Your browser isn't supported
It looks like you're using an old web browser. To get the most out of the site and to ensure guides display correctly, we suggest upgrading your browser now. Download the latest:

Welcome to the MSE Forums

We're home to a fantastic community of MoneySavers but anyone can post. Please exercise caution & report spam, illegal, offensive or libellous posts/messages: click "report" or email forumteam@.

Search
  • 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 153
    • treeny_bash
    • By treeny_bash 10th Mar 18, 9:13 PM
    • 160 Posts
    • 1,036 Thanks
    treeny_bash
    There's a house come on the market around the corner since the last time we looked, and we had a wee look last night. It's much better than the place that's threatening to withdraw their sale. I'm severely tempted to withdraw anyway, even if the covenant issue gets resolved. I would never have looked at the market if he hadn't tried to pressure us but I still feel terrible about backing out so late in the game.

    I've been having some unspoken buyer's remorse over the last few weeks whilst thinking about where furniture goes etc. Now that he's angered me so much, and I've seen a much nicer place that's a little more pricey but we can still afford, I really don't want this house anymore.

    The mortgage company and solicitors have confirmed that all we'll lose if we still buy somewhere is the cost of the survey and searches. So I think the decision is made. This nicer place has vendors who are still looking, but we're in a strong position and in no hurry to move.
    • Amanda_Cm
    • By Amanda_Cm 11th Mar 18, 5:33 PM
    • 166 Posts
    • 200 Thanks
    Amanda_Cm
    How are you doing everyone?
    I am so nervous! Reading comments about people who were trying to buy house with negative equity like the one our vendor is purchasing. Not even one successful story!
    It makes me really worried. We spent around 1.9k already. Don't want to lose the money and also can't find even one house that we like. Don't want to pull out but what if the chain collapse?
    They are waiting on mortgage redeption statement. What if they don't have enough money to pay off the mortgage? Who the h*ll is selling house without knowing his own financial situation?
    • TamsinC
    • By TamsinC 11th Mar 18, 5:37 PM
    • 207 Posts
    • 181 Thanks
    TamsinC
    How are you doing everyone?
    I am so nervous! Reading comments about people who were trying to buy house with negative equity like the one our vendor is purchasing. Not even one successful story!
    It makes me really worried. We spent around 1.9k already. Don't want to lose the money and also can't find even one house that we like. Don't want to pull out but what if the chain collapse?
    They are waiting on mortgage redeption statement. What if they don't have enough money to pay off the mortgage? Who the h*ll is selling house without knowing his own financial situation?
    Originally posted by Amanda_Cm
    We sold with negative equity - we made sure we had the savings to make up the difference - I can't see why anyone would put a house on the market if they didn't have the difference in savings. It all went well for us - so it can happen. But sometimes it's worth losing £1.9K than buying a house for £100sK you don't want. Try to be patient until you know exactly what is happening. Then it might be fine or you may need to cut and run. There wlil always be another house.
    • Amanda_Cm
    • By Amanda_Cm 11th Mar 18, 5:56 PM
    • 166 Posts
    • 200 Thanks
    Amanda_Cm
    Thank you, TamsinC. Just nervous. You are right!
    • treeny_bash
    • By treeny_bash 12th Mar 18, 12:28 PM
    • 160 Posts
    • 1,036 Thanks
    treeny_bash
    So we've officially withdrawn. Very unhappy with the vendor and coupled with the second thoughts I was having about the property and the fact they've moved just over the back fence, it's deffo the right decision. So it's back to square one (or really square 4 since we have our mortgage offer and our solicitor sorted)

    03/01 Offer accepted on House 1
    04/01 AIP agreed with Yorkshire - valid for 30 days
    08/01 Instructed solicitors to act on our behalf
    10/01 Provided EA with proof of deposit, AIP and ID
    12/01 Received pack from solicitors
    15/01 Paid fee for Searches
    18/01 Applied for full mortgage with YBS
    26/01 Phone call and email from YBS detailing information required to proceed with application
    26/01 - GOT ENGAGED (not relevant at all, but completely distracting me from the fact we're supposed to be doing house stuff)
    31/01 - Survey conducted
    05/02 - Searches returned
    19/02 - Mortgage offer confirmed
    21/02 - Paper version of offer received
    22/02 - 1st set of enquiries, vendors survey, etc received from Solicitors. Half of items missing or incorrect. Survey filled out badly with lots of mistakes - eg Vendor says there's no water meter, and property isn't connected to mains sewerage, despite the survey confirming the location of the water meter and confirming that there's mains sewerage. Solicitor confirms she is waiting for responses on missing docs and inconsistent answers
    08/03 - Email from solicitors advising that the missing enquiries have been answered, there's no consent from the covenant holder for the extension added. We can either get indemnity insurance, but this only covers financial loss, or ask for retrospective consent, but there may not be time because if we don't complete by 21st March the vendor is pulling out
    09/03 - Covenant owner hypothetically tells us that consent will cost £100 and would be done by return post. But there may also be an issue as the property was leasehold at the time the extension was built. Tell solicitor that we are not going to buy the house if consent is not obtained. Go to look at a house that's come on the market since we last looked (House 2)
    12/03 - Officially withdraw from House 1. Solicitor tells EA, who ring us to confirm. We're done with this one now.
    • spendinglikemad
    • By spendinglikemad 12th Mar 18, 12:46 PM
    • 287 Posts
    • 1,629 Thanks
    spendinglikemad
    Guys I am losing the will here, was trying to be patient.....

    Our timeline:

    30 Oct - Offer accepted
    6 Nov - Notification of Sale Received & seller forms
    11 Dec - Initial enquiries raised
    5 Jan forms to be signed for Adverse possession (as there was a mistake on the deeds)
    2 Feb land survey done all fine (supposedly but then adjoining properties to be contacted and allowed 15 working days to object) should have been middle of last week.

    Trying to get an update from land registry and they are now saying 21st March FFS.

    So thank goodness my solicitor is now putting pressure on LR to get back on this as we its holding up the chain - and sounds like the buyers mortgage will expire soon ..... please some +ve hurry up vibes that this can go ahead and people can pull their finger out!!

    SLM
    Family of 4 plus cat & pup!
    • Exoterror
    • By Exoterror 12th Mar 18, 2:06 PM
    • 13 Posts
    • 27 Thanks
    Exoterror
    Firstly, I'm sorry to hear of your troubles treeny_bash and spendinglikemad, and I hope both of your situations are resolved soon.

    I have good news regarding my situation. I've just requested the CHAPS payment for our deposit and legal fees, and we have an agreed completion date of the 28th March. Updated timeline below:

    Sat 3rd Feb: Offer Accepted.
    Fri 9th Feb: Mortgage Advisor meeting, had provided requested documents beforehand.
    Thu 15th Feb: Mortgage Advisor meeting to make full application. Application made to Virgin Money.
    Wed 21st Feb: Further documentation requested, and sent.
    Thu 22nd Feb: Valuation.
    Fri 23rd Feb: Further documentation requested, and sent.
    Wed 28th Feb: Mortgage offer received.
    Mon 12th Mar: Deposit paid, and completion date of 28th March agreed.
    • spendinglikemad
    • By spendinglikemad 12th Mar 18, 2:25 PM
    • 287 Posts
    • 1,629 Thanks
    spendinglikemad
    Thanks Exoterror - good to know that some transactions go through smoothly (to be fair though our purchase took 6 weeks to exchange and completion its only the sale thats taking extra time)

    Hopefully the bit of pressure the solicitors are putting on land registry to turn the process around will help - not like we are asking the world - just to work to timings they agreed!!

    SLM
    Family of 4 plus cat & pup!
    • pink_pirlie
    • By pink_pirlie 12th Mar 18, 2:30 PM
    • 163 Posts
    • 102 Thanks
    pink_pirlie
    Congratulations Exoterror. It is good to see some purchases are progressing quickly.

    Still waiting on news after agreeing the purchase mid-November.
    Not heard anything for over a week now since we found out that our vendor is not buying the new build but a probable property in the same retirement complex. Grrrrr
    Last edited by pink_pirlie; 12-03-2018 at 2:39 PM. Reason: Fix typo
    • Amanda_Cm
    • By Amanda_Cm 12th Mar 18, 2:43 PM
    • 166 Posts
    • 200 Thanks
    Amanda_Cm
    Exoterror congrats! !!!9786;
    Is really good to reed about good news.

    Our situation is still the same. Got email from our solicitor today saying they are waiting on redemption certificate. God know how long that will be.
    Anyway you are probably already sick of my rant....
    I decided to stop calling and pushing. Looking for another property just in case
    • Tootling
    • By Tootling 12th Mar 18, 4:40 PM
    • 34 Posts
    • 28 Thanks
    Tootling
    Congrats o those who have completed, sympathetic to this who have not.

    I am currently myself. We are waiting to hear about an indemnity policy from our lender and have been doing so for over a week.

    When the solicitor finally sent the !!!!ing thing to the lender the cover letter APPARENTLY didn't go through so another whole day wasted.

    Then it seemed to take another day for Platform to receive the thing and send it on to their valuer or whatever.

    Now we were told Friday. No word. Still no word as of today.

    I am not fffffff peed off i could strangle someone. The damned offer runs out on the 1st April. This is the lender holding it up. Argh.

    And I'm sure the solicitor could do with showing a bit more initiative and bloody ask them to get on with it. I very much doubt they chase unless i phone up to chase them.

    It is already the end of another day. Another water day where nothing gets done due to bloody idiots.

    And who knows what's going on up the chain. Hopefully the two other solicitors have stopped having their little yes i have/no i haven't argument they've been trapped in.

    • Amanda_Cm
    • By Amanda_Cm 12th Mar 18, 7:51 PM
    • 166 Posts
    • 200 Thanks
    Amanda_Cm
    Tootling, that's sound awful and really stressful. Hope you complete as soon as possible!

    I am really upset today as well. It turned out that our lender released the funds today. All the solicitors are waiting on redeption statement tomorrow and if the chain doesn't work out we have to pay rate on the money!
    So our mortgage started but we don't have a house. We didn't even exchange yet.
    • Akahotpot
    • By Akahotpot 13th Mar 18, 10:06 AM
    • 137 Posts
    • 88 Thanks
    Akahotpot
    My timeline –
    Got mortgage dip 06/17
    Offer made and accepted on the house we want 07/17 (I know should have had an offer on mine first)
    Solicitors Instructed 07/17
    Cash buyer made offer for mine 08/17
    Contracts ready to sign 10/17
    My buyer falls off the rader 11/17 still no idea where he went
    House I was buying goes back on market 11/17 and gets offer
    I get a private buyer for my house 12/17
    Rejig mortgage 01/17
    I find a new house and get offer accepted last week of Dec17
    Complete my sale and move in with family 26/01/17
    Awaiting my purchase to catch up chased 02/17
    update
    13/03/18
    The vendor says he is waiting for the house he is buying to purchase the lease ,his solicitor is not prepare to give any info I only know because I have the vendors number ,my sols thinks its more likely he is struggling to get a mortgage
    With no end in sight and with a couple of nice houses now in the same area I have contacted my solicitor for an estimate of the cost of withdrawing and buying a different house
    Its a shame but I cant live out of a suitcase forever
    • ftb_deena
    • By ftb_deena 13th Mar 18, 11:14 AM
    • 15 Posts
    • 7 Thanks
    ftb_deena
    I am a FTB and have to admit I have no idea what hardly any of these mean, but I'm hoping I'm nearly at the end of it all.... Right?!

    Law Firm Instructed - 7/2
    Memorandum of Sale Received - 9/2
    Contract Pack Received - 10/2
    Searches Requested - 10/2
    Enquiries Raised - 10/2
    Report to Buyer on Contract - 10/2
    Client Instructs in Writing - 14/2
    Searches Received - 22/2
    Mortgage Offer Received - 2/3
    Replies to Enquiries Received - 5/3
    Signed Mortgage Deed Received - 12/3
    • Exoterror
    • By Exoterror 13th Mar 18, 11:30 AM
    • 13 Posts
    • 27 Thanks
    Exoterror
    I'm sorry to see that even more people are having issues, and hope that Tootling and Akahotpot both have theirs resolved soon.

    Welcome to the thread ftb_deena, I hope everything progresses smoothly for you.

    Things were moving far too smoothly for us so it was only inevitable that we would hit an issue.

    This morning we received a call from our solicitor as they had not received our deposit. So I called my bank to find out what was going on. The person that I spoke to just said that the payment had been sent yesterday afternoon, and that they would start an investigation that would take 2-3 days to come back. Of course I then call back the solicitor to triple check that I had sent it to the correct account, which I had.

    After further information was passed back and forth to our solicitor, enabling their bank to start a similar investigation from their side, my solicitor mentions that sometimes payments are held in a suspense account for validation before being sent. I thought it was odd that the person I spoke to at my bank had not mentioned this, so I called my bank back. Sure enough, this is exactly what had happened and the payment has now been received.

    It's not every day someone tells you a few tens of thousands of pounds have gone missing... It probably took less than 2 hours from hearing the news to having it resolved, but I just felt physically sick until I heard that it had been received.

    However, now that our deposit has been paid our solicitor is trying to get contracts exchanged today. A complete roller coaster of emotions today; I'll update our timeline when I hear that is has happened.
    • Tootling
    • By Tootling 13th Mar 18, 1:59 PM
    • 34 Posts
    • 28 Thanks
    Tootling
    Akahotpot, we are also living out of suitcases and bags atm in... Well it could-be-worse lodgings, but it's not home, not even family. Pulling out of our sale however is not something we want but not if this drags on for too long we might have little choice!

    Our lender has sent the indemnity to their valuer... But apparently can't seem to contact this valuer after a week.

    I am so !!!!ing !!!!ed off. I have said the eff whites just about every other word recently the air is fairly blue because if they just bloody get on with it we can exchange this week which we need to really it had already dragged on for entirely idiotic reasons.

    Now though i just want to chuck this lender seeing as the offer is expiring anyway. I can't remember it really taking that long to get a mortgage offer and frankly if they cant even do something so !!!!ing simple or chase this !!!! of a valuer up...



    Ftb Deena.... Lol buying a house is very exciting! Or first house was a new build that was really easy. I hope yours will go smoothly.
    • Akahotpot
    • By Akahotpot 13th Mar 18, 2:20 PM
    • 137 Posts
    • 88 Thanks
    Akahotpot
    Nightmare Tootling you never really know if your being told the truth

    I have just been rung by the vendor asking If I can wait another 3 months as apparently he has pulled out of his purchase and is now looking for something else .
    I told him politely either he sells to me by the end of the month or I withdraw ...I dont want too but enough is enough
    • Exoterror
    • By Exoterror 13th Mar 18, 3:31 PM
    • 13 Posts
    • 27 Thanks
    Exoterror
    Let's get some good news back into this thread. My solicitor has just been in touch and we have exchanged contracts, definitely been a roller coaster day today. Our completion date is set for the 28th March. Timeline so far:

    Sat 3rd Feb: Offer Accepted.
    Fri 9th Feb: Mortgage Advisor meeting, had provided requested documents beforehand.
    Thu 15th Feb: Mortgage Advisor meeting to make full application. Application made to Virgin Money.
    Wed 21st Feb: Further documentation requested, and sent.
    Thu 22nd Feb: Valuation.
    Fri 23rd Feb: Further documentation requested, and sent.
    Wed 28th Feb: Mortgage offer received.
    Mon 12th Mar: Deposit paid, and completion date of 28th March agreed.
    Tue 13th Mar: Exchanged contracts.

    Wed 28th Mar: Arranged completion
    • pink_pirlie
    • By pink_pirlie 13th Mar 18, 3:47 PM
    • 163 Posts
    • 102 Thanks
    pink_pirlie
    Congrats!!!

    Such a quick timeline.
    I hope my vendor’s new purchase is that quick. But still no news for me.
    Getting fed up of living in one room and out of boxes.
    • TamsinC
    • By TamsinC 13th Mar 18, 4:11 PM
    • 207 Posts
    • 181 Thanks
    TamsinC
    Nothing is simple is it? We negotiated a £10K reduction in price - spoke to the mortgage company who said because we went though a broker (an employee of their company - not sure how that is a broker) we had to talk to him. He was on holiday - however, he phoned us on Saturday and after a confused muddle of 10 mins finally realised he was just lowering the purchase price. Told us paperwork would be in the post Monday. Today the solicitor emails me to say she has finally received the mortgage offer (she hadn't previously) but it is dated 26th Feb and is for the original purchase price. SO I have to phone head office again. Apparently it takes up to 7 working days to ratify these things as the valuation needs to be looked at again (why? the price has dropped, the house was valued okay for the mortgage at the higher pice it should be fine at the lower price especially as our LTV is 52%!!! So the letter should be with the solicitor by the end of next week - another 2 weeks of wasted time! We were hoping to have exchanged and completed by then. Not going to happen is it. I reckon we are looking at mid April now!


    Time Scale so far . . . updates in bold
    Tenants asked us if they could leave house - 26/12/17
    Estate agents instructed - 31/12/17 (then a bit of bother)
    House on market - 10/1/18
    DIP from Nationwide 13/1/18
    Offer received and accepted on our house 17/1/18
    Offer made and accepted on the house we want 20/1/18
    Solicitors Instructed 17/01/18
    Documents picked up and filled in from Solicitor 17/1/18
    Documents and ID returned to Solicitor 19/1/18
    Solicitor composes draft contract & starts local searches - for selling 22/1/17 - for buying ?
    Mortgage application interview - 1/2/18 - 3 and 1/2 hours of going over and over the same stuff - still not finished - they are struggling with the fact that hubby will leave the forces in Dec and go onto a service pension - we can't say what his job or wages will be at that point and so are basing the mortgage application purely on his pension. They can't cope with that and the fact that deductions from his wages NOW won't be applicable in Dec. Head office and underwriters need to be contacted. This is making a compacted issue out of something that is not complicated.
    2nd Mortgage application interview - 8/1/18 - ANOTHER 2 hours going over the same information - they still don't get it but the application is going through.
    Basic surveys done for our purchase - 12/2/18 - nothing untoward found
    various letters and emails from our solicitors - they do seem to be on the ball though I am in contact a leasers twice a week to keep things moving forward.
    Valuation survey for mortgage - 14/2/18
    Chasing mortgage offer - 21/2/18
    Mortgage people see and approve valuation 23/2/18
    Building survey - 23/2/18 - awaiting report
    Emailed mortgage approval - 26/2/18
    Exchanged on the house we are selling 27/2/18
    Completion on house sale 2/3/18
    Chasing building survey on house we are buying 6/3/18
    Received survey 7/7/18
    negotiated a £10K discount
    rang to sort mortgage documents with lower price 10/3/18
    solicitor emails to say old document sent 13/3/18
    rang again and it will be another 1 - 2 weeks! 13/3/18
Welcome to our new Forum!

Our aim is to save you money quickly and easily. We hope you like it!

Forum Team Contact us

Live Stats

424Posts Today

5,747Users online

Martin's Twitter
  • It's the start of mini MSE's half term. In order to be the best daddy possible, Im stopping work and going off line? https://t.co/kwjvtd75YU

  • RT @shellsince1982: @MartinSLewis thanx to your email I have just saved myself £222 by taking a SIM only deal for £7.50 a month and keeping?

  • Today's Friday twitter poll: An important question, building on yesterday's important discussions: Which is the best bit of the pizza...

  • Follow Martin