The nervous wait to exchange....

[Junglist]

The whole thing has messed up our deal. We've exchanged contracts but now, as expected, it seems building has stopped for 3 months so what originally should've been end of May due to the storms and now the current virus I think we'll be lucky to be in before October.

Our mortgage offer is only valid until mid July but our mortgage advisor said we can apply to extend it for a further 6 months

 

[bainbridge]

We've signed the contract, but not yet sent it off. Due to corona virus things are changing on a daily basis. The tenants are set to leave on 23rd April and we've 2 weeks annual leave which would be perfect, but I want to see what happens in America in the run up to easter. I don't know how exposed we'll be if the US goes boobs up but I don't think there's any harm in holding off for a fortnight

 

[mid_gen]

Best case scenario here is several months delay. If I'd exchanged a week earlier I could have been moving next week. Very frustrating, but it is what it is. My seller is still keen to go ahead, so patience is all that's required.

 

[Skillmister]

="mid_gen, post: 33466334, member: 33848". If I'd exchanged a week earlier I could have been moving next week..

Not necessarily. Government advice is now to delay completion if possible even after exchange and lots of people are doing so. Removal companies are cancelling leaving people in the lurch having to do it themselves but van rentals are also hard to come by. People may end up having to move themselves 1 car load at a time or risk the financial implications of failing to complete. Good luck doing that in a day unless you're moving round the corner!

Also had banks failing to transfer funds on time today.

You may be glad you hadn't exchanged when this is all said and done. A lot of people are going to be royally stuffed next week.

 

[Liquid_Entity]

Our buyer has pulled out of buying our flat. Looks like we're losing our dream purchase.

Absolutely gutted right now, got to find another buyer in these circumstances. Most likely taking a massive financial hit too.

 

[mid_gen]

This threads gone a bit quiet eh?

All gone quiet for me, although last I heard my seller and their seller are still planning to go ahead. They're probably pooping bricks waiting for me to gazunder though...

 

[IvanDobskey]

Not heard a thing from our solicitor for a couple of weeks now Not looking good

 

[fastwunz]

The first link in our chain pulled out about two weeks ago.

I’m actually thrilled that they did. I have a lovely home anyway and so by staying here until this is all over, I get to appreciate it again but I also avoid doubling my mortgage repayments whilst on furlough leave..... now that would have been interesting had we exchanged and completed by next week as originally planned lol
Dodged a bullet there

 

[xb8browney]

We're waiting on the lease being registered with land registry but nothing for about 4 weeks now

 

[Junglist]

Ours has basically ground to a halt. It was about half way through building the 2nd floor so our plan on moving in during the summer has basically been scrapped.

We exchanged contracts but now it's looking like we wont have anything until December. Saving a fortune at the moment as living rent free with my grandmother (Was supposed to only be for 2 months!)

 

[IvanDobskey]

Well, surprisingly we have had an update today. Searches are done and we are close to exchange. Only sticking point is whether our buyer still wants the house what with the current situation. Waiting nervously to hear from his solicitor.

 

[Swifty55]

Haven't all house purchases and sales been stopped?

Also, I suspect a lot House prices will collapse - how does that affect the current exchanges?

 

[HungryHippos]

Haven't all house purchases and sales been stopped?

Also, I suspect a lot House prices will collapse - how does that affect the current exchanges?

Not sure I am totally convinced house prices will collapse, I suspect a slight drop, and with no one being able to buy and sell, doesn't mean the thing is worth less money.

People will probably just hang tight in their current homes until things are clearer.

House prices tend to drop if demand is low in an open market, but right now we are quite far from being an open market.

 

[Skillmister]

Haven't all house purchases and sales been stopped?

Also, I suspect a lot House prices will collapse - how does that affect the current exchanges?

There is no rule on them being stopped but the guidance is that only sales of vacant properties should really be going ahead as anything else flies in the face of social distancing, risking contamination, carrying out non essential travel etc etc

Add in the fact that some solicitors have either closed or taken the decision not to carry out any more exchanges/completions to avoid encouraging 'rule' breaking, most removal companies aren't operating, search providers are delayed, surveys aren't being carried out, most estate agents are shut and viewings can't be carried out, people are losing jobs or just generally insecure financially... Yup in reality things have almost ground to a halt.

We're over 90% down on new business and pretty much all staff will be furloughed by the end of tomorrow

 

[IvanDobskey]

I don't expect prices to collapse. They may dip a little for a while after the lockdown ends, but I seriously doubt a catastrophic drop. This isn't a normal situation, the market is just frozen for a bit. Things will recover. We want the house we are buying and will continue with the purchase unless something stops us. In which case we will wait out the lock down and start again.

 

[xb8browney]

After 3 weeks no update from land registry till today when they agreed to expedite our application

 

[Mr.Cookie]

still waiting on probate, agents have advised that it seems to be sign and complete on same day.

 

[MrKnifey]

Waiting on everything my end, surveyor was meant to come out to us last Monday, but nothing and not heard a peep since.

 

[IvanDobskey]

As expected, our buyer is incommunicado. Wants to keep us hanging on a string as long as possible until it suits him to make a decision one way or the other. We just want to know if he's in or out so we can act accordingly. Silence is deafening though.

Will give him until the end of the week to get in touch before we start issuing ultimatums.

Edit: Buyer got in touch today and is still happy to go ahead. May have to wait for the lockdown to ease a little before exchange though.

 

[Ninco!]

The whole thing has messed up our deal. We've exchanged contracts but now, as expected, it seems building has stopped for 3 months so what originally should've been end of May due to the storms and now the current virus I think we'll be lucky to be in before October.

Our mortgage offer is only valid until mid July but our mortgage advisor said we can apply to extend it for a further 6 months

I would try not stress too much about the offer expiring.

It happened to me when a place fell through. As long as your circumstances have not changed dramatically since the original offer, hopefully just a formality. Only took a short call to get it extended.