Exchaning contract on house

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I've been in the process of purchasing a house for about around 2 months now. I got the property at a good price, one of the reasons behind this is my readyness to move and large deposit, the other factor being that the vendor has a new build to move into a needs a quick sale. The vendor and estate agent have been on my back since day 1 trying to speed up proceedings, their solicitor has been the same with mine.

The vendor needs to complete on or before the 1st to benefit from various stipulations in their contract from the new-build property and has been pushing for an earlier date.

I eventually managed to get all the cash into my solicitors account yesterday, and was willing to push for completion today. Most of the money has been in the account since Tuesday, including the mortgage.

Now the vendors solicitor has said they're not ready to exchange, and think they "should" be ready tomorrow. This really annoys me as they've been pushing very hard for the earliest possible completion throughout proceedings and myself, my mortgage advisor, my bank and my solicitor have all gone to great lengths so this was completed ASAP.

I don't really want advice or such, just venting some frustration. I guess this is quite normall in the housing game, but it's annoyed me.
 
Think its pretty normal. I had loads of hassle from my sellers solicitors because I was shopping around a bit, taking my time to get the best mortgage I could, now I'm ready to exchange and they aren't. Hoping to exchange next week now :(

My Dad (who is my solicitor and has done tonnes of conveyancing over the years) reckons that people lose their minds when they're buying a house.
 
Just going through the selling of my house and buying another. No doubt at some point I will get as frustrated as you are with your situation.
 
Two months is quick! Even three months... I was looking at it going on for much longer than three but was so relieved when it finally happened of course! :)

BB x
 
When I bought my property I made sure that I kept ample time to allow for money to reach the solicitors' account and ample time between exchange and completion. I didnt want to rush the process and even gave a target date to suit me. You shouldnt really feel rushed.

But anyway, be calm. Its only 1 day extra to wait. Thats 24hrs, probably close to 12hrs now. Just goto work, enjoy the day and look forward to getting the keys to your property tomorrow.

I can tell you, its a great feeling of relief once you are sitting in your empty property.

Good luck man.
 
For future note.

It is not advisable to try and complete on a Friday.

It allows no room for error if there is a problem with the transfer of funds through accounts/computers.
 
I recently started looking, found, bought and moved into my house in the space of 2 months. It did help that my solicitor was a mate, the owners had no upward chain and I had no downward chain though :p
 
Mat said:
the owners had no upward chain and I had no downward chain though :p
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That is exactly the same as my situation so I am hoping mine will fly through.We had our offer accepted on the one we are buying about a month ago but we only accepted the offer on ours last Monday (21st) so still early days.
 
Mat said:
I recently started looking, found, bought and moved into my house in the space of 2 months. It did help that my solicitor was a mate, the owners had no upward chain and I had no downward chain though :p
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Similar to me two years ago, but mine was done within 1 month and the conveyencing was done by the company I worked for.

I've put in an (albeit cheeky) offer on another house today actually. Will hear back shortly.
 
PsiFox said:
For future note.

It is not advisable to try and complete on a Friday.

It allows no room for error if there is a problem with the transfer of funds through accounts/computers.
Click to expand...


Well all money has been transfered, this was completed yesterday, mortgage was drawn down on tuesday as was the bulk of my deposit. Turns out the vendors have not vacated the property, so whilst I have exchanged contracts I cannot complete till tomorrow. It just annoyed me that they wanted "OMGZ QUICK" completeion then delay the process themselves. My solicitor seemed more annoyed than me!

I am really looking forward to getting the keys, there's a lot of work that needs doing but I enjoy that kind of thing and it allows me to make my own mark from the outset.

I need to fit a kitchen, repair the living room ceiling and put some carpet down in the hallways and stairs along with the usual painting jobs that are always required.

Hopefully get some pics over the weekend if anyone's interested :)
 
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Could someone take me through the exact steps of what happens after an initial bid has been accepted?

1. Buyer instructs sollicitors
2. Seller instructs sollicitors
3. Buyer's sollicitors send surveyor around
4. Buyer receives surveyor report
5. Buyer then decides to go ahead with the buy or not

are we talking 2 weeks here or more/less?
 
taske said:
...

Hopefully get some pics over the weekend if anyone's interested :)
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I would be interested in seeing some pics. I had my bedroom ceiling heavily insulated last year. Ive now completed the panelling and had cornice installed. Its cost a bomb but its great to look at.

Here is a link to the work that was done
http://www.avforums.com/forums/showthread.php?t=396825

and I shall post up a picture of what the room looks like now. Ive still got to finish the panelling on the walls, after which I shall paint it. From start to finish it wouldve taken 1yr to decorate, so its been very slow. Im finding the panelling extremely fiddly and slow.
 
Dr_Evil said:
Could someone take me through the exact steps of what happens after an initial bid has been accepted?

1. Buyer instructs sollicitors
2. Seller instructs sollicitors
3. Buyer's sollicitors send surveyor around
4. Buyer receives surveyor report
5. Buyer then decides to go ahead with the buy or not

are we talking 2 weeks here or more/less?
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Do you have a mortgage?

The mortgage company usually conduct a building survey, atleast mine did, prior to approving my mortgage.

The solicitor will conduct a survey and then send the relevant information to you, possibly along with a contract from the seller and a list of "included items" such as curtains, carpets etc etc.

from a bid being accepeted to recieving the keys will have taken me about 2 months overall

My initial mortgage discussion took place on 17/04 and I should recieve keys tomorrow. Having said that, it took my brother 6 months to get into his place, the people just wouldn't leave!
 
taske said:
My initial mortgage discussion took place on 17/04 and I should recieve keys tomorrow. Having said that, it took my brother 6 months to get into his place, the people just wouldn't leave!
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It took me 6 months to get the keys, though I couldve completed in 5 months (at the earliest).
 
Dr_Evil said:
at what point do both parties sign papers and at what point does the "deal" become more official?
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It becomes binding once you've exchanged contracts. I've already signed a contract and sent it to my solicitor awaiting an exchange. Prior to exchange both parties can back out at any time at no cost (except for what you've paid in mortgage/survey costs).
 
scorza said:
It becomes binding once you've exchanged contracts. I've already signed a contract and sent it to my solicitor awaiting an exchange. Prior to exchange both parties can back out at any time at no cost (except for what you've paid in mortgage/survey costs).
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and the exchanging of contracts happens when exactly in the 2-month process?
 
Right towards the end. You exchange, everyone checks their bank balances and when youre all happy the keys are released and you get all hot and bothered moving everything in :)
 
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