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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 197
    • jedthehumanoid
    • By jedthehumanoid 10th Aug 18, 11:44 AM
    • 40 Posts
    • 15 Thanks
    jedthehumanoid
    Just had a call from our Solicitor - everything back from the other side and ready to exchange this afternoon, fingers crossed. Looking at completion on 17/08. The end is in sight...


    So close - one query outstanding apparently then we're ready to go. We're first time buyers purchasing a probate property so no reason for completion to take any time after exchange. Hoping to be in really soon so we can do a little bit of work before we have to leave our rented property at the end of August.
    Originally posted by jedthehumanoid
    • timefortea
    • By timefortea 10th Aug 18, 12:12 PM
    • 290 Posts
    • 410 Thanks
    timefortea
    Three people I know who've recently bought houses are telling me that exchange and completion happens on the same day and that's normal, but the prevailing opinion on MSE seems to be that it's not. Does anyone know if there are regional differences? I'd really rather have a week or two in between but if that's not the norm in my area I don't suppose I'll get it.
    • jennhg88
    • By jennhg88 10th Aug 18, 12:48 PM
    • 207 Posts
    • 157 Thanks
    jennhg88
    Three people I know who've recently bought houses are telling me that exchange and completion happens on the same day and that's normal, but the prevailing opinion on MSE seems to be that it's not. Does anyone know if there are regional differences? I'd really rather have a week or two in between but if that's not the norm in my area I don't suppose I'll get it.
    Originally posted by timefortea
    It's not normal and if in a chain particularly risky.
    • jennhg88
    • By jennhg88 10th Aug 18, 12:49 PM
    • 207 Posts
    • 157 Thanks
    jennhg88
    Well my sale and purchase are ready to go, BUT bottom of the chain (my buyer!!!8217;s sale) has a massive delay that the EA told me was previously sorted. Absolutely fuming and could potentially lose my purchase.
    Today is going to be fun.
    Originally posted by jennhg88
    May not be as bad as EA orignally told me. Bottom of the chain has their report from the solicitor, they're being given the weekend to go through it and EA will hold their hand on Monday so we can bl**dy well get on with it.
    • jedthehumanoid
    • By jedthehumanoid 10th Aug 18, 12:59 PM
    • 40 Posts
    • 15 Thanks
    jedthehumanoid
    Well that was quick! Exchanged today, completion on the 17/08. Offer was accepted on 25/05 so about 3 months in total. Time to start packing...


    Just had a call from our Solicitor - everything back from the other side and ready to exchange this afternoon, fingers crossed. Looking at completion on 17/08. The end is in sight...
    Originally posted by jedthehumanoid
    • s_glover
    • By s_glover 10th Aug 18, 1:07 PM
    • 402 Posts
    • 1,279 Thanks
    s_glover
    A quick update, new points in bold:


    April 18 Informal mortgage offer
    17/04/18 Put our house on the market
    20/06/18 Accepted an offer on our house
    09/07/18 Valuation on our house
    17/07/18 Had our offer accepted on new house
    18/07/18 Homebuyers survey completed on our house
    01/08/18 Formal Mortgage Application Made and DIP given (subject valuation and paperwork)
    06/08/18 Instructed surveyor to carry out Homebuyer Report
    09/08/18 Received enquires from buyers and replied
    10/08/18 Homebuyers Survey being completed on our purchase


    Valuation for mortgage should be completed next week.
    • 2004nsnazir
    • By 2004nsnazir 10th Aug 18, 4:02 PM
    • 62 Posts
    • 12 Thanks
    2004nsnazir
    Well that was quick! Exchanged today, completion on the 17/08. Offer was accepted on 25/05 so about 3 months in total. Time to start packing...
    Originally posted by jedthehumanoid


    Congrats!
    That's a similar timeline to mine. Ours was accepted on 16/05.
    Got a call from estate agent today to exchange today and complete 17/8. there trying to get hold of my solicitor and asked me to chase her.
    Just spoken to my solicitor who said she isn't in the office today and needs to have the file to exchange and will respond on Monday.


    Do you think if we exchange on Monday we can complete by Friday?
    What exactly happens on exchange? We have already signed our contract and transfer funds to our solicitor a few weeks ago.
    • jedthehumanoid
    • By jedthehumanoid 10th Aug 18, 4:29 PM
    • 40 Posts
    • 15 Thanks
    jedthehumanoid
    What happened? Not a lot to be honest. We'd already signed everything and sent over our deposit about a week ago so we just got a phone call this morning asking for permission to exchange, then another call a couple of hours later to say exchange had taken place and we would complete 17/08.


    We were told we needed 5 working days between exchange and completion because that's the notice our lender needed to send over the funds. Fingers crossed for you.


    Congrats!
    That's a similar timeline to mine. Ours was accepted on 16/05.
    Got a call from estate agent today to exchange today and complete 17/8. there trying to get hold of my solicitor and asked me to chase her.
    Just spoken to my solicitor who said she isn't in the office today and needs to have the file to exchange and will respond on Monday.


    Do you think if we exchange on Monday we can complete by Friday?
    What exactly happens on exchange? We have already signed our contract and transfer funds to our solicitor a few weeks ago.
    Originally posted by 2004nsnazir
    • Thrugelmir
    • By Thrugelmir 10th Aug 18, 7:41 PM
    • 60,109 Posts
    • 53,445 Thanks
    Thrugelmir
    Do you think if we exchange on Monday we can complete by Friday?
    What exactly happens on exchange?
    Originally posted by 2004nsnazir
    Possibly. How ready is the entire chain?

    Solicitors ring each other to confirm that they are ready and deposit monies are paid across. Making the transaction legally binding. Rather mundane.
    Financial disasters happen when the last person who can remember what went wrong last time has left the building.
    • FTBNow
    • By FTBNow 13th Aug 18, 2:05 PM
    • 114 Posts
    • 78 Thanks
    FTBNow
    So, now need to give authority again: turns out our solicitors went too early and the vendors solicitors (who hounded mine to be ready to exchange last Friday) are now not as a senior solicitor is reviewing the file. Argh!

    I've chased my solicitors today but it sounds like neither of them can do anything and the hold up is purely the other end. Very very frustrating when we are hoping to complete on Friday (and the vendor needs to complete on Friday). The entire chain are ready and have agreed on the 17th so we're hoping no matter when we exchange we'll be fine.
    Last edited by FTBNow; 13-08-2018 at 2:08 PM.
    • Roo89
    • By Roo89 13th Aug 18, 3:03 PM
    • 65 Posts
    • 60 Thanks
    Roo89
    twiddle thumbs twiddle thumbs

    Still just waiting on vendor 2 to finish all their paperwork and for their solicitor to send over the answer to the one outstanding query.

    Got a text from the bank to notify us we now have less than a month before our mortgage offer expires.

    Everyone has said they want to complete before the end of August, so hopefully we'll get some positive news this week.

    Until then I'll just keep twiddling my thumbs
    • 2004nsnazir
    • By 2004nsnazir 13th Aug 18, 3:10 PM
    • 62 Posts
    • 12 Thanks
    2004nsnazir
    Possibly. How ready is the entire chain?

    Solicitors ring each other to confirm that they are ready and deposit monies are paid across. Making the transaction legally binding. Rather mundane.
    Originally posted by Thrugelmir

    Friday got call from EA saying there ready and they've got the green light to exchange. The owner of the house we are buying are moving to a vacant property. They just need go ahead from our solicitor who wasn't working on Friday! She did however email me on the weekend to send the buildings insurance schedule as she needed this before Monday which I sent across on Saturday.


    I have emailed her today but no response. so no idea what's happening now.
    • jennhg88
    • By jennhg88 13th Aug 18, 3:42 PM
    • 207 Posts
    • 157 Thanks
    jennhg88
    May not be as bad as EA orignally told me. Bottom of the chain has their report from the solicitor, they're being given the weekend to go through it and EA will hold their hand on Monday so we can bl**dy well get on with it.
    Originally posted by jennhg88
    Counting down until a reasonable hour of the day to chase the EA for an update....
    • TamsinC
    • By TamsinC 13th Aug 18, 3:51 PM
    • 494 Posts
    • 611 Thanks
    TamsinC
    I honestly think our sellers have a screw loose. Having pushed and pushed and pushed to exchange and complete asap they now want a 5 week gap between exchange and completion! We were all set to go for next Monday and own the house by the end of the week. Now only exchange happening (hopefully).
    Give me strength.
    • superdeemon
    • By superdeemon 13th Aug 18, 3:59 PM
    • 3 Posts
    • 1 Thanks
    superdeemon
    My timeline...
    The whole process for me and my partner has been marred by the vendor's using a useless conveyancing firm who took months to respond.

    Timeline
    22/02 - Visit MB and get DIP from Nationwide
    23/02 - Put offer in
    26/02 - Offer accepted
    26/02 - Full application submitted
    ENTER BEAST FROM THE EAST
    12/03 - Nationwide Valuation
    19/03 - Mortgage offer
    23/03 - Homebuyers Survey
    24/03 - Searches / Enquiries Raised
    APRIL / MAY / JUNE - No response from seller's solicitor to enquiries. Chase multiple times. Down to sheer incompetence.
    05/07 - Enquiries partly satisfied. Still outstanding enquiries that seller's solicitor needs to satisfy (very basic stuff).
    07/08 (Yes August) - Deposits paid to solicitors in anticipation of exchange.
    13/08 (Today) - Waiting for seller's solicitors to confirm in position to exchange.

    In short it has been 5 months and 22 days since the offer was accepted and our mortgage offer runs out in 4-weeks. The seller's solicitors are absolutely woeful and our solicitors have been pulling their hair out.

    The saga continues.

    Edit: We are FTB and there is no chain. The property is currently sat empty (has been since Feb).
    Last edited by superdeemon; 13-08-2018 at 4:01 PM.
    • Surrey_EA
    • By Surrey_EA 13th Aug 18, 4:03 PM
    • 1,666 Posts
    • 2,219 Thanks
    Surrey_EA
    Three people I know who've recently bought houses are telling me that exchange and completion happens on the same day and that's normal, but the prevailing opinion on MSE seems to be that it's not. Does anyone know if there are regional differences? I'd really rather have a week or two in between but if that's not the norm in my area I don't suppose I'll get it.
    Originally posted by timefortea
    It's certainly not something I would describe as normal.

    The only circumstances where exchanging and completing on the same day should be considered is when the property is vacant and the buyer has no related sale.
    • nwithers1
    • By nwithers1 13th Aug 18, 4:08 PM
    • 7 Posts
    • 7 Thanks
    nwithers1
    First time buyers, buying a new build, leasehold with HTB. Was told completion was due mid July.
    Timeline:

    17/3 Reservation fee paid, HTB/mortgage applied for through advisor
    26/3 Solicitors instructed
    10/4 Help to buy ATP received
    10/5 Mortgage offer received from Barclays
    1/6 Searches submitted by conveyancer
    10/7 Environmental reports/searches etc. received
    26/7 Solicitor told us she'd email and post the full reports including contracts for us to sign
    2/8 Solicitor actually emailed reports
    2/8 House was completed, signed off, certified. Ready to live in.
    8/8 Reports/contracts finally turned up in the post
    8/8 Our contract from our current, rented flat ended. We had to put everything in storage and move in to a friend's spare room
    10/8 Solicitor's expected day for exchanging contracts (with completion arranged for 16/8). Delayed due to awaiting some confirmation from the lender
    13/8 Lender (Barclays) delays again - needs to review ground rent and send info to valuation team

    The 16th August has been agreed as a completion date, but for some reason Barclays valuation team need to review the costs of our ground rent, despite having been informed of the leasehold since March. Apparently the valuation team usually take 3-5 days to respond, though we've been told our case has been expedited to get a reply sooner.
    Help to Buy need 2 days between Exchange and Completion, so if Barclays do not get back to us by tomorrow, we will not be able to complete on the set day.

    The house has been ready since the beginning of August. We've trying to get this sorted since March (5 months!). We've told our solicitors all along that our renting contract ends early August. We're living in a friend's spare room and we still don't know if we can get the keys this week or if we have to impose on someone else for longer.
    Even worse - I don't know why Barclays are having to question the ground rent at this stage (or at all), and I just hope that this won't cause them to pull out at the last minute and leave us with nowhere to live.
    • sondy
    • By sondy 13th Aug 18, 4:17 PM
    • 8 Posts
    • 4 Thanks
    sondy
    Oh the frustration!
    Friday was meant to be our exchange date - solicitors said they couldn't get through to other solicitor and Monday would be the day. Today we got an email (expecting it to say that we had exchanged and now they say they have chased other solicitors but nothing back!) this is so so frustrating as we are supposed to be moving next Monday! No idea how to play it.
    • PassingOutInTheParade
    • By PassingOutInTheParade 13th Aug 18, 4:19 PM
    • 85 Posts
    • 86 Thanks
    PassingOutInTheParade
    The whole process for me and my partner has been marred by the vendor's using a useless conveyancing firm who took months to respond.

    Timeline
    22/02 - Visit MB and get DIP from Nationwide
    23/02 - Put offer in
    26/02 - Offer accepted
    26/02 - Full application submitted
    ENTER BEAST FROM THE EAST
    12/03 - Nationwide Valuation
    19/03 - Mortgage offer
    23/03 - Homebuyers Survey
    24/03 - Searches / Enquiries Raised
    APRIL / MAY / JUNE - No response from seller's solicitor to enquiries. Chase multiple times. Down to sheer incompetence.
    05/07 - Enquiries partly satisfied. Still outstanding enquiries that seller's solicitor needs to satisfy (very basic stuff).
    07/08 (Yes August) - Deposits paid to solicitors in anticipation of exchange.
    13/08 (Today) - Waiting for seller's solicitors to confirm in position to exchange.

    In short it has been 5 months and 22 days since the offer was accepted and our mortgage offer runs out in 4-weeks. The seller's solicitors are absolutely woeful and our solicitors have been pulling their hair out.

    The saga continues.

    Edit: We are FTB and there is no chain. The property is currently sat empty (has been since Feb).
    Originally posted by superdeemon
    In a similar situation whereby the seller's solicitor is totally useless ie not informing/reminding them that they needed to verify their ID, not returning incomplete documents.....

    We are almost 4 months in and our solicitors have only just been sent the draft contract pack.

    Sometimes I think there is much less motivation with a 'no chain' sale.
    • 2004nsnazir
    • By 2004nsnazir 13th Aug 18, 4:25 PM
    • 62 Posts
    • 12 Thanks
    2004nsnazir
    Yay!!!!!! Just been told we have exchanged. With completion on 20th. Can the completion date change as I need to book day off to pick keys. We wont be moving in straight away but want the keys when available.


    Do I need to do anything else?
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