Do you think if we exchange on Monday we can complete by Friday?
    What exactly happens on exchange?

    Possibly. How ready is the entire chain?

    Solicitors ring each other to confirm that they are ready and deposit monies are paid across. Making the transaction legally binding. Rather mundane.
  • FTBNow
    FTBNow Posts: 146 Forumite
    edited 13 August 2018 at 2:08PM
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    So, now need to give authority again: turns out our solicitors went too early and the vendors solicitors (who hounded mine to be ready to exchange last Friday) are now not as a senior solicitor is reviewing the file. Argh!

    I've chased my solicitors today but it sounds like neither of them can do anything and the hold up is purely the other end. Very very frustrating when we are hoping to complete on Friday (and the vendor needs to complete on Friday). The entire chain are ready and have agreed on the 17th so we're hoping no matter when we exchange we'll be fine.
  • Roo89
    Roo89 Posts: 69 Forumite
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    twiddle thumbs twiddle thumbs

    Still just waiting on vendor 2 to finish all their paperwork and for their solicitor to send over the answer to the one outstanding query.

    Got a text from the bank to notify us we now have less than a month before our mortgage offer expires.

    Everyone has said they want to complete before the end of August, so hopefully we'll get some positive news this week.

    Until then I'll just keep twiddling my thumbs
  • 2004nsnazir
    2004nsnazir Posts: 81 Forumite
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    Thrugelmir wrote: »
    Possibly. How ready is the entire chain?

    Solicitors ring each other to confirm that they are ready and deposit monies are paid across. Making the transaction legally binding. Rather mundane.


    Friday got call from EA saying there ready and they've got the green light to exchange. The owner of the house we are buying are moving to a vacant property. They just need go ahead from our solicitor who wasn't working on Friday! She did however email me on the weekend to send the buildings insurance schedule as she needed this before Monday which I sent across on Saturday.


    I have emailed her today but no response. so no idea what's happening now.
  • jennhg88
    jennhg88 Posts: 253 Forumite
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    jennhg88 wrote: »
    May not be as bad as EA orignally told me. Bottom of the chain has their report from the solicitor, they're being given the weekend to go through it and EA will hold their hand on Monday so we can bl**dy well get on with it.

    Counting down until a reasonable hour of the day to chase the EA for an update....
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