The nervous wait to exchange....

  • Thread starter Thread starter noj
  • Start date Start date
And it was all going so well....
Offer accepted on my current flat 8 weeks ago. Buyer happy to wait and has no chain.
I found a house and had an offer accepted 4 weeks ago. Then the seller mentioned they still needed to sort out a mortgage.....
4 weeks later and they have been declined.

Back to square 1, and my 'happy to wait' buyer is now chasing.
 
rossk26 said:
How long after the exchange should I be getting the land registry deads?
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land reg entries only happen on completion. You might get sent a copy of the TF1 form before then for you to check for errors but you wont get the originals (unless you're mortgage free)
 
Well we went to Alton towers on Thursday. Spent much of the day on the phone to solicitors and EAs who basically told us we couldn't move on Friday for many stupid reasons. Like the current people couldn't get a van/move in time. Etc etc. We persisted telling them we were moving. Our solicitor properly manned up and started pushing them like crazy to move out, it was looking doubtful though at the end of play on Thursday.
Friday morning came half the flat packed half not packed we pretty much admitted defeat and played borderlands till 12 at which point our solicitor rang and said he might be able to complete and get keys but they were trying to hold him up but he was having none of it.

2.30 He rang and said looks like completion is going ahead.
3.00 He rang and said congrats you just bought a house you can get Keys in about an hour. Panic packing starts...
4.30 Go to get keys but their solicitors haven't agreed funds have arrived.
4.55 Go back to get keys 5 mins before closing and I get the keys!!!.

Spent Saturday/Sunday moving.

What I learnt.
1) EAs Lie, are lazy, dont really have any interest in helping, are rude(made my GF cry).
2) Not all Solicitors are useful (never go with countrywide) and some like ours are good once you give them a kick.
3) Dont give up especially as a FTB or buyer without a chain you have the power and can really push.
4) Expect to do a lot of managing of mortgage advisor, solicitors and EAs or you will be bottom of their list.

Very stressful few weeks but we are moved in and I have this view out from my bedroom balcony.
AXsuCyp.png
 
Yup our Beals estate agent have been poo. Don't answer questions, but quick to hassle when they need something.

I ****ed them off when I basically said answer my question and I'll answer yours. Oh and stop trying to sell my crap that's twice the price.

I know comms pretty much stopped when I said I don't want any other services.

We have contracts and mortgage offer, so nearly there. Would I do this again, hell no.

Very nice view!
 
meandu229 said:
What I learnt.
1) EAs Lie, are lazy, dont really have any interest in helping, are rude(made my GF cry).
2) Not all Solicitors are useful (never go with countrywide) and some like ours are good once you give them a kick.
3) Dont give up especially as a FTB or buyer without a chain you have the power and can really push.
4) Expect to do a lot of managing of mortgage advisor, solicitors and EAs or you will be bottom of their list.
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Well done on your purchase, the view looks great. I have to agree with your list.

I am a FTB and had my offer accepted back on 6th June. I am still waiting exchange. The process has been a nightmare. I was due to exchange last week and had got everything ready but there was a delay in the solicitor receiving my deposit.

Come last Monday morning the solicitor phones me up to authorise the exchange which I say yes to. At the end of the day I hear the vendor is kicking up a stick saying she won't pay the indemnity insurance that she had already agreed to pay.

On Tuesday I hear that the solicitor has sorted the indemnity out and we are ready to go. A few hours later I am then told we can't exchange as a buyer higher up the chain is still waiting for a mortgage offer as they had renegotiated a price based on survey results.

This was after I was being chased up constantly for my deposit and mortgage deed (which I sent back signed the day after I got it) when it turns out that the chain was nowhere near ready.

My 2p is don't go with Woolwich for a mortgage. That took months to sort as the paperwork for my mortgage offer got lost due to some IT issue and the underwriter handling my case left and didn't hand it over to anyone else.

I am praying that exchange can happen this week but its more likely to be next week. So annoying as I had time off work arranged now for no reason.

I don't believe a single thing that my EA or solicitor tell me anymore TBH.
 
How long should I expect to wait for a mortgage offer after submitting my application? Happy to say I've had an offer accepted on a house and am not really part of a chain (seller has had an offer accepted on an empty property). Meeting my mortgage advisor on Monday to get the ball rolling on the mortgage application but just trying to get a sense of how long it could be for the approval (or for it to be declined!) to come through as a FTB
 
That's not too bad a turn around at all. How was the application? Pretty straight forward or was there some backwards and forwards clarifying anything or giving extra supporting info?
 
cokecan said:
How long should I expect to wait for a mortgage offer after submitting my application? Happy to say I've had an offer accepted on a house and am not really part of a chain (seller has had an offer accepted on an empty property). Meeting my mortgage advisor on Monday to get the ball rolling on the mortgage application but just trying to get a sense of how long it could be for the approval (or for it to be declined!) to come through as a FTB
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I've recently worked for a lender and we were able to, as long as everything was ok, send out an offer the same day.

It entirely depends on which lender you go to, but there is no reason why it should take any longer than a few days.
 
I was a FTB a few years ago and had no hassle at all... IIRC, my offer for the house went in around the start of the month and I had the keys by the middle of the same month. My solicitor was really on the ball. I called him the moment I heard from the seller EA that my offer had been accepted and he had already arranged the survey and applied for the missives etc from sellers solicitor.

Was very smooth.
 
The saga continues. We were apparently in a position to exchange yesterday so I gave the go ahead. I then get a call back later in the day saying we can't exchange. The solicitor for the buyer at the top of the chain has decided to investigate possible money laundering as the buyer's main source of funds was gift from the family.

Why on earth didn't they investigate this months ago? :mad:
 
That seems very odd - if you suspect someone of money laundering you are not supposed to tell anyone as it could be classed as tipping off.

The main source of my deposit was a family gift. The mortgage company asked for a letter from the donor saying it wasn't a loan, which the solicitor had a copy of. 2 weeks before completion the solicitor decided they wanted another letter saying the same thing because it wasn't in their standard form. Could be something similar here.
 
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