The nervous wait to exchange....

  • Thread starter Thread starter noj
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We're just getting on the house selling/buying roller coaster. EA comes tonight to take pictures, fingers crossed for some positive interest as we've seen a place we like (but are trying to stay unattached to it!).
 
Zefan said:
Sounds like the exact same treatment I experienced.

It was 10 working days exactly, that isn't counting the bank holiday it fell over as a working day so I'd expect it to add a day on as you're fearing :(
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Well it didnt show up in todays mail. I cant quite understand how they can be so specific with 10 days. It must just sit there with no action on it for 9 days straight. I appreciate they are probably busy with applications from 3 forces however its a pain in the arse.

Called them up and they told me to expect it on the 1st of June, if not, call them back. They are supposedly doing it in date order with a 10 working day turnaround. Hopefully it arrives because Im pretty desperate :).
 
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We had an offer accepted on the 28th April.
Mortgage valuation was done on Tuesday, and written offer should be with me shortly. (There was a 1.5 week delay to get a the mortgage company valuer out!)

We are out of rented, and now sofa surfing with our respective parents. Its annoying as Mrs/Son are in Lincs, and Im in Reading. So only seeing them in person every 2 weeks for the weekend.

The sellers are also moving into rented, and starting to rent the property from the 8th of June. So we are no chain, and both very keen to get this going.

The estate agent are saying that the sellers are planning for 4 weeks from exchange to completion. Really keen to push this on quickly, so quite happy with that. Exchange should be within the next 10 days. However my solicitors are saying 8-10 weeks?! I am hoping they are just underpromising :(

So, looking at early July hopefully. So, probably 9 weeks from offer to completion. Feels like months already! If it goes to 12+ weeks I think I will murder someone!
 
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I really dont understand why there should be any real wait between exchange of contracts and conpletion... Am I just missing something? I was under the impression that exchange and completion could be the same day - if everyone's happy to move then.
 
Malt_Vinegar said:
Property sites all day 7-28 days, so 8 weeks is just annoying, and I really hope the conveyancing people are just being overly cautious.
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that does sound drastically different to your timelines, i'd be asking them what they are missing for exchange to go through. I'd also be wary about having a big gap between exchange and completion, you're legally obliged to buy the house then and sitting there waiting for two months seems kinda crazy - what if the market tanks? How long will your mortgage offer be open for?

if the Seller is renting from the 8th get them in the following weekend - none of this faffing about for a month moving!
 
Malt_Vinegar said:
Property sites all day 7-28 days, so 8 weeks is just annoying, and I really hope the conveyancing people are just being overly cautious.
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When did you instruct them? If you only just got round to doing it then it could take a while for them to get searches done. Otherwise, there really is nothing between exchange and completion other than people not being ready to move yet, as far as I'm aware.

Don't just accept 28 days because it's the norm - if you both want to move ASAP... just do it sooner!
 
No chain but combination of the mortgage broker going on holiday, waiting for forms from HMRC showing earnings, our solicitor going on holiday, searches, solicitor requesting accounts details re money laundering so I had to request 3 years of bank statements, the house also had tenants and we want vacant possession. The seller had served notice to evict back with the offer was accepted but they only moved out this Monday gone.
 
Malt_Vinegar said:
Property sites all say 7-28 days, so 8 weeks is just annoying, and I really hope the conveyancing people are just being overly cautious.
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Property sites are wrong. 8 weeks is completely typical from instruction to completion. Yes we are cautious and aren't going to make promises like a 4 week exchange that we have no control that we can keep, but in reality if you're expecting less than 8 weeks you are delusional!!

In your earlier post you mention 4 weeks between exchange and completion and that you are "happy" with this. Are you getting confused with the process involved? Very rarely is there more than 2 weeks between exchange and completion - there is just no reason for it unless under special circumstances. The majority are within 7 days! It's pre-exchange where most of the time comes from.

Unless both solicitors have very little to do but work on your file, 28 day completions (that amusingly every bank repo requires) are just not happening.
 
Zefan said:
I really dont understand why there should be any real wait between exchange of contracts and conpletion... Am I just missing something? I was under the impression that exchange and completion could be the same day - if everyone's happy to move then.
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You're right, simultaneous exchange and completion is pretty common especially when there is no chain.
 
In our case from offer to getting handed the keys took just shy of 6 months with no chain but a council tenant thrown into the mix. This was with constant chasing by us.

Personally I think the seller misunderstood the complexities of getting a council tenant evicted and thought it would just be a case of giving them notice (which it should be to be fair). Why the council won't work with the home owner and the tenant I don't know. Having to go through the courts to get an eviction notice, then the tenant having the right to appeal just so the tenant can be declared homeless before the council will even entertain their case is surely a waste of everyone's time.

Exchange and completion happened the same day.
 
think were talking cross purposes here...

instruction to completion can take any time - minimum around two months it would seem in England

Exchange of contracts to completion however should be same day up to a couple of weeks - 2 months seems excessive
 
Skillmister said:
Property sites are wrong. 8 weeks is completely typical from instruction to completion. Yes we are cautious and aren't going to make promises like a 4 week exchange that we have no control that we can keep, but in reality if you're expecting less than 8 weeks you are delusional!!

In your earlier post you mention 4 weeks between exchange and completion and that you are "happy" with this. Are you getting confused with the process involved? Very rarely is there more than 2 weeks between exchange and completion - there is just no reason for it unless under special circumstances. The majority are within 7 days! It's pre-exchange where most of the time comes from.

Unless both solicitors have very little to do but work on your file, 28 day completions (that amusingly every bank repo requires) are just not happening.
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Am I delusional? I don't think so, in this process I have handed myself over completely to three parties. The Broker, the Conveyancing company and the Estate agent. I am completely in their hands, and acting on all requests straight away and being proactive in calling to check on timescales (which all vary).

All are giving me conflicting information, using different terms. Is there any wonder I am confused?

The process and lack of clarity is the issue, not my mental state. The industry is frankly ridiculous. I get the feeling that the Brokers and Agents are really at the mercy of the conveyancers who cause almost all of the delays/complexity of what should be a very simple and quick process.
 
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