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  • FIRST POST
    • happytails
    • By happytails 27th Jul 17, 5:20 PM
    • 1,515Posts
    • 9,224Thanks
    happytails
    The NEW waiting to exchange thread...
    • #1
    • 27th Jul 17, 5:20 PM
    The NEW waiting to exchange thread... 27th Jul 17 at 5:20 PM
    So the other thread has gone awol so thought i'd start a new one! It was keeping me sort of sane during the house buying/selling process!

    A place to document your timelines and discuss the triumphs and woes of moving house!




    My timeline -
    Offer received and accepted on our house 17/07
    Offer made and accepted on the house we want 17/07
    Solicitors Instructed 17/07
    Meeting with mortgage advisor, all docs given 18/07
    Mortgage application submitted to Nationwide 19/07
    Documents picked up and filled in from Solicitor 19/07
    Documents and ID returned to Solcitor 20/07
    Valuation booked 20/07
    Solicitor composes draft contract & starts local searches 25/07
    Valuation carried out 26/07
    Solicitor gave us our fixtures and fittings form for purchase and requested marriage certificate 26/07
    My buyers valuation carried out 27/07
    Mortgage offer given 27/07

    Sarah

    Official MoneySavingExpert.com Insert:

    Hi all! For more help with your move read our guide:

    50+ House Buying Tips
    Last edited by MSE Andrea; 06-10-2017 at 11:50 AM.
    Sarah,

    Trying to move up the house ladder in 2018, running a business with 3 kids in tow & slowly going crazy!
    Member No43 - % Challenge
Page 150
    • it'smeok
    • By it'smeok 1st Mar 18, 3:31 PM
    • 16 Posts
    • 9 Thanks
    it'smeok
    I'm selling a property and been waiting nearly 7 months for it to get from offer to 'nearly' at exchange.

    I've had a property alert from the Land Registry saying my buyers solicitor has lodged a search to protect a pending charge by HSBC Bank.

    Any ideas, please? Can't find out on LR site what this means.

    I thought all searches were carried out early in a transaction, not days from exchange.
    Originally posted by Margot123

    I would expect this is saying they've lodged their priority search - this is standard and isn't really a search like the others, it just protects the position of the buyer and their lender. So, shortly before exchange (because the 'priority period' granted is limited to only about 30 days), the solicitor will carry out the search and it means that the property can't be sold/charged by anyone else during that period.


    It's because there can be two or more charges over a property (ie, two loans that are secured against that property) and if the house was sold, the proceeds would be paid in order of who has 'priority' over that asset. So no lender wants to be second in the list of charges, or else they might not get all (or any) of their money back. So the priority search makes sure they're top of the queue, at least for the next 30 days.


    It's obviously very unlikely that the seller would randomly get a new mortgage days before exchange, but if they did and didn't tell anyone, the buyer could own the property subject to that mortgage, their lender would come second in priority, everyone would be very annoyed.
    • Margot123
    • By Margot123 1st Mar 18, 3:42 PM
    • 842 Posts
    • 865 Thanks
    Margot123
    I would expect this is saying they've lodged their priority search - this is standard and isn't really a search like the others, it just protects the position of the buyer and their lender. So, shortly before exchange (because the 'priority period' granted is limited to only about 30 days), the solicitor will carry out the search and it means that the property can't be sold/charged by anyone else during that period.


    It's because there can be two or more charges over a property (ie, two loans that are secured against that property) and if the house was sold, the proceeds would be paid in order of who has 'priority' over that asset. So no lender wants to be second in the list of charges, or else they might not get all (or any) of their money back. So the priority search makes sure they're top of the queue, at least for the next 30 days.


    It's obviously very unlikely that the seller would randomly get a new mortgage days before exchange, but if they did and didn't tell anyone, the buyer could own the property subject to that mortgage, their lender would come second in priority, everyone would be very annoyed.
    Originally posted by it'smeok
    Thanks for the clarification.
    I hadn't a clue what it all meant, but I do now.
    • crystalpinks
    • By crystalpinks 1st Mar 18, 4:18 PM
    • 49 Posts
    • 20 Thanks
    crystalpinks
    Hi Everyone!
    I was meant to exchange last week....
    Long story short, solicitor has taken so long doing nothing and hasn't send form to help to buy so they can issue authority to proceed. Developer have now said if this isn't submitted by 2nd March then they will remarket the house ..... solicitor is at home today due to snow ....
    if I loose this house because of his delay I don't know what I'll do!
    Has anyone lost a new build house after failing to exchange fast enough? The development is very high demand
    X
    • Amanda_Cm
    • By Amanda_Cm 2nd Mar 18, 7:55 AM
    • 166 Posts
    • 200 Thanks
    Amanda_Cm
    crystalpinks how long from reservation?
    Don't have experience with new builds but I know they give 6 weeks to complete and that's never the case.
    • Amanda_Cm
    • By Amanda_Cm 2nd Mar 18, 7:58 AM
    • 166 Posts
    • 200 Thanks
    Amanda_Cm
    We are set to complete next week on 7th of March but didn't exchange yet. Waiting to hear from solicitor. I have this gut feeling that will take a bit longer...
    • lovehols
    • By lovehols 2nd Mar 18, 9:50 AM
    • 214 Posts
    • 122 Thanks
    lovehols
    I've been a bit absent, been a busy week. Seems a lot has been happening, not sure I've got everyone.

    Janey - Well done on your completion

    Amanda - Hoping you get exchanged today too

    To Exoterror and Ashe, early days for you, keep us all posted with any developments hopefully it will be plain sailing for you now.

    Yasmin - Fingers crossed for you too!

    We had a bit of a turbulent week as the seller text not happy he has to pay for an additional two indemnity policies. In fairness we didn't know either until the solicitor mentioned it in quite a blase way two days ago. We knew there was one in terms of access as the property doesn't legally have right of access, more to do with land being unregistered etc which has been resolved and covered with the policy. Apparently the seller has had to provide another indemnity to do with the oil heating system and building regulations and another indemnity policy something about a covenant from 1909 (property wasn't built until 1975) but as no paperwork could be found another was needed.

    We asked the seller if we should hold off exchanging if he wasn't happy which I think caused a panic as he then apologised and said it was just a shock (he's inherited the property so I think he just wants the money).

    Anyway he is pushing to exchange so WE HAVE EXCHANGED TODAY!!! Completion isn't until 22/03 but I think we were all getting twitchy so at least we can finally rest knowing it's now just over two weeks to wait.

    In the meantime we can start stockpiling bleach ready to completing disinfectant and clean the place.

    Good luck to everyone!
    • Amanda_Cm
    • By Amanda_Cm 2nd Mar 18, 10:05 AM
    • 166 Posts
    • 200 Thanks
    Amanda_Cm
    Wow lovehols congrats!!!
    I don't think we are exchanging today. My solicitor is not at work because of the bad weather. So maybe next week. Don't think is possible to complete next week. If I have to move out this weekend like our vendor have to I will better leave it for next weekend. Is so cold here and the wind is blowing dry snow everywhere. Is good that we are not in rush. As long as we complete till 28 March is ok.
    • lovehols
    • By lovehols 2nd Mar 18, 10:10 AM
    • 214 Posts
    • 122 Thanks
    lovehols
    Oh no Amanda, perhaps it's a good thing with the weather though. We have literally a couple of patches of snow I can see on the garden but it's all gone in the main!
    • G.McC
    • By G.McC 2nd Mar 18, 10:25 AM
    • 7 Posts
    • 7 Thanks
    G.McC
    How picky are lenders about deposits? We had originally told them that the deposit was coming from an inheritance. The money is in an investment fund and it's taking longer to release than we had thought.

    The deposit it 28.5k. The first 15k has been released from the investment fund and is in my partners bank account.

    Between our HTB ISAs and our savings accounts we have another 15k so in total, more than we need. If they can see the proof of that do you think they will be happy? Broker seems to think they just want to see that it is actually there. I'm not entirely convinced - do you guys think that it'll be ok?
    • TamsinC
    • By TamsinC 2nd Mar 18, 10:56 AM
    • 312 Posts
    • 282 Thanks
    TamsinC
    YAY phone call from the solicitors - we have completed - big sign of relief
    • lovehols
    • By lovehols 2nd Mar 18, 11:25 AM
    • 214 Posts
    • 122 Thanks
    lovehols
    Congratulations Tasmin
    • Amanda_Cm
    • By Amanda_Cm 2nd Mar 18, 12:02 PM
    • 166 Posts
    • 200 Thanks
    Amanda_Cm
    Tasmin Congrats!!!

    G. McC. Post the same question as a threat. Is quite specific and more people will see it that way. You have bigger chance to be seen by someone with similar experience.
    • MrBrindle
    • By MrBrindle 2nd Mar 18, 12:37 PM
    • 112 Posts
    • 42 Thanks
    MrBrindle
    Congrats to everyone who's exchanged / completed.

    Getting a bit exasperated here. Last week solicitors sent me into panic saying can we complete on the 9th, and saying they were 'trying to exchange'. Three in the chain.

    Come Monday, I was told that our buyers hadn't even sent back their contracts, and then come Wednesday the buyers' buyers (bottom of chain) wanted to exchange/complete on the 9th! Ourselves and our buyers have said no to this.

    So yesterday, the bottom of the chain came back saying can we 'aim' to exchange on the 9th and complete on the 23rd. Our solicitor told the rest of the chain we wanted two weeks gap, although we told him last week we are good to go asap! And 'aiming' to exchange isn't good enough.

    I asked our solicitor if he can find out why the bottom of the chain needs to wait until the 9th, and he said he can't. Also shouldn't he know what position everyone else in the chain is at before saying he's 'attempting to exchange'?!

    Very frustrating and very angry right now. Don't want to wait another 3 weeks for completion. Don't know whether to kick up a stink or not.

    Is being in a chain always this complicated?!
    Last edited by MrBrindle; 02-03-2018 at 12:43 PM.
    • harz99
    • By harz99 2nd Mar 18, 12:47 PM
    • 2,672 Posts
    • 2,602 Thanks
    harz99
    Tasmin Congrats!!!

    G. McC. Post the same question as a threat. Is quite specific and more people will see it that way. You have bigger chance to be seen by someone with similar experience.
    Originally posted by Amanda_Cm


    Or a new thread even...Lol.
    • Amanda_Cm
    • By Amanda_Cm 2nd Mar 18, 1:07 PM
    • 166 Posts
    • 200 Thanks
    Amanda_Cm
    Harz99 sorry my mistake. Learned English on my own for 6 months but there is so much more to learn...

    Mr.Brindle 2 weeks is a bit long really but some people wait even more.
    • crystalpinks
    • By crystalpinks 2nd Mar 18, 3:39 PM
    • 49 Posts
    • 20 Thanks
    crystalpinks
    Amanda, reservation was a couple of days before Xmas- and developers policy asks for a 28day exchange! Help2buy were shut for the Xmas fortnight so nothing happened for the first two weeks!
    There's been a couple of bumps in the road- didn't use a broker and had to re-submit help2buy due to affordability. Had to swap lender as nationwide only had branch appointments 2-3 weeks later! Full mortgage offer was issued on 1st feb so in theory my solicitor could have moved forward at that point but has left it all last minute!
    He's managed to submit the forms today with planned exchange for 6th March so fingers and toes crossed it'lol go ahead then! So so stressful, I never want to buy a house again!
    • Cheery Daff
    • By Cheery Daff 2nd Mar 18, 8:53 PM
    • 8,180 Posts
    • 40,582 Thanks
    Cheery Daff
    Evening all - I'm not sure I ever popped back in after we moved so since I waffled so much in here over the last few months, thought I should give a final update

    28th June - offer 'accepted' on House 1, not taken off market
    6th July - our house on market (17 viewings, 4 people bidding against each other)
    17th July - accepted offer on our house
    30th July (ish) - buyer sells house, we pull out of House 1
    2nd Aug - offer rejected on House 2
    9th Aug - offer accepted on House 3
    13th November - finally got mortgage offer!!
    14th Nov - signed all docs, ready to exchange
    15th - bottom of chain (buyers' buyer) pulls out
    30th Nov - buyer finds new buyer, chain complete again
    15th Feb - FINALLY exchanged
    26th Feb - MOVED HOUSE

    I think about 30 weeks from offer accepted to completion back in a tic with moving day story
    • Cheery Daff
    • By Cheery Daff 2nd Mar 18, 9:04 PM
    • 8,180 Posts
    • 40,582 Thanks
    Cheery Daff
    So. Removals arrived 8.30 on Saturday with a 7.5 tonne truck, which I had failed to sort parking for Managed eventually, and 2 old blokes spent the next 4.5 hours moving all our stuff I ended up carrying quite a lot of it myself as it would have taken all day otherwise

    Spent the rest of the weekend frantically packing the rest, but still ended up staying up til 4am on Monday morning, even after a lovely neighbour spent 4 hours helping us pack and clean

    Had 2 hours sleep before removals blokes came back (2 young guys this time, much faster!) Had a call at 10am to say solicitor had received money for our old house and passed it on so completion wouldn't be long removals were gone (with another 2 long wheelbase sprinter vans) by 10.30, keys were ready at 11.30, but we were still cleaning old house at 12.30

    Went to say goodbye to neighbours (sobbing ) dropped keys off about 12.45, and stopped for a quick restorative cuppa in local cafe before driving to new house in convoy. Removals guys had arrived hours earlier unpacked one van into the garage (as instructed), driven an hour back to the city to retrieve the lorry, and driven that to new house before we finally arrived at 2pm

    All unpacked by 4.30, with Mr Cheery directing and helping, and me trying to figure out how to get the heating working (system was drained before Christmas as house was empty)

    First night was quite depressing House cold, couldn't light fire as room filling with smoke, 2 hours sleep and we were both exhausted

    Tuesday we nipped into town and to local cafe and felt better then the snow descended, and we have been completely snowed in ever since drifts higher than me in some places finally managed a two hour round walk to the local shop this afternoon met a couple of neighbours (about half a mile away )

    It's been a heck of a week to move out to the middle of nowhere, but I'm VERY glad we got in on Monday before the snow arrived!!

    Good luck to the rest of you, really hope you get there in the end like we did Wishing you much patience as you'll probably need it!!
    • 19Jessie78
    • By 19Jessie78 4th Mar 18, 10:25 PM
    • 9 Posts
    • 2 Thanks
    19Jessie78
    Hi all hoping someone can help/advise....we!!!8217;re in the middle of a chain, cash buyer buying our house and we!!!8217;re purchasing an empty house...started having a panic today about the deposit that needs to be paid at exchange, we just assumed it would be taken out of the equity we have in our current house but after reading a few different threads it seems we will have to find this money ourselves....there will be a shortfall in the deposit that is paid !!!8216;to us!!!8217; and what we have to pay to our !!!8216;seller!!!8217;...has anyone been in this situation lately and what did you do?....if needed a family member would probably loan to us but want to avoid this if we can.
    • ashe
    • By ashe 4th Mar 18, 11:07 PM
    • 530 Posts
    • 367 Thanks
    ashe
    Hi all hoping someone can help/advise....we!!!8217;re in the middle of a chain, cash buyer buying our house and we!!!8217;re purchasing an empty house...started having a panic today about the deposit that needs to be paid at exchange, we just assumed it would be taken out of the equity we have in our current house but after reading a few different threads it seems we will have to find this money ourselves....there will be a shortfall in the deposit that is paid !!!8216;to us!!!8217; and what we have to pay to our !!!8216;seller!!!8217;...has anyone been in this situation lately and what did you do?....if needed a family member would probably loan to us but want to avoid this if we can.
    Originally posted by 19Jessie78

    https://www.blandy.co.uk/blog/buying-a-property-the-deposit-explained
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