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The NEW waiting to exchange thread...

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Comments

  • Natbag
    Natbag Posts: 1,563
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    Some progress has been made today, finally. Our buyers got their work reference and so their full mortgage offer has being finalised and sent. Phew. Our vendor has also responded to the outstanding queries, although our solicitor has asked for clarification on one (location of the driveway, which we know) and also for the copy of the NHBC guarantee. But nothing major that should change the state of play or delay exchange.
    My EA was supposed to be calling with a full update from both parties by close of play, which hasn't happened, but I'm still happy to know we're finally getting somewhere. They also think we should be able to exchange and complete before the end of half term - two weeks today - which would be a massive help!
    Property buying/selling timeline - currently into week 21
    04/12/20: Both properties listed for sale
    11/01/21: Offers accepted on both sales & on our joint purchase
    25/01/21: Identity checks completed, solicitors instructed
    27/01/21: Purchase survey & valuation complete, mortgage offer received 
    05/02/21: Reduction agreed on partner's sale (under-valuation) & on purchase. Mortgage offer amended
    08/02/21: Buyers pack returned to solicitor - sellers packs already returned
    26/02/21: Partner's sale contract signed
    10/03/21: Purchase searches all back
    16/03/21: My sale contract signed
    28/03/21: Purchase enquiries satisfied, Title Report & contracts issued, contracts signed & returned
    11/05/21: Still waiting on final enquiry in the adjoining chain to be resolved. Consent to break the chain granted, instruction to move to exchange given.
    17/05/21: All parties agreed to June 3rd for completion
    27/05/21: Exchanged on my sale only
    28/05/21: ALL EXCHANGED!
    03/06/21: Completion
  • Pumpkim
    Pumpkim Posts: 214 Forumite
    Well we're definitely not completing on 3 November. Our buyer said she could only commit to that date if we exchanged this week so waiting for her to suggest a new date...
    Still waiting for our vendor's vendor to reply about completing on 3 November :rotfl: By the time they get the memo that it's all off for that date it will have changed again umpteen times! I really feel like it's in the hands of everyone above or below and we don't seem to have any influence over this :mad:
    The whole process really is a farce.
  • Natbag
    Natbag Posts: 1,563
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    Pumpkin, I completely agree! It's been bad enough with us being in the middle of a chain of only 3, all using the same EA and 2 using the same solicitor. I can't imagine the nightmare of being in a longer chain. You never know, your buyer might just have been saying that to push things along, if you exchange very soon it could still be on for that date, still time yet. I think our exchange and completion will be quite close together at this rate, but that's fine by me and our vendor, just our buyer to agree hopefully!
    Property buying/selling timeline - currently into week 21
    04/12/20: Both properties listed for sale
    11/01/21: Offers accepted on both sales & on our joint purchase
    25/01/21: Identity checks completed, solicitors instructed
    27/01/21: Purchase survey & valuation complete, mortgage offer received 
    05/02/21: Reduction agreed on partner's sale (under-valuation) & on purchase. Mortgage offer amended
    08/02/21: Buyers pack returned to solicitor - sellers packs already returned
    26/02/21: Partner's sale contract signed
    10/03/21: Purchase searches all back
    16/03/21: My sale contract signed
    28/03/21: Purchase enquiries satisfied, Title Report & contracts issued, contracts signed & returned
    11/05/21: Still waiting on final enquiry in the adjoining chain to be resolved. Consent to break the chain granted, instruction to move to exchange given.
    17/05/21: All parties agreed to June 3rd for completion
    27/05/21: Exchanged on my sale only
    28/05/21: ALL EXCHANGED!
    03/06/21: Completion
  • Pumpkim
    Pumpkim Posts: 214 Forumite
    I don't want exchange and completion to be too close together as we have a lot to sort out once we have a date, we're relocating so it's a bit of a logistical nightmare! Hopefully we will get some actual news next week, rather than updates that there are no updates!!
  • Fiesto88
    Fiesto88 Posts: 137
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    Thanks for this post. I didn't know about the discharge thing until I read this and its too late for me now. I have exchanged and my solicitor didn't mention it to me. I have posted my own thread.

    Sorry that I’ve spooked you! I’ve just seen your thread about it.

    If I was you, I wouldn’t be fretting. In all honesty, I couldn’t care less about the conditions that are potentially outstanding on our purchase - they’re relating to minor, insignificant details so I’d accept indemnity insurance like a shot (if that was even possible). I think it may be that it’s our mortgage lender demanding confirmation.

    It appears that our vendor and the two other people who purchased the adjacent properties that were also part of the conversion didn’t encounter this problem two years ago. Knowing how thorough our solicitor has been, it might be that others wouldn’t have checked it.

    I guess I can only wait and find out.
  • trix-a-belle
    trix-a-belle Posts: 1,479
    First Anniversary Name Dropper First Post Mortgage-free Glee!
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    Cheery daff; totally with you on not believing a word most say

    Pumpkim; I also feel very piggy in the middle with no influence over anything.

    My seller seems to be giving the impression they think we can just do our own thing between us and leave the bottom of the chain to sort themselves out, I strongly disagree. They don't appear to be being passed the full information by their solicitor so have given them the details directly of the state of play. My buyers solicitor appears to have gone awol avoiding my solicitor and the estate agent for an update this week when she said 2 weeks ago she was issuing the contract/report pack out to my buyers (mine came out the same sort of time and has now gone back).
    The main thing is some lease paperwork getting accepted by the bottom of the chains lender which seems to have no timescale to review which I believe is the only thing standing in the way of exchange. I set out my stall and got my insurance in place from today as I was led to believe exchange was being aimed for this week & couldn't do anymore tooing and froing on the start date required for it, ho hum.
    I will get off my tree on monday if there isn't an update, even just a small one would be nice, as we were aiming for the 23rd to complete. i'm living around boxes, boxes and more boxes which increase daily as its all the progress i can achieve currently and am juggling days off w/c 23rd with my boss so our department is covered, will owe him big if it slips and we have to swap about. If we don't get done by the 3rd Nov, which I really hope is achieveable, it will have to wait till the end of Nov as I am away for 10 days in the middle of the month.
    - Mortgage: 1st one down, 2nd also busted
    - Student Loan gone
    Swagbucks, Mingle, GiffGaff, Prolific, Qmee & Quidco; thank you MSE every little bit helps
  • Celepie
    Celepie Posts: 134 Forumite
    We're in Scotland so our timeline is a lot shorter than many here (although it still feels like it's been an age!)

    We made an offer at the start of October which was accepted. We had mortgage meeting last Thursday and application went in Monday. Yesterday, we were issued mortgage offer and missives being signed next week for entry date at end of November. Feeling a bit more relaxed now we have mortgage offer - I was convinced something would go wrong as we have a pretty complicated situation:

    I have a mortgage on a property with an ex-partner (all very amicable) but I don't want to sell at the moment as property isn't moving around us and prices are pretty rubbish. I also own a mortgage-free flat elsewhere. The grand plan was to sell the mortgage-free flat and use that as a deposit for a new house, and then rent out the mortgaged house until the market picks up (the owned outright flat is in a different city where the outlook is better). However, because we can never do things properly, we saw our ideal house before I could even put the flat on the market. We've managed to cobble together a £55k deposit from savings and a generous gift from my mum and got consent to let on the house we're in just now (and tenants lined up already). Hopefully we will proceed with selling the flat next year and use the £80k or so from that to pay off the mortgage on the rental house so it's just generating an income. But who knows! On top of all that, I am self-employed and my partner's mother's estate, including her house, is still going through probate. However, we've made it! I hope!
  • I'm FTB, was expecting to exchange today, only for all hell to break loose!

    After weeks of pestering from the seller to get us ready for exchange, as apparently we were holding everyone up, we discover today that the chain isn't ready after all!!!

    Turns out sellers partner is also selling her house & is part of the chain!!! Who knew?? So she is the real culprit delaying things, due to issues with her buyer's mortgage or something, either way I don't care, just sort this shiz out!!!

    ENRAGED!!!! :mad:
  • Pumpkim
    Pumpkim Posts: 214 Forumite
    Oh dear tallsmithy, so you've got a two pronged chain below :eek:
    This whole process is just so long winded and complicated. I've decided to just sit back and let it happen, we keep getting excited when dates are mentioned but then it turns out half the chain hasn't even been asked about the date. I'll remain calm until my buyer starts putting the pressure on as all conveyancing has been complete for her a couple of weeks now.
  • goodwithsaving
    goodwithsaving Posts: 1,311
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    edited 14 October 2017 at 3:55PM
    May I ask, is anybody anxious about buying at the moment? Just because of potential drops etc.
    After 18 weeks I finally exchanged on my sale. I haven't yet on my purchase though.
    Great house, location but just increasingly nervous about the market. Possibly because of the nightmare I've had buying it.
    (Crashy-I don't want to hear from you)
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