The nervous wait to exchange....

  • Thread starter Thread starter noj
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still waiting on a exchange/completion date. my solicitor is still waiting for them to send through paperwork apparently (i do trust my solicitor as its my cousin)

i hate waiting though. without a date i cant really get things organised / dont want to let my landlord know until ive got a firm date.
 
joelk2 said:
still waiting on a exchange/completion date. my solicitor is still waiting for them to send through paperwork apparently (i do trust my solicitor as its my cousin)

i hate waiting though. without a date i cant really get things organised / dont want to let my landlord know until ive got a firm date.
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yea we only told our landlord when we exchanged and got completion date confirmed/agreed by both parties. Too much can happen otherwise and you end up in a sticky/stressful situation as landlord will want to fill the property asap.

in our case, 4 days after letting landlady know, she had people in taking pictures, viewings etc. Added to the stress anyway as house was a mess, we were packing etc.
 
Have people in the past tended to go with a 3rd party company for a house survey or have you used the bank you are mortgaging with for them?

Trying to figure out if we should use Nationwide (£375) OR use a 3rd party company (found places for £475-£525ish).

My mortgage broker made a good point that if we went through the bank they will have sight over the survey and if anything major was flagged up on it they could change their valuation/offer or put retentions in place. Whereas if we did one through a 3rd party they would be none-the-wiser and it would be up to us what we let them know about the house.

He said this kinda thing doesn't happen that often but just wanted to flag with us that it could, and to be aware of that.

What would you guys do? With the cost of things at the moment the extra £100-150 in our back pocket would be welcome.
 
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R.O.S.S.I said:
Have people in the past tended to go with a 3rd party company for a house survey or have you used the bank you are mortgaging with for them?

Trying to figure out if we should use Nationwide (£375) OR use a 3rd party company (found places for £475-£525ish).

My mortgage broker made a good point that if we went through the bank they will have sight over the survey and if anything major was flagged up on it they could change their valuation/offer or put retentions in place. Whereas if we did one through a 3rd party they would be none-the-wiser and it would be up to us what we let them know about the house.

He said this kinda thing doesn't happen that often but just wanted to flag with us that it could, and to be aware of that.

What would you guys do? With the cost of things at the moment the extra £100-150 in our back pocket would be welcome.
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I went with bank. Nationwide. No issues with it, was cheap and came back ok.
 
grudas said:
yea we only told our landlord when we exchanged and got completion date confirmed/agreed by both parties. Too much can happen otherwise and you end up in a sticky/stressful situation as landlord will want to fill the property asap.

in our case, 4 days after letting landlady know, she had people in taking pictures, viewings etc. Added to the stress anyway as house was a mess, we were packing etc.
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yeah thats why im holding off,

i want to give them as much notice as possible though as they have been good to me by not increasing my rent at all while ive been here etc.

i just thought it would be a real quick deal to be honest

no chains
house is built
all mortgage stuff is good and through fine
 
R.O.S.S.I said:
Did you have any warnings or things which needing addressing in Amber or Red on your survey though or was it a clear survey?
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couple of things amber but the rest was the usual covering their back kinda thing..

may contain asbestos there
electrics may need work in the future etc etc..

nothing that stood out, not sure how lender would react to red warnings on the survey but I guess it'd be similar to yourself, if it's a major issue you'd either pull out or renegotiate the offer.
 
joelk2 said:
yeah thats why im holding off,

i want to give them as much notice as possible though as they have been good to me by not increasing my rent at all while ive been here etc.

i just thought it would be a real quick deal to be honest

no chains
house is built
all mortgage stuff is good and through fine
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there are always some hold ups.. ours took 14 weeks and that was us (ftb) -> vendor :/ no issues with anything either but solicotors moved slow, vendor was slow to fill in the contracts etc and english being their 2nd language resulted in some odd answers that our solicitors were not happy with. Our landlady was good too but it's one of those things, if you contract says 1 month then that's all you need to worrry about really.
 
Oooo had some movement yesterday on the mortgage front.

Nationwide requested a couple of extra docs which we sent over so fingers crossed things start to progress this week!
 
R.O.S.S.I said:
Oooo had some movement yesterday on the mortgage front.

Nationwide requested a couple of extra docs which we sent over so fingers crossed things start to progress this week!
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They were really quick with us. First application then some extra proof of funds(funny enough screenshot of Monzo app) and that was it. Took 2 weeks.
 
Interesting perspective to share from my sister.

The mortgage time bomb has actually helped her.



Her partner has a leasehold flat with a short lease and a little equity (why he bought it with sub 80 years is beyond me) but thier buyer is happy to push on due to thier mortgage deal expiring. There had been a lot of back and forth over this lease!

She's now able to buy the house they want. They are however paying 2022 June prices. I would never say, as its not my place, but financially I think this is a possible mistake. They don't have a huge LTV. But at least the mortgage they have is 5 years and 2.something percent. So I understand why. As they might not get another shot for years.

So people are still pushing on. But even they I think would pull out if needing to remortgage now.


I think they will be on 80-90pc ltv. Shaky territory. But wanting a family and being mid 30s. They kind of don't have a choice.


So the clock is ticking. 6 weeks until their buyers mortgage expires. It's all our nothing in this one!
 
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R.O.S.S.I said:
Nationwide requested a couple of extra docs which we sent over so fingers crossed things start to progress this week!
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Our current mortgage is with Nationwide, we applied direct and everything was smooth. The app is decent and it takes you straight to the website where you can view your deal, overpayments, house value etc. No complaints at all.
 
grudas said:
there are always some hold ups.. ours took 14 weeks and that was us (ftb) -> vendor :/ no issues with anything either but solicotors moved slow, vendor was slow to fill in the contracts etc and english being their 2nd language resulted in some odd answers that our solicitors were not happy with. Our landlady was good too but it's one of those things, if you contract says 1 month then that's all you need to worrry about really.
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Don’t suppose you have any ideas on the exchange / completion date notice do you?

Ie can they sort everything and then say its in 2 weeks time or do they need to give you 4 weeks minimum etc?
 
joelk2 said:
Don’t suppose you have any ideas on the exchange / completion date notice do you?

Ie can they sort everything and then say its in 2 weeks time or do they need to give you 4 weeks minimum etc?
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this is how ours went :

tuesday - can't get to sellers, no idea what is going on
wed - same
thu - same
friday - we're exchanging today with completion in a month if everyone is ok with this

:D rollercoaster..
 
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joelk2 said:
Oh wow! Quite quickly then. Haha
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it literally depends on what the comms are..

we had no direct contact with vendor so it all went through their solicitors who were quite slow to respond.. when everything was in place our solicitor basically said it's all ready, we're going to push for exchange date and it went from no contact to exchanged in literally a few hours. We even had an update that friday saying that they can't reach the vendor and bam the next call we're exchanged. Crazy.
 
grudas said:
this is how ours went :

tuesday - can't get to sellers, no idea what is going on
wed - same
thu - same
friday - we're exchanging today with completion in a month if everyone is ok with this

:D rollercoaster..
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Honestly...this is why I completely disconnected through the process. It either happens... or it doesn't. And when it happens, it'll happen quick.

As soon as they have agreed to finish their nonsense questions they just need to "snap back to reality" and go oh yeah we just need to send an email now.
 
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