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  • FIRST POST
    • happytails
    • By happytails 27th Jul 17, 5:20 PM
    • 1,519Posts
    • 9,227Thanks
    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 188
    • jennhg88
    • By jennhg88 2nd Jul 18, 8:57 AM
    • 228 Posts
    • 162 Thanks
    jennhg88
    And so begins another week of chasing and moaning......
    • Chanlf91
    • By Chanlf91 2nd Jul 18, 9:26 AM
    • 38 Posts
    • 12 Thanks
    Chanlf91
    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.
    • Surrey_EA
    • By Surrey_EA 2nd Jul 18, 9:35 AM
    • 1,684 Posts
    • 2,240 Thanks
    Surrey_EA
    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.
    Originally posted by Chanlf91
    Ask your solicitor when they would like you to transfer the deposit funds, they should be able to give you an indication of roughly when exchange is likely to take place.
    • jimmyhurr
    • By jimmyhurr 2nd Jul 18, 9:43 AM
    • 16 Posts
    • 6 Thanks
    jimmyhurr
    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.
    Originally posted by Chanlf91
    We exchanged last week with completion agreed for 16th July. Assuming all enquiries/searches etc are done, mortgage offer is in (if there is one), both sides have signed the contract and the deposit monies are with your solicitor, there is no real reason why exchange cannot occur. From then on it is negotiation between the solicitors and it is the solicitors that actually do the exchange. Negotiation is about a completion date, which needs to be agreed for exchange to happen.

    We are buying (no chain either way) and our vendors said the earliest completion they could do was 16th July. We had signed our contract a week before the vendors had signed theirs, so we took that opportunity to transfer the deposit to the solicitors so everything was in place. We actually transferred the entire amount (we have money from a previous house sale + mortgage for remainder). The vendors signed last Monday and we had exchanged on Tuesday.

    Talk to your solicitor and ask them when you should transfer the deposit monies.

    If there is a chain, the entire chain needs to be ready....
    Last edited by jimmyhurr; 02-07-2018 at 11:26 AM.
    • Jtotz67
    • By Jtotz67 2nd Jul 18, 11:34 AM
    • 40 Posts
    • 19 Thanks
    Jtotz67
    Did you manage to exchange today?
    Originally posted by Magnus91

    Nope

    We are waiting for two outstanding enquiries but both are in the hands of outside parties so it's a massive guessing game.

    We are hoping this week but who knows at this point.....
    • Jtotz67
    • By Jtotz67 2nd Jul 18, 12:20 PM
    • 40 Posts
    • 19 Thanks
    Jtotz67
    Advice Needed!!!
    Right we are really in a bind with our purchase.


    So because our place is flying freehold, we need a deed of covenant with the neighbours. There is a historic one but it provides that a new one be made on each sale of either house.


    The solicitor on the other side is refusing to concede that we need one as they think the old one will suffice. This has been going on for weeks.

    I don't see how we can make any positive progress until this point is conceded and we are absolutely tearing our hair out.


    My solicitor will not move forward without it and they will not concede we need it so we are stuck right between a rock and a hard place.


    Any advice on how to break this stalemate?? (preferably within the next 5 days so we don't bankrupt ourselves paying rent we don't need to pay after we have completed?!)


    At the moment I don't see any way forward other than to cut our losses and pull out and chalk it all up to experience!


    Any other suggestions?!
    • SG27
    • By SG27 2nd Jul 18, 12:30 PM
    • 2,521 Posts
    • 1,766 Thanks
    SG27
    Right we are really in a bind with our purchase.


    So because our place is flying freehold, we need a deed of covenant with the neighbours. There is a historic one but it provides that a new one be made on each sale of either house.


    The solicitor on the other side is refusing to concede that we need one as they think the old one will suffice. This has been going on for weeks.

    I don't see how we can make any positive progress until this point is conceded and we are absolutely tearing our hair out.


    My solicitor will not move forward without it and they will not concede we need it so we are stuck right between a rock and a hard place.


    Any advice on how to break this stalemate?? (preferably within the next 5 days so we don't bankrupt ourselves paying rent we don't need to pay after we have completed?!)


    At the moment I don't see any way forward other than to cut our losses and pull out and chalk it all up to experience!


    Any other suggestions?!
    Originally posted by Jtotz67
    Why won't your solictor let you pay for a new one? If you are happy ro do it then there should be no problem. The morrgage companywont be bothered if its historic or renewed surely.
    • Jtotz67
    • By Jtotz67 2nd Jul 18, 12:42 PM
    • 40 Posts
    • 19 Thanks
    Jtotz67
    Why won't your solictor let you pay for a new one? If you are happy ro do it then there should be no problem. The morrgage companywont be bothered if its historic or renewed surely.
    Originally posted by SG27

    Our solicitor isn't the problem. Its the vendor's solicitor that is not budging and conceding that we need one.


    Our solicitor won't continue without a new one and the vendor's solicitors apparently won't draft a new one!


    All very fun!
    • deuxchatsnoirs
    • By deuxchatsnoirs 2nd Jul 18, 1:07 PM
    • 16 Posts
    • 31 Thanks
    deuxchatsnoirs
    HOPEFULLY exchanging and completing today. Solicitor assured us exchange would be first thing this morning.

    I haven't slept at all and I'm on tenterhooks! I know it would be just my luck for something to go wrong
    Originally posted by deuxchatsnoirs
    We have exchanged!!!! Getting keys this afternoon. So relieved and excited!

    Best of luck to everyone hoping for exchange this week!
    • TamsinC
    • By TamsinC 2nd Jul 18, 1:09 PM
    • 507 Posts
    • 617 Thanks
    TamsinC
    Our solicitor isn't the problem. Its the vendor's solicitor that is not budging and conceding that we need one.


    Our solicitor won't continue without a new one and the vendor's solicitors apparently won't draft a new one!


    All very fun!
    Originally posted by Jtotz67
    This is a time when EAs can come into their own - contact them and get them to bypass the solicitors and talk to the vendors directly explaining what is happening. The vendors then talk to their solicitors and tell them what to do.
    • Chanlf91
    • By Chanlf91 2nd Jul 18, 6:09 PM
    • 38 Posts
    • 12 Thanks
    Chanlf91
    After posting this morning and being a bit clueless about exchange, we recieved an email from our solicitor asking if we're ok to complete on Friday 13th!!! We've paid deposit, exchange will happen this Friday and we'll have the keys the week after! Happy is an understatement as my partner is working away from the 21st until September so we'll get everything moved across to new house in time!
    • Nikkilevel27
    • By Nikkilevel27 3rd Jul 18, 12:28 AM
    • 23 Posts
    • 1 Thanks
    Nikkilevel27
    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
    • By DeeDee87 4th Jul 18, 9:33 AM
    • 11 Posts
    • 17 Thanks
    DeeDee87
    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
    • By jennhg88 4th Jul 18, 9:58 AM
    • 228 Posts
    • 162 Thanks
    jennhg88
    Officially ready to exchange on our purchase....now to wait for our sale to catch up!
    • Jtotz67
    • By Jtotz67 4th Jul 18, 12:35 PM
    • 40 Posts
    • 19 Thanks
    Jtotz67
    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
    • By c4rm0 4th Jul 18, 1:49 PM
    • 6 Posts
    • 0 Thanks
    c4rm0
    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
    • By trix-a-belle 4th Jul 18, 1:50 PM
    • 858 Posts
    • 3,658 Thanks
    trix-a-belle
    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.
    Originally posted by Chanlf91
    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
    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: £114800 £100k
    - Student Loan: £ 7100 0!
    Swagbucks, Neobux, GiffGaff, Roamler, Qmee & Quidco; thank you MSE every little bit helps
    MFiT-T4
    • Magnus91
    • By Magnus91 5th Jul 18, 10:43 AM
    • 45 Posts
    • 16 Thanks
    Magnus91
    Got all the lease info yesterday, about 100 pages of stuff to read

    I'm hoping they might send a hard copy to make it a bit easier haha
    • mattcafc
    • By mattcafc 5th Jul 18, 7:19 PM
    • 64 Posts
    • 6 Thanks
    mattcafc
    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
    • By SG27 5th Jul 18, 7:29 PM
    • 2,521 Posts
    • 1,766 Thanks
    SG27
    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?
    Originally posted by mattcafc
    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!
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