The nervous wait to exchange....

  • Thread starter Thread starter noj
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Our offer was accepted before any other offers were put forward. But that's not to say there is someone in that position waiting in the wings.

We have some flexibility to throw a bit more into the pot which should cover most of the difference potentially. It all hinges on what the survey valuation is when all is said and done.

I'd rather they simply came back and said £400k is good and we could just get on with it. But I fear that is wishful thinking!
 
LuckyBenski said:
At the end of the day you have an offer accepted for a certain price. If the lender values it lower than that, you'll either have to make up the difference with your own cash (let's hope you have it). Effectively borrowing with a worse LTV. Or hope the vendor is willing to adjust a bit.

On the bold assumption that there were other buyers offering similar prices, who might have the cash to stick to their offer regardless of valuation, I wouldn't hold out hope for knocking 25k off.
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A middle ground compromise is your best hope! Mortgage valuations are bonkers ours was nearly 100k under our offer as they forgot to include the value of planning permission to build a 500k house at the bottom of the garden!
 
The vendor seemed decent enough and we got on well. She even said to me she thought her EA valuation was way over what she was expecting and that came up in a conversation I had with her EA too, so you never know!
I can't imagine it will come as a huge shock to her or her EA with that in mind. But, money can do strange things to people for sure!

She has no onward chain as she is moving in with her new partner, we'll just have to see I guess!!
 
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Offer to sell ours and offer accepted on another property within 7 days.

Totally mad market at the minute.

Now it's down to surveyors etc now I think, people buying ours are cash buyers so that speeds up the process somewhat I think.

However, ever more anecdotal of down values happening. Trying not to be happy about a potential move is hard when there are so many steps that could go wrong.
 
How often do you chase your solicitors for updates? Almost 3 weeks since searches paid for and 2 weeks since we sent initial questions in inventory and property information doc with no updates.

I’ve sent a chase anyway and also asking for timings/next steps and what they think is a reasonable estimate for exchange and completion. Just getting restless really waiting and waiting….
 
So were buying the new build and were top of chain, happy to move before the house is built.
Our buyer is still dragging their heels :(

@Itchytrigg our solictior had been decent, fast responses via phone and email really, the EA not so much little delays here and there.
Now dunno if I had high expectations (after seeing we could do everything online with our Sol) or what but the buyer solicitor appears to be garbage tbh
the one thing were waiting for in the chain is confirmation that they're happy with the reports n surveys n stuff, pretty much a month now :/

Were on holiday as of this evening and I've managed to wangle the kids places at the new school new the new house, they start when we get back from holiday lol!
Really coulda done with this beign sorted before the bank hol!
 
Itchytrigg said:
How often do you chase your solicitors for updates? Almost 3 weeks since searches paid for and 2 weeks since we sent initial questions in inventory and property information doc with no updates.

I’ve sent a chase anyway and also asking for timings/next steps and what they think is a reasonable estimate for exchange and completion. Just getting restless really waiting and waiting….
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Every 2 weeks. They work well without prompting, but it’s always reassuring to know where things are.
 
Thanks @~Divine~Wind~ and @CaptainRAVE

I suspect my solicitors closer to dud than good, maybe just taking on too many clients. 2 weeks was around where I was thinking so I’ll keep that up till they tell me otherwise. This is what happens when you don’t set your clients expectations.
 
Maybe I got lucky but both mine (buyer)and the vendors solicitors seem pretty on the ball. They answer the phone or call back if the main convayancer is busy, emails answered within a day or two.
Things like searches do take time (couple of weeks?) and are out of the hands of the conveyence solicitor, assuming you paid them and they sent off the queries promtly.

I've found it helpfull to form a bit of a relationship with the person you are buying from so you can keep each other updated via email, and if nessesary, you can 'double team' the solicitors and pester the hell out of them, but we've not really needed too.

I chose a local solicitor to do my work, as their rates actually turned out very competitive after getting some online estimates. Added bonous is you can swing by the office if you really need to, handy for delivering documents rather than posting them.

But as I said, things like searches will take x time from when the solicitor applies for them, so there are some things that just will take a bit of time.
 
The EA is hilarious here. I feel like they dont know who we’re buying from.

During last viewing we spoke with the vendor properly, they said they’ve found a house they’re moving to, moving to xyz are around 2hrs away from current place.

Recently the EA called us to update after a lot of chasing and came back with “they’re still trying to find a property but will rent to speed up the process, they’re moving to xyz(area 4 hrs away) etc etc

Completely different to what the vendors said. Funny as the vendors mentioned they’re moving closer to their family rather than further which is what the EA is telling us. Feel like they’re just chatting crap and have no clue on where the vendors are or what they’re doing.
 
grudas said:
The EA is hilarious here. I feel like they dont know who we’re buying from.

During last viewing we spoke with the vendor properly, they said they’ve found a house they’re moving to, moving to xyz are around 2hrs away from current place.

Recently the EA called us to update after a lot of chasing and came back with “they’re still trying to find a property but will rent to speed up the process, they’re moving to xyz(area 4 hrs away) etc etc

Completely different to what the vendors said. Funny as the vendors mentioned they’re moving closer to their family rather than further which is what the EA is telling us. Feel like they’re just chatting crap and have no clue on where the vendors are or what they’re doing.
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The EA is pretty much out of the picture once both buyer and seller have employed conveyance solicitors. The EA's job really is only to market the house and find a buyer, and take a comission.
 
mattyfez said:
The EA is pretty much out of the picture once both buyer and seller have employed conveyance solicitors. The EA's job really is only to market the house and find a buyer, and take a comission.
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Not sure that is totally true (or at all in fact). Until the 'deed is done' then no commission gets paid. It is in the estate agents interests to push and chase each and every involved party to the extent that is helpful/meaningful.
 
They've responded to my chase, searches are back and they'll be reviewing and submitting any additional enquires this week and we should get a copy of those at the same time. So quick responses I guess, just feels like a lack of pro-activity but I guess as long as it's progressing then I just need to chill a little more.
 
dLockers said:
Not sure that is totally true (or at all in fact). Until the 'deed is done' then no commission gets paid. It is in the estate agents interests to push and chase each and every involved party to the extent that is helpful/meaningful.
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And this is the difference between good agents and the bad ones, the ones we are using to sell our place are great and are pushing everyone and chasing for updates.

The one we are buying from are crap and won't respond to messages or help chase anyone, much to everyone's annoyance
 
dLockers said:
Not sure that is totally true (or at all in fact). Until the 'deed is done' then no commission gets paid. It is in the estate agents interests to push and chase each and every involved party to the extent that is helpful/meaningful.
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Yeh I undrestand what you say, but in reality I think they just see themselves as sales people (the bad ones). Good ones will want thier comission so they will be more pro-active, but aside from partnering up a buyer and a seller, they are pretty much redundant, as the rest of the work is done by solicitors.
 
Itchytrigg said:
How often do you chase your solicitors for updates? Almost 3 weeks since searches paid for and 2 weeks since we sent initial questions in inventory and property information doc with no updates.

I’ve sent a chase anyway and also asking for timings/next steps and what they think is a reasonable estimate for exchange and completion. Just getting restless really waiting and waiting….
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Sounds reasonable... start hen pecking them.
 
Itchytrigg said:
They've responded to my chase, searches are back and they'll be reviewing and submitting any additional enquires this week and we should get a copy of those at the same time. So quick responses I guess, just feels like a lack of pro-activity but I guess as long as it's progressing then I just need to chill a little more.
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Yeah, it is a process, so it will take some time. That said, no reason not to chase things up to keep it on track.
 
Itchytrigg said:
They've responded to my chase, searches are back and they'll be reviewing and submitting any additional enquires this week and we should get a copy of those at the same time. So quick responses I guess, just feels like a lack of pro-activity but I guess as long as it's progressing then I just need to chill a little more.
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It's a multi month long process and despite what people say there is an awful lot going on behind the scenes so it often doesn't feel like much happens. Solicitors all work differently too, some send piecemeal reports along the way some literally wait until everything is resolved and send one report with contracts to sign. That could be 3 months down the line depending on how searches and enquiries go but might feel to you like nothing at all has happened in the meantime.

It's a **** process for everyone involved believe me those on the legal side wish it wasn't as protracted too..
 
Skillmister said:
I'm gutted I missed out on a house with similar recently. 2 acres of land and a huge workshop with pit. No idea what it sold for in the end, with the way prices are over here at the moment it could well have been £50k more than we offered (on a ~£350k house) and on a house that needed gutting, new electrics & central heating etc it seemed excessive. But still...
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Bit of an eek moment as this is potentially coming back to us after the previous people who had their offer accepted pulled out because of bad survey. We know it needs tons of work so knowing that potentially doesn't change much unless there was something major revealed in the survey that we couldn't tell from viewing. We also know that it didn't go for as much as we thought which means I'm wary about overpaying especially as there are signs the market is cooling off (houses staying up for longer before going STC, some being reduced etc).

But oh lord the potential of the house is eating away at me
 
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