The nervous wait to exchange....

  • Thread starter Thread starter noj
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koolpc said:
With us, we did put a slightly lower offer in but was expecting to negotiate!
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i know with the house i've had an offer accepted on they countered and i accepted on the basis they were going to take it off the market straight away and cancel any viewings. this is maybe what the sellers did to you.
 
Firestar_3x said:
Yes, i'd rather be shown round the house by the actual owner rather than some idiot estate agent who knows nothing about the house.
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This isn't a viewing. This is 8 weeks down the line from having our offer accepted. Were all mortgage done, survey done, contracts being drawn up, etc. They were keen to meet us to try and reasure us that things weren't going to fall apart as they had been having issues finding somewhere.

But anyway, had a call from them today (yeah, the seller phoning my GF directly is odd, and I'm a bit concerned about bypassing the agent entirely) and the people they are buying from had an offer accepted on a flat today, and that terminates the chain. The early repayment window on that persons mortgage ends at the end of July so we are going for a 1st August completion date. Its ages away, but we are keen to exchange earlier and so are they, so hopefully it will just be a case of waiting for it to tick round and then it drops into place.
 
The valuation took place yesterday and had a text to say it was approved this morning. Just had another text to say a mortgage offer has been issued :D

Hopefully get the paperwork through for that in the next day or two. I've had the contracts / title transfer / etc sat on my desk since Monday so I can get everything signed and sent back to our solicitor now.
 
Air test was done yesterday. CML due for tomorrow I believe.

Still not exchanged. The conveyancer working on behalf of the lender doesn't believe that the land belongs to the developer as the title deeds still show under the council's name.

Fun fun.
 
Waiting on the developers legal team for some information before we exchange and now they've contacted us to inform us that they are increasing the price by £30,000 as the expiry of the reservation happened in January but I was told by the sales people not to worry about the expiration as it just automatically renews etc...

Anyone know where we stand for a legal point of view?

Thanks.
 
Aruffell said:
Waiting on the developers legal team for some information before we exchange and now they've contacted us to inform us that they are increasing the price by £30,000 as the expiry of the reservation happened in January but I was told by the sales people not to worry about the expiration as it just automatically renews etc...

Anyone know where we stand for a legal point of view?

Thanks.
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as no exchange has happened, you are at their mercy I'm afraid. They can pull out, and change price etc as they see fit at any point until exchange is done.
 
Aruffell said:
Waiting on the developers legal team for some information before we exchange and now they've contacted us to inform us that they are increasing the price by £30,000 as the expiry of the reservation happened in January but I was told by the sales people not to worry about the expiration as it just automatically renews etc...

Anyone know where we stand for a legal point of view?

Thanks.
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As above - that's a pretty sucky situation. I'm not sure what options you have as they unfortunately have a right to do that. If your reservation agreement is anything like ours, then they can do anything they want (put it back on the market, increase the price, ...) once the reservation expiry has passed and no extension has been agreed on. Do you have any emails on them telling you that it automatically renews or was it verbal?

We were also told not to worry about the expiry on reservation but I wanted it changed on the agreement as there was every chance we would miss it (and we would have).
 
I'm yet to see a new build actually exchange within the reservation period, they are always extremely short time scales.

That's an extremely poor situation though having them bump the price up like that!
 
They've now given us until the end of tomorrow to exchange even though it was their legal team holding it up and I have emails from the sales staff saying that the reservation gets extended when it expires so we shall see what the situation is as it develops.

Sad times :(
 
Anyone got any advice on the sorts of things I should be asking at reservation on the weekend? Already got an idea of a few, but any help would be greatful.
 
Im in phase 1, offer accepted yesterday on a 3bed semi..

now got to sort out solictors/survey etc.

first time buyer, got 10% deposit, just nervous about the mortgate acceptance.
 
Not sure what I'm really waiting on now. Things seemed to have slowed down, and it's been a week since last contact. I've accepted the mortgage offer, the solicitors returned the results of the searches (land registry, mining survey, chancel, etc), they've also done their ID checks and had proof of ability to pay the deposit.

Not actually sure what is meant to come next, or at what point, but I'd currently do anything to speed the process up!
 
paradigm said:
Not sure what I'm really waiting on now. Things seemed to have slowed down, and it's been a week since last contact. I've accepted the mortgage offer, the solicitors returned the results of the searches (land registry, mining survey, chancel, etc), they've also done their ID checks and had proof of ability to pay the deposit.

Not actually sure what is meant to come next, or at what point, but I'd currently do anything to speed the process up!
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Drop them a call?
 
There's a lot of back and forth that goes on that generally you aren't made aware of unless there is a problem. A typical purchase involves raising a lot of queries with the sellers, the majority of which are just box ticking for lenders/ourselves and most of all, to make sure we aren't opening a claim file and notifying our insurers in 10 years time when something goes wrong and you want to know why it wasn't picked up at the time of purchase ;) As long as the answers are satisfactory to us you generally wouldn't get informed of a lot of them as it's time consuming and frankly you probably wouldn't read the letter anyway (from my experience, people don't read most of what they get sent!).

Drop them a call/email and you can always ask what the queries are if you get told that's what's outstanding
 
Solicitors working on behalf of the lender have signed everything off and are sending it to my conveyancer. That means we should be able to exchange in the next few hours.

If we don't exchange today, we have to find another £30,000 or lose the house.

Once this is done, I'll be writing a letter about how they try to do business and that I'm not impressed.

Andy
 
Aruffell said:
Solicitors working on behalf of the lender have signed everything off and are sending it to my conveyancer. That means we should be able to exchange in the next few hours.

If we don't exchange today, we have to find another £30,000 or lose the house.

Once this is done, I'll be writing a letter about how they try to do business and that I'm not impressed.

Andy
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I really hope everything works out for you today.

I'm hoping to receive the mortgage paperwork today.
 
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