The nervous wait to exchange....

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MatsyLR said:
Its depressing but fixing the issue would have involved ripping the bathroom out and however far the water got the cost would have been massive.

Found a different house yesterday on a new build estate, due to for completion in July/August 2023 but it comes with:
a paved driveway..... As opposed to builders rubble and mud. How Generous.
turfed back garden...... Which will be builders rubble and rubbish underneath and the turf will likely die or get badly waterlogged
intergrated kitchen appliances (induction hob), overhead shower.....Hopefullly not all budget crap and you won't have a choice on any of the features.
and obviously my own options of finishing (3 bed semi)..... That they will likely fit badly and be of low quality.
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Edited with comments ;)

New builds make me shudder!
 
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aaaaaaaaaaaand done! a new set of keys!!

Last coupla days been rather brutal, the non stop rain aint helped and then losing my keys (old house keys, car, new house garage key, keys for my sisters hoose) didnt really help matters.

Fell like I can actually breathe now

MUVE Solicitors (our sale) .... started out well, seems was just the solicitor we had, she left and this changed... went down the pan fast
Jacksons solicitors (our purchase), pretty decent tbh
 
Had a little hiccup recently, caused from our buyer's buyer. This has created some extra unexpected delays, so it looks like we will not be able to complete before xmas now.
The agent says we might just get exchange in before then, but now unlikely to be actually completed till early Jan..
Not the end of the world, but annoying and plans for Xmas will now have to change!
 
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We're actually using a family members firm for our conveyancing. Even then, when it's a family member (who you would expect may do things a bit speedier for family) are woefully slow
.
We've had the most straight forward purchase ever but things just take an unnecessarily long time to move. i.e it was only this week that they decided to raise enquiries despite having all of the information, searches, surveys etc for a good 3-4 weeks.

And then the insistence on posting things out for us to sign and return - HELLO, IT IS 2022, EMAIL IT AND WE WILL PRINT AND SEND BACK, OR EVEN BETTER USE DOCUSIGN!

It's as though they intentionally do the most long winded thing to justify their fee.

Anyway, rant over.
 
UNBELIEVABLE !!! How does a cash buyer (lies told by my EA) turn in to a gifting buyer and doens't even have the funds ready. Surely they should have had all this money vetted before any movement from solicitors on exchange.

Good afternoon,

We have received the following email from the solicitors on your sale file:

"Unfortunately we are not yet in a position to exchange. We have been liaising with our client who is receiving gifted funds for the purchase. We are informed that those are going to be available by the end of this month. Depending on when those are received, our client would be looking for completion at the end of November or as soon as possible thereafter.

We appreciate that your client and others in the chain will be wanting an early exchange but we simply cannot offer that at this stage."

We will chase them for a further update next week to see if there has been any further progress.

Do I have any grounds to claim any compensation because I really can't afford to pay my next mortgage payment as it's gone up 50% and I wasn't expecting this to take another month past the expected completion date of 2/11/22
 
Liquid_Entity said:
UNBELIEVABLE !!! How does a cash buyer (lies told by my EA) turn in to a gifting buyer and doens't even have the funds ready. Surely they should have had all this money vetted before any movement from solicitors on exchange.

Good afternoon,

We have received the following email from the solicitors on your sale file:

"Unfortunately we are not yet in a position to exchange. We have been liaising with our client who is receiving gifted funds for the purchase. We are informed that those are going to be available by the end of this month. Depending on when those are received, our client would be looking for completion at the end of November or as soon as possible thereafter.

We appreciate that your client and others in the chain will be wanting an early exchange but we simply cannot offer that at this stage."

We will chase them for a further update next week to see if there has been any further progress.

Do I have any grounds to claim any compensation because I really can't afford to pay my next mortgage payment as it's gone up 50% and I wasn't expecting this to take another month past the expected completion date of 2/11/22
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Nothing you can do....
 
Liquid_Entity said:
UNBELIEVABLE !!! How does a cash buyer (lies told by my EA) turn in to a gifting buyer and doens't even have the funds ready. Surely they should have had all this money vetted before any movement from solicitors on exchange.

Good afternoon,

We have received the following email from the solicitors on your sale file:

"Unfortunately we are not yet in a position to exchange. We have been liaising with our client who is receiving gifted funds for the purchase. We are informed that those are going to be available by the end of this month. Depending on when those are received, our client would be looking for completion at the end of November or as soon as possible thereafter.

We appreciate that your client and others in the chain will be wanting an early exchange but we simply cannot offer that at this stage."

We will chase them for a further update next week to see if there has been any further progress.

Do I have any grounds to claim any compensation because I really can't afford to pay my next mortgage payment as it's gone up 50% and I wasn't expecting this to take another month past the expected completion date of 2/11/22
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We had to turn up with all our Building society passbooks for photocopying. Old school I know but it is nice and easy to show available cash rather than with online account. Now we are assembling into two accounts for transfer to solicitor when asked.
 
Malt_Vinegar said:
Had a little hiccup recently, caused from our buyer's buyer. This has created some extra unexpected delays, so it looks like we will not be able to complete before xmas now.
The agent says we might just get exchange in before then, but now unlikely to be actually completed till early Jan..
Not the end of the world, but annoying and plans for Xmas will now have to change!
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Ah man that sucks, it could still happen tho! We were days away from our mortgage offer expiring! :eek:


Liquid_Entity said:
UNBELIEVABLE !!! How does a cash buyer (lies told by my EA) turn in to a gifting buyer and doens't even have the funds ready. Surely they should have had all this money vetted before any movement from solicitors on exchange.

Good afternoon,

We have received the following email from the solicitors on your sale file:

"Unfortunately we are not yet in a position to exchange. We have been liaising with our client who is receiving gifted funds for the purchase. We are informed that those are going to be available by the end of this month. Depending on when those are received, our client would be looking for completion at the end of November or as soon as possible thereafter.

We appreciate that your client and others in the chain will be wanting an early exchange but we simply cannot offer that at this stage."

We will chase them for a further update next week to see if there has been any further progress.

Do I have any grounds to claim any compensation because I really can't afford to pay my next mortgage payment as it's gone up 50% and I wasn't expecting this to take another month past the expected completion date of 2/11/22
Click to expand...

Solicitor? This should have been done by your estate agent when they were booking the viewings, the vast majority were declining viewings unless you were immediatley progressable up this way, missed out on viewing one when our sale fell thru.

Liquid_Entity said:
And get shafted daily by savage interest rates I can't claw back.
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Upto you... you could contact your buyer and advise due to delays the price will increase by X per month, I mean they might drop out completely mind.

-We were in the same boat, Our mortgage fix ended on 1 June and went from approx 1.9% to 5.4% or summit :(
Luckily we had some of the deposit in the bank for the new place so we just chunk a wedge into the current mortage.
After all, didn't matter if the money was from the savings acc or via out sale (checked with Natwest first tho ;))
 
That's messed up.. I was a cash buyer and I gave the sellers estate agent and my solicitor proof of funds at the start of the process... Basically straight after they accepted my offer. I'd already informed the sellers I was a cash buyer to gain a bit of favour incase there was other interested purchasers.
 
So I have been doing a bit of digging around on this Proof Of Funds business. I found this website, ironically the estate agents is part of this scheme, which explains when proof of funds are requested. I can recall the estate agent verbally advising the funds were checked however no written evidence (email etc). The solicitors also should have surely done these due diligent checks way before the date of exchange knowing it was a full cash purchase. I've written a letter of complaint but won't send it until/if I actually incur any additional costs after December 1st 2022.

I'm already dealing with a seperation, a freezing cold 4 bedroom house which i'm living in alone most of the time and now all this additional stress from clowns being clowns !! Just want to get this done before it costs me even more money.

Proof of funds​

An estate agent may ask for proof of funds at two different stages and for two different reasons. If an estate agent asks for proof of funds before you put an offer in, it may be because they want to make sure you have a genuine interest in the property to avoid any disappointment for the seller. However, you don’t have to provide proof of funds before putting an offer in.

If the estate agent asks for proof of funds once you've put an offer in, they are not only checking you have the money to purchase the property but also that you haven’t acquired it through criminal means. It is at this stage that you must provide proof of funds if asked.

How can I provide proof of funds?​

When it comes to providing proof of funds, you can do so via the following means:

  • an agreement in principle/mortgage in principle
  • bank statements of your deposit amount (for mortgage buyers)
  • bank statements of your cash amount (for cash buyers)
  • further bank statements from past months/years to show how your money has built up over time
  • evidence of you selling a property (if using the funds to buy the new property)
  • if you've been gifted the money, a letter from whoever gifted the money
  • evidence of money being left to you in a will
  • receipts of shares being sold

WHO ELSE REQUIRES PROOF OF FUNDS?​

Your mortgage lender, solicitor/conveyancer will also ask for proof of where your money has come from. Do not be put off if you get asked for proof more than once—it is a legal requirement for everyone to check where your money has come from.

Like estate agents, lenders and solicitors can be fined or imprisoned if they don’t undertake these checks. Your agent, lender and solicitor are all separate; just because you’ve shown proof to one, doesn’t mean the others will have seen it.
 
Proof of funds and ensuring they haven't been obtained illegally is for your solicitor. Estate Aggents can "Get to &&&&" if they ask such a question.

We were chain free, staying at parent's locally and had full mortgage approved, then after discussing an offer with a bit of to-and-fro, the agent demanded copies of both our payslips, both our work contracts, information on our bonuses and bank statement copies.......

It didn't end well for them, the useless muppets!
 
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