The nervous wait to exchange....

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Zefan and FinglisHobbit,

Sorry, I'm waiting on BT to pull their finger out so didn't see your replies.

It's on the FHTB page on the gov website that it takes 10 working days between exchange and completion for the funds to go through. We had a problem where the mortgage adviser didn't tell the lender that we were using it for our deposit, but our solicitor squared us away with a "refund".

From the work side of things, it went through on JPA quite quick, I sent the paper form with the med declaration off the day I got it back. I asked for the PIN just because I'd rather have been looking at it, than for it.
 
Sherpa said:
Zefan and FinglisHobbit,

Sorry, I'm waiting on BT to pull their finger out so didn't see your replies.

It's on the FHTB page on the gov website that it takes 10 working days between exchange and completion for the funds to go through. We had a problem where the mortgage adviser didn't tell the lender that we were using it for our deposit, but our solicitor squared us away with a "refund".

From the work side of things, it went through on JPA quite quick, I sent the paper form with the med declaration off the day I got it back. I asked for the PIN just because I'd rather have been looking at it, than for it.
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Cheers for input.

Well yeah Im still waiting on the PIN. I got told buy the guy on phone yesterday that June 1st would be 10 working days from when I requested it on Monday 18th May. So hopefully it arrives then .

The Solicitor im using (http://armedforceslawyers.co.uk/) is clued up on FHTB by all accounts so she is aware of the 10 day fund situation at the end. The annoying bit is this damn PIN because its holding up my mortgage application. I want that all confirmed asap.
 
Jeez finally getting there.

Made a offer on a house 8th of April, I had a Mortgage agreed in principle, but using one year of accounts only.

After having the offer accepted the fun really started, the mortgage company (kensington) literally looked into every single last thing in existence, asking for more and more info each time. I wouldn't mind but the monthly payments are basically less than the rent i have been paying for the last 5 years with no issue, i also had my accountant supply predicted accounts for this year (end june so fairly accurate) showing profit in excess of 4 times the required amount needed to earn to borrow £187k

They picked up payments and deposits in my statements and asked me to prove why i deposited money, they wanted accountant statements, they initially asked for my other halfs 3 months pay slips, then went on to get an additional 3 months despite having her p60 for that relevant year showing total earnings.

I have been so close to telling them to stuff it as i need to hand my notice in at my current address in 7 days. This has been going on nearly 7 weeks

The mortgage offer is finally out (today) so heres hoping we can exchange soon
 
Any news Regy?

I got this today from the convetyancers:

"Your file is currently with my colleague ******** who will be sending you our conveyancing report tomorrow. Within this she will enclose the contract and transfer for you to sign.

Does this mean I am about to exchange?! I am confused!
 
Malt_Vinegar said:
Any news Regy?

I got this today from the convetyancers:

"Your file is currently with my colleague ******** who will be sending you our conveyancing report tomorrow. Within this she will enclose the contract and transfer for you to sign.

Does this mean I am about to exchange?! I am confused!
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No, afraid not.

They're basically sending you out the report on title and searches on the place you're buying and a contract paperwork pack for you to sign (but not date) so they have it ready for when you are all ready to exchange.

They'll be a letter that will say something on the lines of "sign but don't date the contract, we'll hold it in safe keeping and will only date and exchange it with the other side when you tell us to".
 
noj said:
No, afraid not.

They're basically sending you out the report on title and searches on the place you're buying and a contract paperwork pack for you to sign (but not date) so they have it ready for when you are all ready to exchange.

They'll be a letter that will say something on the lines of "sign but don't date the contract, we'll hold it in safe keeping and will only date and exchange it with the other side when you tell us to".
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Ahh, I see, so my side will be ready, then its waiting on the other side to do the same?

Thanks for the guidance :D
 
Yeah...its likely that the conveyance report will flag up questions (it always happens) that you'll want answers on - or that your solicitors are already asking.

For example - our report flagged that a new boiler had been installed and our solicitors needed to see sight of the installation certificate to make sure building control regs had been followed.
If its the searches report as well it will flag things like planning applications in the area, flooding risks...all the stuff you want to check before you exchange just in case you don't like the answers!

Its a good sign but I'd guess you're a couple of weeks (at least) away from exchange.
 
Malt_Vinegar said:
Any news Regy?
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Got my mortgage offer today, so i actually really dont know.

I have emailed everybody trying to push it along i really need to exchange like in 5 days max... as i need to tender notice at my rented house by the 7th june.... for one month..

Stress is not the word, i know they all say buying a house etc is stressful but its more that everything takes forever and you never actually know anything at all.

and i still need to move :(
 
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5 days from mortgage offer to exchange? That's very unlikely, prepare for the alternative if I were you, it's more like a month after that. 5 days between exchange and completion more like.

Ps has your own solicitor enquired about your win account activities yet for money laundering purposes? They are worst than then mortgage lender. All the mortgage lender want from me was 3 years accounts and SA302 form. My solicitor wanted bank statements and they could go back as far as they want as they need to satisfy themselves the money is "clean". This could take a week in itself.
 
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I got emails today saying that:

"TITLE CHECKED" milestone has been reached
 This means that we have examined the contract and various documents supplied by the seller's solicitor in connection with the property.

 We will produce our conveyancing report to you on the property. You should therefore expect to receive this within the next few days. This will advise you of any issues or information you need to be aware of before purchasing the property and may advise you of matters we are investigating further.

 Where further investigations are necessary we will raise questions and/or request appropriate documents via the seller's solicitors. Please bear with us while we obtain these as in some instances documents may take some time to obtain.

 Where investigations are ongoing or there are searches outstanding we will report to you as soon as we have the results.

 Please do let us know as soon as possible if you have any further issues you need us to address that might affect your decision to buy the property. We can then put them to the seller’s solicitor.



and



"PROPERTY INFORMATION FORMS PROCESSED" milestone has been reached
 This means that we have received the various Property Information Forms (PIFs) from the seller's solicitor. These are usually of a standard format and are completed by the seller(s) to provide all the information normally required from them.

 We will also require the draft contract and various other documents usually sent in connection with the Title to the property. If these have now also been received you will have also received notification that the milestone 'Contract Papers processed' has been reached. If they have not been received please be assured we are actively seeking them and we will confirm receipt in due course.

 Once we have the PIFs and the draft contract we should be in a position to produce our conveyancing report to you on the property. The PIFs will be copied to you as part of our report. The report will advise you of any issues or information you need to be aware of before purchasing the property. It will also advise you of matters we are investigating further.

 Where further investigations are necessary we will raise questions and/or request appropriate documents via the seller's solicitors. Please bear with us as in some instances documents may take some time to obtain.

So, in reality, I still don't know what this means :D
 
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Should be exchanging tomorrow (delayed from 31st may)

Too find out that solicitors really do take the michael. now saying we have to give lenders 5 working days to release the funds so we can exhange.

Funny thing is my other half works in banking and said its down to them to either manually request or automatically request, which either makes it instant or not.

bunch of time wasting ***** i just want to move in!
 
Malt_Vinegar said:
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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The people with the best ideas of timescales are the conveyancers, but even then it's not possible to give anything but a best guess with so many factors involved. Estate Agents are useless and the only information they can possibly feed back to you is a (inaccurate, shortened to keep you happy) date that they have been passed on from the conveyancers.

What makes you think this should be a quick and simple process? There is so much happening behind the scenes that you won't even be aware of unless adverse replies are received from the sellers.

"at the mercy of the conveyancers" - have a quick look at the requirements of conveyancers to comply with a mortgage lender to see who's really at the mercy of who!! http://www.cml.org.uk/lenders-handbook/englandandwales/barclays-bank-as-the-woolwich/


Malt_Vinegar said:
I got emails today saying that:

*snip*

So, in reality, I still don't know what this means :D
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Out of interest who are you using? Looks like an online/regional conveyancing firm giving that kind of email. Definitely the wrong way to go if you want to actually know what's going on in the process...

scottomus0 said:
Should be exchanging tomorrow (delayed from 31st may)

Too find out that solicitors really do take the michael. now saying we have to give lenders 5 working days to release the funds so we can exhange.

Funny thing is my other half works in banking and said its down to them to either manually request or automatically request, which either makes it instant or not.

bunch of time wasting ***** i just want to move in!
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See 10.2b http://www.cml.org.uk/lenders-handbook/englandandwales/barclays-bank-as-the-woolwich/

The absolute best you're going to manage is 2 days notice and that's if you spend hours on the phone begging to the bank speaking to various foreign call centres to process it faster (believe me, been there and done that multiple times!).

Not to mention you want to receive the mortgage advance a day before completion because they aren't obligated to release the advance until 2pm on the day you request. Which means you could end up in breach of contract if we don't get it in time to complete on the right day!
 
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I had a letter today from my solicitor asking me to make a appt with her to hand over ID etc and start to talk about arranging deposits and insurance?

sounds good
 
Last we heard from Solicitors is they are still waiting on Searches from the Local Council. Supposed delay due to the bank holiday and the offices being closed for the election.

Im desperate for things to speed up. Ideally I wanted us to be complete by July. Doubt thats possible now.
 
Jumping into this thread to have a rant!


House is for sale, vacant. Previous owner died, no relatives, being sold by solicitors firm.

Put offer of asking price in. Already have mortgage in principal and deposit ready.

Bloody estate agents have decided to book 3 more viewings in after us despite saying then and there that I want it and will pay asking price.

I'll get gazumped, i know it. Have to wait until at least tuesday now to find out what the outcome is once these other viewings are done.

Rant over.
 
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