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The nervous wait to exchange....

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

  1. Junglist

    Mobster

    Joined: Jun 11, 2015

    Posts: 4,970

    Location: Bristol

    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
     
  2. bainbridge

    Mobster

    Joined: Dec 9, 2009

    Posts: 3,450

    Location: Bristol

    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
     
  3. mid_gen

    Sgarrista

    Joined: Dec 20, 2004

    Posts: 9,366

    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.
     
  4. Skillmister

    Capodecina

    Joined: Oct 3, 2009

    Posts: 19,589

    Location: Wales

    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.
     
  5. Liquid_Entity

    Soldato

    Joined: Apr 11, 2006

    Posts: 5,907

    Location: East Grinstead, W Sussex

    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.
     
  6. mid_gen

    Sgarrista

    Joined: Dec 20, 2004

    Posts: 9,366

    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...
     
  7. IvanDobskey

    Sgarrista

    Joined: Feb 2, 2010

    Posts: 8,056

    Location: East Midlands

    Not heard a thing from our solicitor for a couple of weeks now :( Not looking good :(
     
  8. fastwunz

    Mobster

    Joined: Jul 12, 2005

    Posts: 3,269

    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
     
  9. xb8browney

    Soldato

    Joined: May 19, 2005

    Posts: 5,587

    Location: North East

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

    Mobster

    Joined: Jun 11, 2015

    Posts: 4,970

    Location: Bristol

    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!)
     
  11. IvanDobskey

    Sgarrista

    Joined: Feb 2, 2010

    Posts: 8,056

    Location: East Midlands

    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.
     
  12. Swifty55

    Soldato

    Joined: Feb 21, 2006

    Posts: 5,589

    Location: Home

    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?
     
  13. HungryHippos

    Sgarrista

    Joined: Mar 25, 2004

    Posts: 7,675

    Location: Fareham

    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.
     
  14. Skillmister

    Capodecina

    Joined: Oct 3, 2009

    Posts: 19,589

    Location: Wales

    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
     
  15. IvanDobskey

    Sgarrista

    Joined: Feb 2, 2010

    Posts: 8,056

    Location: East Midlands

    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.
     
  16. xb8browney

    Soldato

    Joined: May 19, 2005

    Posts: 5,587

    Location: North East

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

    Wise Guy

    Joined: Oct 21, 2002

    Posts: 1,473

    Location: HR 7047

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

    Mobster

    Joined: Aug 3, 2008

    Posts: 3,015

    Location: Nelson, South Wales

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

    Sgarrista

    Joined: Feb 2, 2010

    Posts: 8,056

    Location: East Midlands

    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.
     
    Last edited: Apr 14, 2020
  20. Ninco!

    Hitman

    Joined: Jul 8, 2014

    Posts: 923

    Location: Surrey

    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. :)