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The nervous wait to exchange....

Discussion in 'Home and Garden' started by noj, Apr 3, 2014.

  1. HungryHippos

    Soldato

    Joined: Mar 25, 2004

    Posts: 7,410

    Location: Fareham

    On my purchase the house condition was acceptable etc, but they'd left various bits of junk behind. Individually, not much, but when I added it altogether there was quite a bit.

    I don't know if they though that by hiding things away I wouldn't notice them.
     
  2. Semple

    Soldato

    Joined: Mar 5, 2010

    Posts: 5,760

    I could accept a few very small things being forgotten, but anymore than that then either a) you've gotta spend time you don't have taking things to the tip, or worse b) paying to have said rubbish disposed of.

    If the latter was the case, i'd be on the phone to the solicitor pretty swiftly to give the vendor an ultimatum that they either clear the rubbish before the end of the day, else you'll be contacting a rubbish removal company and they will be footing the bill for it.
     
  3. 413x

    Capodecina

    Joined: Jan 13, 2010

    Posts: 16,552

    Location: Cardiff

    Big step for us today.

    Mortgage has been approved.
    Awaiting the homebuyers report
     
    Last edited: Dec 9, 2019
  4. Howard

    Capodecina

    Joined: Jul 12, 2007

    Posts: 15,816

    Location: South East

    Yes, but I would remove them (and in the case of the thermostat, replace with a regular one) before putting the house on the market.
     
  5. Steeps

    Mobster

    Joined: Nov 8, 2003

    Posts: 4,975

    Location: Bedfordshire

    Just had a letter from my solicitor asking for more funds (completed nearly 3 weeks ago) because the seller's solicitor has dumped fees on them which were not declared in the purchase process or in any of the contracts. Extra fee wanted to process the bill for completion of all things. Just contacted the seller asking WTF is going on. I have it in writing from my solicitor these fees were not expected or agreed on beforehand. It might only be £40+VAT but their solicitor has mixed up figures before so I've told them I want it fully explained why this wasn't raised before. I've just checked all of my paperwork and this fee was never discussed, only the fee for them providing the site drawings.
     
  6. BigBoy

    Soldato

    Joined: Oct 19, 2002

    Posts: 5,735

    Location: Bath

    I work be telling them to take a running jump! As far as I'm aware all fees are to be agreed before completion.
     
  7. ShadowMan

    Wise Guy

    Joined: Oct 18, 2002

    Posts: 1,530

    We seem to have finally taken a step forward. Our buyers lender has arranged a valuation survey for tomorrow. We assume this means they have passed at least the initial stages which is further than they have got before! Hopefully the surveyor agrees with the valuation we had to have done by a RICS surveyor as part of our selling process nearly 3 months ago.

    Estate agents chasing to try and push it through before Christmas as clearly they want their money. I can't see it happening though at this stage and frankly I would prefer 1st / 2nd week of Jan anyway or after.
     
  8. b0rn2sk8

    Mobster

    Joined: Mar 9, 2003

    Posts: 4,943

    Yes that’s correct, depending on where they sit on the affordability scale then the mortgage may need to go through an additional tier of risk assessment which takes a bit longer to get a final decision.

    If they haven’t got a mortgage agreed yet I can’t see it happening before Xmas. Solicitors like 5 working days to draw the mortgage down in normal circumstances. There are only 9 working days left before Xmas including Xmas eve!
     
  9. ShadowMan

    Wise Guy

    Joined: Oct 18, 2002

    Posts: 1,530

    Thought that might be the case. I think our solicitors are only working until next Friday so going to be next year which suits me. I understand the buyer should be OK on the affordability as the mortgage is lower than the rent they are currently paying and their incomes have risen since they took on their rental. Will have to see though.

    Hopefully can turn it around in early new year.
     
  10. 413x

    Capodecina

    Joined: Jan 13, 2010

    Posts: 16,552

    Location: Cardiff

    We are first time buyers

    For me we've now ticked the major hurdles

    Survey is good and so is valuation (big one)
    Mortgage is approved

    Now solicitors are doing their checks.


    Our short chain :
    No house > occupied house >empty house
    Apparently the whole thing is waiting on us. As the people we are buying from had to relist

    Actually starting to think this might happen. But still trying to keep feet on ground.
     
  11. ShadowMan

    Wise Guy

    Joined: Oct 18, 2002

    Posts: 1,530

    Great news for us today. ESurv came out and did the valuation for buyers. Report already in and heard from buyer their mortgage has been approved and they have formal offer.

    Now the joy of waiting for solicitors and working out how long that can take. Our buyer has to give a fill calendar month notice on rental so will need to time when they hand it in incase it doesn’t complete quickly.
     
  12. Vanquish-Storm

    Mobster

    Joined: Apr 22, 2009

    Posts: 3,015

    Location: North-West

    Well after alot of faffing about we exchanged and completed on the same day today.

    Had to do alot of chasing around and being given mis information but we got there in the end.

    Two trips from the storage unit to the new place done today and two or three tomorrow and we should have all out stuff in! Just in time for Christmas!
     
  13. tres

    Soldato

    Joined: Oct 16, 2007

    Posts: 6,795

    Location: UK

    Completion & exchange date was due for the 20th December.
    Now the solicitors have said they're closing for Xmas on the 19th, and it is extremely unlikely we won't be done in time, and expect a date after the New Years
    :( :(
     
  14. Vanquish-Storm

    Mobster

    Joined: Apr 22, 2009

    Posts: 3,015

    Location: North-West

    Is that your solicitors or theirs?

    I would be asking why has it taken up to a week before for them to point this out to you.

    We had our dates pushed back a few times with no real explaination. Had to keep moving holidays and bookings for things. It's a real pain.
     
  15. tres

    Soldato

    Joined: Oct 16, 2007

    Posts: 6,795

    Location: UK

    New build, our solicitors.

    We all knew that it was a fairly quick planned move, and I was assured last week that it should all be no problem.
    Chased them up today - our solicitor has gone on annual leave until the 16th. They didn't mention that bit to us. Apparently someone else is picking up their work but all of a sudden, it's not going to happen rather than 'no problem'
     
  16. Skillmister

    Capodecina

    Joined: Oct 3, 2009

    Posts: 19,282

    Location: Wales

    Christmas completions are a right pain. We've said last day 19th even though we are open every non Bank Holiday except the 27th. Lots of other solicitors close either on the 20th or 23rd until 2/3 Jan and no good only one side being open!

    If you plan to complete on the last day solicitors are open and they then close until January, if anything goes wrong you are in for a world of grief. Never mind living in boxes and staying in a hotel for a night like it would be if it went wrong any other time, could be for 10 nights! Plus complications with mortgage money.

    You should have been told earlier although it is possible their dates changed.
     
    Last edited: Dec 14, 2019
  17. ShadowMan

    Wise Guy

    Joined: Oct 18, 2002

    Posts: 1,530

    How long should it take to get to exchanging contracts?

    All mortgage offers in on chain. Searches complete. Our buyer was told 8 weeks.

    Everyone in the chain is using the same solicitor firm with separate solicitors.

    8 weeks seems excessive as surely contracts are fairly standard?
     
  18. Skillmister

    Capodecina

    Joined: Oct 3, 2009

    Posts: 19,282

    Location: Wales

    8-12 weeks average.

    It should be fairly standard and it should be far quicker than that but because its a stupid process it takes far longer and will continue to do so until there is a change in the legal system for conveyancing.

    Bear in mind part of the problem is that you need to set a completion date on exchange of contracts and that usually takes a week or 2 to sort out when there is any number of people in a chain because you have to work around all the people with work commitments, holidays, childcare issues etc etc
     
  19. ShadowMan

    Wise Guy

    Joined: Oct 18, 2002

    Posts: 1,530

    Thanks for that. Guess we are in for long haul and a few weeks doesn’t make much difference. Just annoyed that after all problems we had it’s another long wait.

    Our buyer is renting so clearly they will work that in so they don’t have rent and mortgage same month where possible.
     
  20. Skillmister

    Capodecina

    Joined: Oct 3, 2009

    Posts: 19,282

    Location: Wales

    Don't forget that you may start the process on x date but not everyone in the chain will. All you need is someone to take a couple of weeks to send their t&cs back and you're on x+2 weeks and it could have a ripple effect up/down the chain.