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The nervous wait to exchange....

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

  1. montymint

    Don

    Joined: 29 Jul 2006

    Posts: 5,767

    Location: Newcastle, UK

    You'd hope that the sols would have requested funds prior to exchange, I know the teams involved in my chain did.
     
  2. A2BDriver

    Gangster

    Joined: 30 Dec 2009

    Posts: 226

    Location: North YorkShire

    Our solicitor phoned today, the people buying our house isnt the problem. They are good to go, its the first time buyer buying theirs. Over 4 months and they do not have a morgage :eek: Its a good job all the kids are at school because I went outside.
     
  3. flea.rider

    Wise Guy

    Joined: 7 Aug 2017

    Posts: 1,448

    my lads house fell thru .. they said it was free hold but it's not it's lease and they can't get the lease documents ?? so no mortgage company will give him a mortgage .. can he go after them for the moneys he's spent ?survey solicitor bills ?
     
  4. Orifice

    Man of Honour

    Joined: 1 Oct 2002

    Posts: 5,528

    Finally exchanged today for completion Monday, the whole house buying/selling process really is a nightmare, hopefully by the time I plan on moving again something might have changed.
     
  5. thedazman67

    Wise Guy

    Joined: 24 Apr 2004

    Posts: 2,038

    Location: Warrington, UK

    Bit of a rant, we've been in the process of buying a new house since mid July.

    We accepted an offer on our house and had an offer accepted on a house we like within the same week. It's all been plodding along since then bar the occasional prod of solicitors where needed.

    Last Friday we finally had a sniff of a completion date, the 29th September was being discussed. Perfect for some stamp duty relief. I'd had already budgeted for paying the full stamp duty so some extra money back would be a welcome surprise.

    We were good to go, as were the people who we are buying from.

    This all changed today, our solicitor and agent have not been to get any useful response from our buyers solicitors until today. Essentially they are not ready, not even got a mortgage offer in place and haven't yet raised any further enquires with our solicitor as they would normally expect.

    I've really lost confidence in our buyer now if they've not even got their mortgage sorted, any tips for giving them the hurry up?

    We did have 5 other offers when we originally listed it for sale. I am tempted to say to our agent if there is no evidence of significant progress from our buyer by mid next week it will be put back on the market.
     
  6. fastwunz

    Mobster

    Joined: 12 Jul 2005

    Posts: 3,667

    The mortgage valuation survey should be booked in as one of the very first things - has one been done?? If not then they either haven’t applied or, their mortgage has been declined and they haven’t told you or, the bank are waiting on documents from them for underwriting.
     
  7. thedazman67

    Wise Guy

    Joined: 24 Apr 2004

    Posts: 2,038

    Location: Warrington, UK

    I am not sure, I'll ask tommorow.

    I know they have had a survey done a very basic one the guy was only around for 20 minutes.

    They have done searches which I believe were completed on the 8th September.
     
  8. Danm54

    Wise Guy

    Joined: 20 May 2009

    Posts: 1,841

    Is the stamp duty deadline the reason my remortgage seems to be taking forever?
    I had everything needed by the start of this month, house valuation, mortgage in principle, pay slips and bank statements etc. All was supposed to be completed by the end of this month when the ex moves out but I've not heard from the solicitor yet.

    My mortgage advisor had my offer nearly 2 weeks before I got it through the post. Is this the norm now or will it ease up soon?
     
  9. fastwunz

    Mobster

    Joined: 12 Jul 2005

    Posts: 3,667

    no if it’s just a remortgages then things should happen pretty quickly - although this is dependent on the lender. Some are working to faster SLA’s than others
     
  10. Danm54

    Wise Guy

    Joined: 20 May 2009

    Posts: 1,841

    I'll see what's in the post when I get back (only back weekends) may have to chase them next week.
     
  11. traveyb

    Wise Guy

    Joined: 25 Jul 2012

    Posts: 1,266

    Never thought I would buying a place but made it a goal at the start of the year. I originally loved the idea of moving up north (from Greater London) as I can WFH, however changed my mind on this as we are going through some structure changes at work and just in the off chance things change and I need to be in the office 3 days a week - I don't fancy a 6 hour commute each day.

    The house I've had an offer accepted on is classed as a "Modern Method of Construction/Eco Home" which was rather interesting Mortgage wise (timber frame, no bricks etc.) so only had a handful to pick from (and only have a 5% deposit).

    Mortgage application submitted to having an offer has been exactly 7 days which is crazy (haven't seen the offer yet so could be a pile of pants) - but impressed with my broker and Nationwide.

    Timeline so far:

    28th August - Viewed Property
    31st August - Offer Made
    2nd September - Counter Offer and Accepted
    10th September - Appointed solicitors forms filled etc.
    13th September - Mortgage Application Submitted
    17th September - Mortgage Application Accepted
    20th September - Valuation Booked
    24th September - Valutation Accepted and Offer Issued
     
  12. Rabtech

    Wise Guy

    Joined: 27 Dec 2003

    Posts: 1,154

    Location: Preston, Lancs

    Well our buyer is refused to exchange today, their solicitor cited at clients request with no other information. Looking forward to paying the £700 SDLT bill, not. Our solicitor has requested a drawing of funds for the 28th, I've paid buildings insurance on the new place as you can't exchange without it - fortunately I can cancel this within 7 days without penalty. Wife's fuming, god knows what our vendor is going to say as they are ready to go too :/ New target date the 8th of October - this is with housing association cash buyer too, so disappointed.
     
  13. 413x

    Capodecina

    Joined: 13 Jan 2010

    Posts: 23,497

    Location: Llaneirwg

    Spent a week in snowdonia. Now wanting to move there
     
  14. Unseul

    Mobster

    Joined: 18 Jun 2018

    Posts: 3,013

    Location: Isle of Wight

    Just got a call from the estate agents. Sellers have a structural engineer booked in, and are asking for us to pay half if it comes back that there's no issue with the roof. Decided to agree, seeing as it was our survey that triggered the request for a structural engineer in the first place. However if there's an issue then we're definitely not paying anything, and we'll start talking about price.
     
  15. Marff

    Gangster

    Joined: 5 Aug 2010

    Posts: 198

    Location: Maidstone

    We’re all set for completion on Tuesday which is fantastic, exchanged last Tuesday / Thursday on the sale / purchase. Turns out the delay from our buyers was cause they had covid.
     
  16. Firestar_3x

    Caporegime

    Joined: 11 Mar 2005

    Posts: 30,660

    Location: Leafy Cheshire

    Currently going through the process of selling one of our rentals, given the housing demand it was a good time to get out.

    Looking at selling another plus our main house and buying something in the Cheshire countryside with 3 to 5 acres at some point next year.
     
  17. Skillmister

    Capodecina

    Joined: 3 Oct 2009

    Posts: 19,815

    Location: Wales

    Lovely place to live but my word the prices and lack of houses available have gone nuts

    My gf has been trying to find something since January and even derelict properties are going for insane prices
     
  18. montymint

    Don

    Joined: 29 Jul 2006

    Posts: 5,767

    Location: Newcastle, UK

    completed on Friday.

    Thank god I used removal guys, they took tonnes of stress out of the day.

    I already hate unpacking mind.
     
  19. Rabtech

    Wise Guy

    Joined: 27 Dec 2003

    Posts: 1,154

    Location: Preston, Lancs

    Continuation of our tale of woe:

    Exchanged Monday 27th for Completion 29th with our buyers and vendors. Buyers solicitor emails this morning after I'd dropped the toddler off with my parents 20 miles away, cancelled the BB and set it up on the new place for completion day, paid for Royal Mail Redirection, booked a Luton van - that they cannot complete tomorrow by the clients request. That went down like a ton of bricks, as its a housing association buyer we expect it's due money shifting shenanigans, as last week they were trying to negotiate October 8th but at last minute agreed to exchange on the 27th for completion on the 29th.

    All contact with the buyers solicitor got stonewalled, wont answer emails, phone calls from our solicitor or estate agent. Our solicitor has already drawn funds today from our new mortgage in preparation also.

    Managed to cancel the van hire without charge (I was very lucky with this), managed to get the broadband move cancelled and get reconnected back at our old property (Virgin Media), had to send a cancellation form to Royal Mail - no idea if we'll get the money back for this and pick up the toddler after her 3 day visit got cut short by all this mess.

    Expecting a notice of completion will be served by our solicitor on to our buyer, we will get one from our vendor. Expecting the buyer to actually complete on the 8th October - they just seem to be buying time/shuffling funds, which means we are probably liable for interest charges and £700 SDLT. Top class day, not.

    Our solicitor has said in her 40 years doing the job, only 2 property sales have failed completion like this, ours is the 3rd, lucky us.
     
  20. andy_mk3

    Capodecina

    Joined: 5 Oct 2009

    Posts: 11,546

    Location: Spalding, Lincs

    I find that part is half the fun :D