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  • FIRST POST
    • claz83
    • By claz83 15th May 18, 2:28 PM
    • 20Posts
    • 6Thanks
    claz83
    Are we close to exchange?
    • #1
    • 15th May 18, 2:28 PM
    Are we close to exchange? 15th May 18 at 2:28 PM
    Going out of mind just waiting, can anyone who's endured this process let me know roughly how much longer this is going to drag on for?!

    We had the solicitor's report through last week with all the search results. All was fine so we've signed and returned a copy of the report, the contract, mortgage questionnaire, mortgage deed, buildings insurance questionnaire and Land Transaction Return. Mortgage has been approved. Home Buyers survey is done and we've let our solicitor know when we'd like to complete. We also had to send some documents to prove where our deposit's come from (inheritance).

    Now what? Obviously we all need to be in the same place to exchange but is anyone aware of anything else I'll need to do before it happens?
Page 1
    • dunroving
    • By dunroving 15th May 18, 3:05 PM
    • 1,264 Posts
    • 880 Thanks
    dunroving
    • #2
    • 15th May 18, 3:05 PM
    • #2
    • 15th May 18, 3:05 PM
    Going out of mind just waiting, can anyone who's endured this process let me know roughly how much longer this is going to drag on for?!

    We had the solicitor's report through last week with all the search results. All was fine so we've signed and returned a copy of the report, the contract, mortgage questionnaire, mortgage deed, buildings insurance questionnaire and Land Transaction Return. Mortgage has been approved. Home Buyers survey is done and we've let our solicitor know when we'd like to complete. We also had to send some documents to prove where our deposit's come from (inheritance).

    Now what? Obviously we all need to be in the same place to exchange but is anyone aware of anything else I'll need to do before it happens?
    Originally posted by claz83
    Are you in a chain? If so, then you are definitely at the mercy of what is happening elsewhere in the chain.

    If not, and searches all come through very clear and there are no complications, it could be a matter of just a few weeks.

    For comparison, I am currently going through with a very straightforward purchase (I'm a cash buyer, neither end is in a chain, and the house is vacant). However, the purchase was held up firstly by the discovery of a faulty title issue, compounded by an arrogant seller's solicitor who refused for 4 weeks to accept anything needed doing about the title issue, and even now (i.e., right now, as I type!) after the title issue has been resolved, he has so far taken 4 additional days to facilitate exchange of contracts. I can't emphasise enough how critical the solicitors are - get a bad/lazy/overstretched one and things can go glacially slowly.
    (Nearly) dunroving
    • claz83
    • By claz83 15th May 18, 3:14 PM
    • 20 Posts
    • 6 Thanks
    claz83
    • #3
    • 15th May 18, 3:14 PM
    • #3
    • 15th May 18, 3:14 PM
    Sorry I should've said, our sellers are moving into rented accommodation and our buyers are first time buyers. So a chain of 3.

    I'm confident in my solicitor but I guess things can only go as fast as the slowest person!

    You have my sympathies dunroving, here's hoping we both get sorted soon.
    • kingstreet
    • By kingstreet 15th May 18, 3:20 PM
    • 33,689 Posts
    • 18,268 Thanks
    kingstreet
    • #4
    • 15th May 18, 3:20 PM
    • #4
    • 15th May 18, 3:20 PM
    You need a completion date on which all parties in the chain are agreed and you need to have paid your deposit to your solicitor.

    Without one of those, you can't exchange contracts.
    I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.
    • victoriavictorious
    • By victoriavictorious 15th May 18, 6:54 PM
    • 313 Posts
    • 509 Thanks
    victoriavictorious
    • #5
    • 15th May 18, 6:54 PM
    • #5
    • 15th May 18, 6:54 PM
    You need a completion date on which all parties in the chain are agreed and you need to have paid your deposit to your solicitor.

    Without one of those, you can't exchange contracts.
    Originally posted by kingstreet
    As it seems OP is the middle link - and simultaneously selling a property - the deposit would get passed up the chain and would be coming from their buyer. (Unless you are referring to the few £hundred deposit to the solicitors?)
    ,
    • Tiglet2
    • By Tiglet2 15th May 18, 11:16 PM
    • 184 Posts
    • 183 Thanks
    Tiglet2
    • #6
    • 15th May 18, 11:16 PM
    • #6
    • 15th May 18, 11:16 PM
    The report is one of the last processes during a purchase. You now have returned signed documents and advised of your preferred completion date. Providing the FTB have also returned their documents and the vendor you are buying from has signed and returned theirs, you should be ready to exchange very shortly. There is not much for you to do, other than have the inheritance money ready to be paid to the solicitors (either as deposit or in the solciitor's account in time for completion).

    Best of luck - you're almost there!
    • buggy_boy
    • By buggy_boy 15th May 18, 11:26 PM
    • 505 Posts
    • 375 Thanks
    buggy_boy
    • #7
    • 15th May 18, 11:26 PM
    • #7
    • 15th May 18, 11:26 PM
    It is frustrating and it seems like nothing much is happening then all of a sudden it will be right were about to exchange when do you want to complete... Unfortunately conveyancing is stuck in the 1970's
    • Tink_x
    • By Tink_x 16th May 18, 11:26 AM
    • 23 Posts
    • 11 Thanks
    Tink_x
    • #8
    • 16th May 18, 11:26 AM
    • #8
    • 16th May 18, 11:26 AM
    We are stuck waiting for the freeholder to reply to solicitors enquiries about the lease. Freeholder lives in dark ages and only communicates through the post. No email address!
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