The nervous wait to exchange....
- Thread starter noj
- Start date
This!
Our contract had provisos (sp) from the searches, seems strange they haven't kicked them off yet, especially as the local search can take a few weeks dependant upon your local council.
My insurance only needed to be in place for completion (today) not for exchange.
Thanks. I've just checked the letter I got with our mortgage offer and it states that You must ensure that there is an adequate buildings insurance policy in place from exchange of contracts.
I've spoken to the solicitor and she says that it's fine to get it sorted on the same day that we exchange, I think I was a bit confused by the wording that's all.
I've spoken to the solicitor and she says that it's fine to get it sorted on the same day that we exchange, I think I was a bit confused by the wording that's all.
Is it with Bank of Ireland by any chance?
Ours is at exchange as well, just got the post office to have it ready setup and one phone call later and we will have a policy number to give to the solicitor to get the mortgage released.
Also didnt know any mortgages still require their involvement noted on the insurance but hey ho.
Ours is at exchange as well, just got the post office to have it ready setup and one phone call later and we will have a policy number to give to the solicitor to get the mortgage released.
Also didnt know any mortgages still require their involvement noted on the insurance but hey ho.
You can certainly ask to go back and see the property after exchange (and its always a good idea I reckon) but unless exchange and completion are the same day you still wont know if the items are being left until you move in!
As for move day my tips would be:
have an essentials box that you take with you - silly stuff like tea, coffee, sugar, cups as well as contact details for solicitors, estate agent etc. Stuff that you can quickly find that will make it easy to just take a break for 5 mins
When you get to the new place get the bed and bedding sorted out and don't then throw stuff all over the bed...that way if it gets late at night you can crash out without having to then think about putting the bed together.
Mostly you'll be busy loading and unloading. If you're having movers you'll be looking after them and helping out.
Make sure you do a final walk round of your old place before you leave, take final readings from utilities and call up the suppliers to give the readings as soon as you can.
Take new utility readings when you get to the new place (or on the same day at least)
I'm in a slightly odd exchange scenario, where my nerves are placed elsewhere 
I own 50% of my flat with a friend of mine, and my girlfriend and I are buying my friend's 50% off him. Price agreed, loose exchange date agreed upon, but now getting the mortgage approved is the tough one. I'm the sole proprietor of a limited company and we're in the process of finalising my second year accounts. I hadn't realised this when getting the company going a while back, but mortgage lenders take a view of the average operating profit over the first two years... my first year accounts were essentially based upon 6 months of work and therefore bring the two year average down by quite a bit.
My mortgage broker speaks at a thousand miles a minute in industry lingo, does the maths in his head before blurting out figures, and unfortuantely has been on holiday at this crucial point, whereas my accountant talks to me as if I know accounting inside out. On top of this I'm having to liaise with structural surveyors, architects and builders to get the planned renovations moving along.
Buying the property 5 years' ago as first time buyers was a breeze compared to this
I own 50% of my flat with a friend of mine, and my girlfriend and I are buying my friend's 50% off him. Price agreed, loose exchange date agreed upon, but now getting the mortgage approved is the tough one. I'm the sole proprietor of a limited company and we're in the process of finalising my second year accounts. I hadn't realised this when getting the company going a while back, but mortgage lenders take a view of the average operating profit over the first two years... my first year accounts were essentially based upon 6 months of work and therefore bring the two year average down by quite a bit.
My mortgage broker speaks at a thousand miles a minute in industry lingo, does the maths in his head before blurting out figures, and unfortuantely has been on holiday at this crucial point, whereas my accountant talks to me as if I know accounting inside out. On top of this I'm having to liaise with structural surveyors, architects and builders to get the planned renovations moving along.
Buying the property 5 years' ago as first time buyers was a breeze compared to this
Soldato
- Joined
- 3 Oct 2009
- Posts
- 19,893
- Location
- Wales
To satisfy your mortgage offer?
Regardless of mortgage, your insurance should be in place on exchange of contracts unless agreed otherwise (i.e buyers continuing their insurance if long gap between exchange and completion)
Man of Honour
- Joined
- 21 Nov 2004
- Posts
- 46,282
Buying and selling houses in England really is a terrible process. First house we offered on pulled out before exchange. We were selling two properties to fund our new house and the process was horrific...mainly due to the ineptitude of our solicitors that had been recommended by our estate agent. Weeks went by with nothing happening and we seemed to go round in circles several times. Combined with the ultimatums from both the house we were buying and one of the properties we were selling (which we managed to resist luckily), I can't say I am in too much of a rush to move again!
sounds like a horrible situation.
we've had it easy up til now.
bought brand new last time, sold to first time buyers and we moved into inlaws place.
this house we're buying the lady who lives there has somewhere to move to already (not buying) so we're in no chain again.
i can see where chains and people pulling out can be such a hassle. isnt the process in Scotland different somehow?