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The NEW waiting to exchange thread...

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Comments

  • 2nd time buyer here. Accepted offer on my flat in Scotland at the start of may. Offer accepted on our new house mid May.

    Our buyer requested 11th July as completion/entry date which we agreed to. So requested same date for our new house which was also agreed.

    However with only a week to go the buyer still had not concluded the contract. Apparently waiting for their sale to complete this Friday.

    So I have no idea if the 11th is still moving day? Already packed half the flat but no idea whether to book a van or make utility companies, council etc aware of when we are moving as we have no idea if the 11th is a definite.

    So confusing.
  • DeeDee87
    DeeDee87 Posts: 17 Forumite
    I'm going to hop on here! very exciting!


    so far its been relatively straightforward (fingers crossed it stays that way)
    all searches came back fine, home buyers report was a million times better than expected, next to nothing to do apart from the things we know about, electrics, new kitchen, new bathroom (its a beautiful shade of avocado! lol) and just general redecoration and updating of the flooring and d!cor.


    We have signed all the transfer forms and contract (undated) and sent everything back, just waiting on a few little queries to be answered by the vendors sol. hopefully that wont take too long either.


    EEEK getting very excited now.
    Also feeling very lucky that the process has been kind to us! 26th may was our first meeting with our mortgage broker !
  • jennhg88
    jennhg88 Posts: 253
    First Anniversary First Post
    Forumite
    Officially ready to exchange on our purchase....now to wait for our sale to catch up!
  • Jtotz67
    Jtotz67 Posts: 40 Forumite
    Just another day of drama and waiting here!

    The seller’s solicitor still refuses to admit we need a deed of covenant so to expedite things we decided to deal with it ourselves and our solicitor has done the necessary and sent it off for signature.

    With that in hand we are now ready to exchange and need to do so today before our solicitor goes on holiday for 2.5 weeks!!! We don’t think this is too much to ask given we should have exchanged last week AND we have done the lion’s share of the work to get this over the line!

    We found out that the vendor has major issues on her onward purchase but is willing to vacate as we were not willing to hang around for the issues to be sorted (as they were of the ilk that could take months to sort out).

    The other side has now taken umbrage with the fact that we have done her job for her (go figure!) and is being obstroplous about exchange. We thought it was just her so we contacted the agents to get the vendor to set her straight, only to find out the vendor is ‘waiting for something’ before she exchanges but will not expand on what it is.

    Apparently it is ‘nothing for us to be concerned about’ but surely something that stops her from committing to the purchase is something for us to be concerned about?!?!

    We are at desperation stations now! I will actually cry (even more than I already have) if this goes on past today and we have to rely on a locum solicitor picking it up and getting to grips with it!
  • c4rm0
    c4rm0 Posts: 6 Forumite
    Sat here waiting for confirmation we have exchanged about to go mad with worry its so stressful :( .We signed contracts last week and my buyers signed contracts on sunday.the buyers of my property are 1st time buyers and have a lifetime ISA which they are using for the deposit required for the exchange there solicitor requested the funds to be released on 6th June but it can take 30 days for funds to reach solicitor :( . My buyers have completed a form to request the funds to be released early when they receive the funds we can exchange. I am literally sat here praying
  • trix-a-belle
    trix-a-belle Posts: 1,479
    First Anniversary Name Dropper First Post Mortgage-free Glee!
    Forumite
    Chanlf91 wrote: »
    May I ask for people that has already exchanged or for them who know this. Does exchange happen spontaneously or do the solicitors arrange it? I'm asking as I know we are close to exchange but we haven't paid our deposit yet and I don't want to hold things up. Is it best to pay deposit so they can get on with it?

    TIA.

    Chanelf91
    I saw your further post but for future ref for anyone else. Exchange is planned, the whole chain need to be ready (contracts all agreed and signed, queries closed out) and need to all be in agreement on the proposed completion date before they can all exchange. Exchange works systematically along the chain of transactions, your solicitor generally calls to get verbal confirmation you are still happy to proceed (so keep your phone by you!) & I think the solicitors then have a hours window to exchange your transaction (agree that the contract contents is identical by reading over the phone and transfer deposit), I believe the whole chain must do this on the same day otherwise they have to start again, but not 100%.
    On completion date its a similar process with the money transferring through from transaction to transaction & only once its been confirmed as landed in the appropriate solicitors account will they release the keys of your new house to you.

    Those of you who are first time buyers it will never be as simple again so spare a thought for those further up your chain selling and buying in parallel ;)


    its 9 months on from when I was posting here & still loving my new place. My dearest movers ended up moving someone else out of the road a few months ago & had to take out an upstairs window to remove furniture :eek:
    It may all seem mental and disorganised and that you never want to do it again but it will be worth it, just make sure to keep taking lots of deep breaths and schedule in some enjoyable things while the process trundles along.
    - Mortgage: 1st one down, 2nd also busted
    - Student Loan gone
    Swagbucks, Mingle, GiffGaff, Prolific, Qmee & Quidco; thank you MSE every little bit helps
  • Magnus91
    Magnus91 Posts: 66 Forumite
    Got all the lease info yesterday, about 100 pages of stuff to read :eek:

    I'm hoping they might send a hard copy to make it a bit easier haha
  • mattcafc
    mattcafc Posts: 64 Forumite
    We are ready to exchange this week. However due to a new arrival the estate agent thinks the vendors might not be ready to complete just yet.
    What options do we have with this, we want to move ASAP, but do they have all the power in this situation and if they say 2 months etc we are stuck with it?
  • SG27
    SG27 Posts: 2,773 Forumite
    mattcafc wrote: »
    We are ready to exchange this week. However due to a new arrival the estate agent thinks the vendors might not be ready to complete just yet.
    What options do we have with this, we want to move ASAP, but do they have all the power in this situation and if they say 2 months etc we are stuck with it?

    You have equal power. They likely want you to buy the house as much you want to buy if off them. As someone who has just sold, the thought of loses a buyer at a late stage doesn't bare thinking about!

    Tell them of your eagerness to move and you can negotiate an agreeable date.

    Maybe give them a couple of weeks leeway, moving with a newborn would be hard!
  • TamsinC
    TamsinC Posts: 625 Forumite
    Some searches back, waiting on LA searches (should be back Monday), waiting for enquiries to be answered and waiting for the darned survey report! It is taking forever to be written up - it's now 9 days since the survey and nothing yet - I've chased twice but getting nowhere - good job we haven't paid for it yet.
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