The nervous wait to exchange....

  • Thread starter Thread starter noj
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Numpty mortgage company sent the paperwork to the solicitor with the incorrect purchase price (we're paying £5k over the valuation price that the mortgage is based on).

Another 48hr delay while they sort it out......
 
Think I'm going to go for 2.65% mortgage fixed for 3 years from post office (90% ltv) . Anyone had anything much better?

Thinking of going for a 3 year fix to avoid remortgaging at (expected) Brexit time
 
Sounds like a good enough deal for fixed, but difficult to say given all the factors involved and your plans/timescales. I recently went for a fixed 10 year at 3% with no fees from TSB. But that was based on a low LTV % and relatively low borrow amount of 60k. The plan being to get it paid off in under 10 years. In my case because of the relatively low amount I'd need to get a rate at below 2.7% to make it worthwhile just to offset the added cost of a 1k fee for example. So personally the rate makes little difference for me
 
The Craig said:
Think I'm going to go for 2.65% mortgage fixed for 3 years from post office (90% ltv) . Anyone had anything much better?

Thinking of going for a 3 year fix to avoid remortgaging at (expected) Brexit time
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Mine is 84% ltv, 2.39% for 2 years fixed. Ours has been going through for a while so no chance of altering due to brexit bits. I'm hoping the tories will delay the final brexit date more towards 3 years, which would be perfect for the remortgage :p
 
Argh!!!!

Good news, our chain is still all in place.
Bad news, Exchange and Completion look likely to be pushed out another month! Argh! Were rapidly heading to the point our mortgage is no longer valid!
 
Its been confirmed that Exchange won't be until early August and Completion will be the start of September :(

Our offer was accepted at the end of February!!
 
Etheco said:
Oh man that sucks, Have the Vendors said why the huge delays?
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Its the people 1 step up from our Vendors.

They were oiginally told that they had to be done by July, which was made clear when they accepted their offer.

After they accepted their offer they revealed that they were paying off their mortgage and it has early repayment charges which run until the end of July, so the earliest they could Complete would be early August. We all agreed first week in August, and exchange by the 9th July (we need to give 1 months notice on our house).

Then yesterday they revealed that they are buying somwhere that currently has tenants in it and they won't be out until the 29th July, so their Solicitor has recomended they don't Exchange until after that. We have zero confidence in them Exchanging and Completing by the 5th August (the latest we could go to realistically be able to move and clean by the 9th August).

So we have said tough, we aren't paying for a mortgage and rent at the same time so unless someone up the chain wants to cover our rent for us, its now exchange by the 9th August and Complete by the 9th September, ideally first week of September. Reluctantly everyone has agreed.

We were surveys done, Mortgage approved, all forms signed, money ready to go by the end of March. The rest has just been waiting.
 
Skeeter said:
Its the people 1 step up from our Vendors.

They were oiginally told that they had to be done by July, which was made clear when they accepted their offer.

After they accepted their offer they revealed that they were paying off their mortgage and it has early repayment charges which run until the end of July, so the earliest they could Complete would be early August. We all agreed first week in August, and exchange by the 9th July (we need to give 1 months notice on our house).

Then yesterday they revealed that they are buying somwhere that currently has tenants in it and they won't be out until the 29th July, so their Solicitor has recomended they don't Exchange until after that. We have zero confidence in them Exchanging and Completing by the 5th August (the latest we could go to realistically be able to move and clean by the 9th August).

So we have said tough, we aren't paying for a mortgage and rent at the same time so unless someone up the chain wants to cover our rent for us, its now exchange by the 9th August and Complete by the 9th September, ideally first week of September. Reluctantly everyone has agreed.

We were surveys done, Mortgage approved, all forms signed, money ready to go by the end of March. The rest has just been waiting.
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Absolutely mad state of affairs mate
 
Yeah, and the problem is I'm not in an area where people are happy to just wait. House prices are rising at 10%+ per year. The longer we wait the more chance of someone pulling out to get more money or wanting to revalue houses mid sale.

We have turned our Right Move alerts back on again, as our confidence has dropped.
 
What does everyone do about utilities etc? Wait until you've exchanged before notifying?
Power companies are straightforward usually but some companies like Virgin need a months notice - we'll only be in a position to be certain 2 weeks before moving in...
 
Skeeter said:
Its the people 1 step up from our Vendors
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Man, That absolutely stinks, They shouldn't be dragging it out your end if they agreed on a date previously. They 100% should get the hell out and go rent a place for a month or move in with Family.

Hope it gets all sorted for the best, You never know a nicer house might land your lap.
 
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