The nervous wait to exchange....

  • Thread starter Thread starter noj
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jonneymendoza said:
Hi, how long does it take to get the inquiries and searches done?

My solicitor started these process on Aug 18th.
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Ours took about a month, was actually less but then solicitors had to create their report based off them.

Though it is dependant on the local authorities work load. What we were told was it could be 6-8weeks.
 
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JamesH85 said:
It was for me, I put my bid in on day one, and my mortgage was submitted and approved within 3 days. However the conveyancing etc is the 'how long is a piece is string' stage.

Have you done your own homebuyers surgery too?
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Surveyor you mean? Yea i done that ages ago. I visited the property twice since first visit for taking measures and getting a builder in
 
jonneymendoza said:
Surveyor you mean? Yea i done that ages ago. I visited the property twice since first visit for taking measures and getting a builder in
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Haha yeah survey. It's will depend a lot on the solicitor too, it's good to give them a call and be a little pushy. A work colleagues buying process lasted 4.5 months, he never pursued many updates at all
 
JamesH85 said:
Haha yeah survey. It's will depend a lot on the solicitor too, it's good to give them a call and be a little pushy. A work colleagues buying process lasted 4.5 months, he never pursued many updates at all
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My solicitor is hard to get, barely responds to my emails and has only answered his phone twice in about 50 attempts…
 
As James said, how longs a piece of string. From offer accepted to ready on our side was just over 3 months, and that was us pushing our solicitors who I don’t feel are good.

We’ve then had to wait out chain shenanigans which is why we’re only just exchanged now.

Our sellers have completed their new purchase in about 6-8 weeks after pulling the plug on their original purchase and pushing hard to make sure we could still be done before mortgage offers expire.
 
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I just pushed for a deeper update and got a reply.

TDLR, searches/inqueies are almost done and my solictor said that the other party will get back to us by the end of this week/early next week.

We have some of the searches results here.

Here are some of the highlghts that maybe a concern?

The property is 3000m away from a power plant and a solar farm(i think i know where that is and a few miles away from us and not at all even visible to us.

Here are some other quotes:
Our environmental report reveals that the property is in an area of high natural
subsidence. Please, confirm whether or not the property has ever been affected
by subsidence and whether or not any insurance claims have been made.
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Could this be a big concern?
 
R.O.S.S.I said:
Just been told we're ready to complete for my house sale too as the buyer has finally signed to have her name off a previous, jointly owned house. Both my EA and Solicitors are chasing their side to confirm the completion date which were hoping will be early next week now.
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Almost in the finishing line
 
Has anyone gone through the process of having to extend their mortgage offer past the expiry date? We are in a small chain and our buyers buyer has a mortgage offer that expires in the middle of October. It sounds like we're nearly ready to exchange but we need an extra 10 days to get everything over the line. We're worried that if they can't get the extension, it could really delay things whilst they get a new mortgage arranged (if they even decide to do that!).
 
muttclugg said:
Has anyone gone through the process of having to extend their mortgage offer past the expiry date? We are in a small chain and our buyers buyer has a mortgage offer that expires in the middle of October. It sounds like we're nearly ready to exchange but we need an extra 10 days to get everything over the line. We're worried that if they can't get the extension, it could really delay things whilst they get a new mortgage arranged (if they even decide to do that!).
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All lenders are different. Some have a baked-in "grace period" where so long as you request the funds before expiry they will honour it within X time. But then if the date changes its game over.

Some will grant 2 week or 1 month extensions which usually have to be requested by the borrower or broker but there's a few lenders that need it requested by solicitors with an expected completion date.

Some won't grant extensions.
 
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