The nervous wait to exchange....

Associate
Joined
30 Dec 2009
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227
Location
North YorkShire
If it helps at all my solicitor (who's also my best mate) has said right now he's seeing exchange and completions done on the same day. I exchanged only yesterday and I complete Friday morning, so plenty of time for you yet :)

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.
 
Associate
Joined
7 Aug 2017
Posts
1,473
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 ?
 
Man of Honour
Joined
1 Oct 2002
Posts
5,532
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.
 
Associate
Joined
24 Apr 2004
Posts
2,042
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.
 
Soldato
Joined
12 Jul 2005
Posts
3,752
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.

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.
 
Associate
Joined
24 Apr 2004
Posts
2,042
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.
 
Associate
Joined
20 May 2009
Posts
1,853
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?
 
Soldato
Joined
12 Jul 2005
Posts
3,752
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?

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
 
Associate
Joined
20 May 2009
Posts
1,853
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

I'll see what's in the post when I get back (only back weekends) may have to chase them next week.
 
Associate
Joined
25 Jul 2012
Posts
1,268
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
 
Associate
Joined
27 Dec 2003
Posts
1,176
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.
 
Soldato
Joined
18 Jun 2018
Posts
3,418
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.
 
Associate
Joined
5 Aug 2010
Posts
199
Location
Tunbridge Wells
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.
 
Caporegime
Joined
11 Mar 2005
Posts
31,370
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.
 
Associate
Joined
27 Dec 2003
Posts
1,176
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.
 
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