The nervous wait to exchange....

  • Thread starter Thread starter noj
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Valuation approved! Should hopefully get the formal mortgage offer through soon.

I'm buying 50% of my current flat off my mate... however he forgot to sign the forms to give his mum power of attorney before he went off travelling! :(

He should be back in two weeks though. Had the electrician round yesterday and expecting a quote from the builder at some point soon for the proposed renovation. Need to move out for three months until the work is complete. The builder is a friend ofy uncle's (also a builder) and has just finished renovatingy sister's new place. My uncle told us what he'd likely quote for the job, but have a feeling the other guy is going to whack a fair amount on!
 
Was hoping to exchange around Wed but still not happened. You read/hear about house purchases in a month or less but I've just lost two days now because I asked the questions "the warranty for the windows states the original invoice is required, can I have it?" and "I've been sent a load of photocopies (manuals and warranty cards), will I receive the originals?
I've seen the email sent from my solicitor to the vendor's solicitor but not had a reply after a full two days. My solicitor is just waiting for a satisfactory response before exchanging.

Neither are show-stoppers to be honest but because it's a private new build (not by a large house builders) and there are a lot of windows in the property, some large, the invoice for the windows I am especially keen to have. The original booklets I expect to be available so was just expecting an answer of "Yes, we have them, will all be sent on completion" for that. As the warranties for built in white goods have nearly expired now (new build but nearly 2 years old now but empty) I can just get the instructions off the internet if the photocopies aren't clear but regarding the windows, they have a 5 year warranty and probably cost 5-10k so I'd expect the invoice to be available for those!
 
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Been waiting over a month for the seller's solicitor to receive the managing back from the freeholder. Our solicitors are getting arsey with us for chasing them, but someone somewhere is not doing their job (or hasn't been told to do their job more likely..). 9 weeks into the process and counting..
 
Well, had the chance to speak to the sales manager when we visited the showhomes on the estate we are buying (reserved, waiting to exchange). The only thing we are waiting on is apparently the section 38 paperwork (adoption of roads by council). My solicitor says the lender (Nationwide) is asking for this in order to exchange.

The sales manager says that this is not yet completed; still negotiating with the council. However, she said, she has already exchanged for other plots with Nationwide without this question arising. She also said it's just my solicitor.

Afraid that they might pull out and find someone more eager to exchange.

No clue on what to do.

Can they pull out and just give me my reservation fee back?
 
We have been asked for a preferred completion date!
Next Monday (Need to give 5 working days).

What happens after this? Is that the last part?
 
My buyers are dragging their heels, ive been delayed for ages by these guys. Starting to loose my temper with it now. The only reason i accepted their bid was because they didn't have a chain and said they can be quick! The building survey scheduled for after the mortgage valuation, (which is 4 weeks after they had their mortgage provisionally approved by the underwriters) they should have had the survey booked long before this and if not have it at least on the same day as the mortgage valuation. I think im going to get my agents to email my property out to the people on their books on the sly. Stealth market it
 
Kimi said:
My buyers are dragging their heels, ive been delayed for ages by these guys. Starting to loose my temper with it now. The only reason i accepted their bid was because they didn't have a chain and said they can be quick! The building survey scheduled for after the mortgage valuation, (which is 4 weeks after they had their mortgage provisionally approved by the underwriters) they should have had the survey booked long before this and if not have it at least on the same day as the mortgage valuation. I think im going to get my agents to email my property out to the people on their books on the sly. Stealth market it
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To my knowledge this is not legally allowed without the agent notifying the current purchaser.... (according to the Estate Agents Act) - could be wrong but needs to be checked.

You should also ask the agent how exactly your buyers are employed - if one o either of them are self employed then the time to book mortgage valuation surveys etc is exponentially longer due to the need to get more info to the lender including accounts etc.

If your agent is doing their job properly they should be able to tell you as they should have been chasing things at least twice a week.
 
Some timings I wrote down for anyone who is interested on our purchase last year. Neither side had a chain so it should have been plain sailing.

29/05/13 - First contact with broker. Self employed, so went with a recommendation.
20/06/14 - Agreement in principal
21/06/14 - First viewing
23/06/14 - Made our offer - accepted
23/06/14 - Appointed local Solicitor
02/07/14 - Valuation
08/07/14 - First set of searches came back (Energy Performance Certificate, Land Registry), Fittings and Contents form and draft contract
10/07/14 - Mortgage offered/underwritten
01/08/14 - Second set of searches came back (Local, Environmental, Water and Drainage)
03/09/14 - Changed solicitors
12/09/14 - Mortgage re-offered
18/09/14 - Exchanged contracts
25/09/14 - Completed

Lesson learned, make sure your solicitor is the conveyancing solicitor and is on the panel for the mortgage provider! We paid our second solicitor to keep us at the top of his pile as we were in danger of losing the house, hence it was very quick once they had all the paperwork.
 
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fastwunz said:
To my knowledge this is not legally allowed without the agent notifying the current purchaser.... (according to the Estate Agents Act) - could be wrong but needs to be checked.

If your agent is doing their job properly they should be able to tell you as they should have been chasing things at least twice a week.
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Ah right, i wasnt aware of that.

My agent said yesterday that she has received a rollking from the buyer for putting pressure on them. I told her not to worry its her job!

bloodiedathame said:
Some timings I wrote down for anyone who is interested on our purchase last year.

29/05/2014 - First contact with broker. Self employed, so went with a recommendation.

10/07/15 - Mortgage offered

12/09/15 - Mortgage re-offered
18/09/15 - Exchanged contracts
25/09/15 - Completed

Lesson learned, make sure your solicitor is the conveyancing solicitor and is on the panel for the mortgage provider!
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The persons buying mine, one is self employed, would you mind me asking how long it took for the mortgage process, i can see the break down but its from the point of it being approved by the underwriters to having a valuation done that im interested in? By the time my buyer gets theirs done it would have been a month or maybe 5 week.

Im not self employed so i guess its different but the property im buying, i had it all done within 2 weeks from first visit to the bank.

The thing that is annoying me, they want to have a building survey done, now surely if you were being decent you would arrange for this to be done in the 4-5 week gap for your valuation rather than after it delaying things by another couple of weeks.

At the point i accepted the offer it was made clear that i wanted/needed to complete on this by mid Sept.
 
Hmm thanks mate.

Just going over dates. So far they are:

Sometime in June - Agreement in principal
02/07/15 - Mortgage underwritten apparently? Agents: "I have had confirmation from the underwriters that there are no issues with the buyers application."
09/09/15 - Valuation
11/09/15 - Structural survey
12/09/15 - Ask for 10k discount saying its falling down
 
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tidusjar said:
We have been asked for a preferred completion date!
Next Monday (Need to give 5 working days).

What happens after this? Is that the last part?
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that's the last part...get packing in other words because the completion date is the moving in date :)
 
We are getting the keys finally on the 9th! It was the 7th but got pushed back a bit. 3 months it took me! I'll try and get a timeline up.
 
tidusjar said:
We are getting the keys finally on the 9th! It was the 7th but got pushed back a bit. 3 months it took me! I'll try and get a timeline up.
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good news, 3 months isn't that unusual but time really does seem to drag with it doesn't it :)

worst of it is over with now, get packing!
 
Kimi said:
Hmm thanks mate.

Just going over dates. So far they are:

Sometime in June - Agreement in principal
02/07/15 - Mortgage underwritten apparently? Agents: "I have had confirmation from the underwriters that there are no issues with the buyers application."
09/09/15 - Valuation
11/09/15 - Structural survey
12/09/15 - Ask for 10k discount saying its falling down
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Who is their mortgage provider? They wouldn't underwrite a mortgage without the valuation being complete.
 
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