The nervous wait to exchange....

Soldato
Joined
17 Jun 2012
Posts
9,852
Location
South Wales
We agreed a sale price in August last year and had an offer accepted for a house in mid September but still we don't have a date to exchange! It got to the point that for it to go through we had to sell our house before Christmas then just hope the buying goes through. Luckily I could move in with my parents and a friend had an empty garage for our stuff.
 
Soldato
Joined
11 Jun 2015
Posts
11,088
Location
Bristol
We agreed a sale price in August last year and had an offer accepted for a house in mid September but still we don't have a date to exchange! It got to the point that for it to go through we had to sell our house before Christmas then just hope the buying goes through. Luckily I could move in with my parents and a friend had an empty garage for our stuff.

That sounds like a palaver! Hope it gets sorted soon. We're currently renting but will be moving out 1st of March.

We have a planned exchange date of 13th of February so I hope we are on target for that. House isn't due be finished until about May maybe June.
 
Associate
Joined
18 Oct 2002
Posts
1,796
Down to our last 3 queries now. 1 easily solved. 2 more questionable.

1. No section 38 for the road. All deeds show that 1 is required as part of planning permission and agreement on the land. Buyers solicitor wants us to buy an indemnity insurance but can’t find a price as apparently the lender may require one but she is checking with Halifax.

2. Title deed for our house from Land Registry was of poor quality on copy. It is unreadable. I have provided my official copy from 10 years ago when I bought it but buyers solicitor wants indemnity policy for covenants and clauses. Land Registry have a policy in place to pay for things like this which is fine but worried it will take ages to sort.

Trying to push for exchange on Friday so our buyer and submit notice to their landlord before next payment so they can leave in Feb. If not we are stuck waiting til March :(. Hopeful at the moment but pretty sure it won’t be sorted in time.
 
Soldato
Joined
19 May 2005
Posts
6,891
I'm having great difficulty selling a property I inherited last July. It sold within a week but we still haven't completed due to title deed issues. My solicitor doesn't seem very good and has admit to never having delt with the issue before, I have submitted paperwork to NRAM which arrived today to see if they still hold a copy.

I feel so sorry for the buyer aswell because she was meant to be in for Christmas 2019.
 
Soldato
Joined
20 Dec 2004
Posts
15,763
Yeah it's a cracking house.

Think i remember you saying you were around Ashby at the moment when chatting about the pubs. It's a lovely area around there. Especially if you like Llamas :p

Hah yeah, haven't been to the llama farm yet :) It is a really nice area, I grew up in a tiny village in the boring flat South, but spent the last 10 years living in big cities (inc Hong Kong) so it's great to be back in rural Britain, you really appreciate it more after being away. Went for a muddy walk from Melbourne through Breedon-on-the-Hill at the weekend, loved it!

Got all the first round paperwork off to the solicitors now. Next step, the survey, which I'm a little nervous about as the property is so old, but given the general excellent state of upkeep on the property I'm optimistic it'll be fine.
 
Caporegime
Joined
13 Jan 2010
Posts
32,495
Location
Llaneirwg
So damn close.

Could exchange this week if all goes well.

Solicitor thinks you can't use LISA for exchange deposit ,but I think you can

Can't meet the 10pc exchange deposit threshold without it annoyingly
 
Soldato
Joined
20 Feb 2004
Posts
21,201
Location
Hondon de las Nieves, Spain
So damn close.

Could exchange this week if all goes well.

Solicitor thinks you can't use LISA for exchange deposit ,but I think you can

Can't meet the 10pc exchange deposit threshold without it annoyingly


I didn't think you could but a quick google seems to suggest you're right

Can I use my Lifetime ISA bonus for my exchange deposit?
Yes. Lifetime ISA funds, including the bonus, can be put towards an exchange deposit.

However, the property purchase must be completed within 90 days of your conveyancer receiving the withdrawn funds from your Lifetime ISA manager.
 
Soldato
Joined
11 Jun 2015
Posts
11,088
Location
Bristol
Not sure about the LISA but I know with the help to buy isa you only get to use your own money as part of the deposit and not the bit you gain on interest, if i remember correctly. And you're only allowed to use it on properties up to the value of £250k, which in Bristol gets you a shed.

I know how you feel about wanting to send pictures and being excited. I'm trying hard not to get excited and emotionally attached but I already am! Things have gone so fast and to plan I'd be surprised if it fell through but there is always that risk.

It's not even anything remotely special compared to what some of the other houses I've seen in this thread and these forums in general but I still can't wait.

Edit: ignore me, i don't know what I am talking about it seems
 
Caporegime
Joined
13 Jan 2010
Posts
32,495
Location
Llaneirwg
Not sure about the LISA but I know with the help to buy isa you only get to use your own money as part of the deposit and not the bit you gain on interest, if i remember correctly. And you're only allowed to use it on properties up to the value of £250k, which in Bristol gets you a shed.

I know how you feel about wanting to send pictures and being excited. I'm trying hard not to get excited and emotionally attached but I already am! Things have gone so fast and to plan I'd be surprised if it fell through but there is always that risk.

It's not even anything remotely special compared to what some of the other houses I've seen in this thread and these forums in general but I still can't wait.

Edit: ignore me, i don't know what I am talking about it seems

Yeah that limit sucks. Luckily I moved to help to buy to Lisa as our house is over the limit. 250k isn't much in some places
 
Soldato
Joined
20 Feb 2004
Posts
21,201
Location
Hondon de las Nieves, Spain
Hah yeah, haven't been to the llama farm yet :) It is a really nice area, I grew up in a tiny village in the boring flat South, but spent the last 10 years living in big cities (inc Hong Kong) so it's great to be back in rural Britain, you really appreciate it more after being away. Went for a muddy walk from Melbourne through Breedon-on-the-Hill at the weekend, loved it!

Might tap you up next time we're down for some suggestions!

We don't usually venture out too far as we're at Champneys where we get breakfast/dinner/tea included so usually just have a walk into Ashby for a few drinks which is about 3 miles each way, but it'd be nice to explore a little more. Especially as i go for a run but end up doing the same loops every time i'm there.
 
Caporegime
Joined
13 Jan 2010
Posts
32,495
Location
Llaneirwg
Solicitors checked and are now happy they can use my Lisa for exchange. So this avoids needing to negotiate the 10pc thing down

We also now have a provisional exchange and completion date.

Looks like the sellers can accommodate whatever and is down to us to call the shots

Last things to do are insurance and getting the final bit of the exchange deposit to solicitors
 
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