The nervous wait to exchange....
- Thread starter noj
- Start date
True, but in my experience, contract exchange often doesn't take place until near completion date - there's often a period of a few months between 'offer acccepted' and 'exchange' as conveyencers need to be appointed, searches carried out, ID and fraud checks, inventories written etc,.
During this period you are at risk from chains failing, gazumping, etc, as there is no real penalty for either party pulling out.
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Hence the thread title
When I bought my current house, exchange and completion took place on the same day.
Although that doesn't normally happen, there was a delay from the sellers conveyancer (someone went on holliday and didn't do any handover) so rather than push the completion date back, it was all done at the same time.
The nervous wait to exchange....
When I bought my current house, exchange and completion took place on the same day.
Although that doesn't normally happen, there was a delay from the sellers conveyancer (someone went on holliday and didn't do any handover) so rather than push the completion date back, it was all done at the same time.
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our move went ahead last friday, essentially moved twice with moving into my partners grandparents house and back out the next day. There was an issue with the internet not activating for a few days which for the kids was the end of the world. Some cosmetic and minor repairs/replacements of fixings has all been that is needed so far
yes mine completed&exchanged on same day start Apr - not in a chain, so seller didn't need a lock in date to push up the chain.
in the case of you grandmothers place - you'd made - price re-evaluation request sound like that inter-seeded unexpectedly days before an exchange was expected,
if it was only a few weeks after survey then it is less unexpected and easier to reject
We were meant to exchange today and complete on the 1st. Been delays as out vendor solicitors didn't get probate company to sign off the sale in time.
It's a 3 way chain, I knew one of the parties was gonna mess things up so not really surprised.
Let's see what happens next week.
It's a 3 way chain, I knew one of the parties was gonna mess things up so not really surprised.
Let's see what happens next week.
Quoting for future lolsGonna be long 9 months or so
Finally completed and moved in on Friday last week, having exchanged at about 4PM the day before. **** me getting to that points was was hard work! My estate agent and solicitor were sick of the sound and sight of me 
A letter drop on a whim back at the beginning of February with the plan to complete at the beginning of June took an extra two months due to solicitor and lender at the bottom of the chain being generally slow and awful.
Some life lessons learnt for the next time.
A letter drop on a whim back at the beginning of February with the plan to complete at the beginning of June took an extra two months due to solicitor and lender at the bottom of the chain being generally slow and awful.
Some life lessons learnt for the next time.
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It is stressful, I'm selling at the moment and should complete around the end of the month...
After negociating the price down a bit, I had a steady stream of other 'nickle and dime' requests... will you pay for a gas safety cert, and electical safety cert, will you pay to have the garden X, Y and Z...
No, Sod off!
The final straw was last week when they requested I pay circa £80 for an indemity policy for the conservatory... Nope, that's the buyers perogative.
I literally had to email the estate agent and my solicitor to say 'any more 11th hour nonsence and I will simply cancel the sale and put the house back on the market'. I then didn't return any frantic calls from the agent for a few days to let them stew on it...That shut them up.
Sometimes you just have to put your foot down and call thier bluff, but it's a dangerous game as you do need to be prepared to walk away... In this scenario I knew I had the upper hand as its my late grandmas house, no upward chain and they have a mortgage, and the people who are buying thier place are FTBs with a mortgage etc... so they are pretty committed at this stage.
After negociating the price down a bit, I had a steady stream of other 'nickle and dime' requests... will you pay for a gas safety cert, and electical safety cert, will you pay to have the garden X, Y and Z...
No, Sod off!
The final straw was last week when they requested I pay circa £80 for an indemity policy for the conservatory... Nope, that's the buyers perogative.
I literally had to email the estate agent and my solicitor to say 'any more 11th hour nonsence and I will simply cancel the sale and put the house back on the market'. I then didn't return any frantic calls from the agent for a few days to let them stew on it...That shut them up.
Sometimes you just have to put your foot down and call thier bluff, but it's a dangerous game as you do need to be prepared to walk away... In this scenario I knew I had the upper hand as its my late grandmas house, no upward chain and they have a mortgage, and the people who are buying thier place are FTBs with a mortgage etc... so they are pretty committed at this stage.
Soldato
Completion date was being mooted by the bottom of our chain and we thought everyone was good to go. Then turns out our sellers solicitor has raised a bunch of enquiries at the eleventh hour which haven't yet had satisfactory responses. Why this couldn't have been done four months ago I'm not sure..
had they had a further survey ?
electrical certificate - if you passed isn't cheap £400+(last year) , but if they had not realised a costly partial rewire might be needed, could trump some of gutter issues you listed earlier.
Soldato
Another rant, posted our signed contract back to our solicitors two weeks ago. Wrongly assumed because we hadn't heard anything that they'd received it okay. Fast forward to midnight last night they email us claiming they haven't received it. Why couldn't they have told me this on Monday when I spoke with them?! And now our solicitors auto reply is that she's away for two weeks. Crikey this is more arduous than I remember!
Caporegime
Asking for safety certificates seems fair enough, but doing stuff to the garden? No, get in the bin.
Good for you.
Associate
Currently waiting for searches to come back on our first home purchase. They are due back on Tuesday and the house is unoccupied with no chain.
Do you think expecting to complete in the next 4 weeks is too optimistic?
Solicitor has been impressive so far!
Do you think expecting to complete in the next 4 weeks is too optimistic?
Solicitor has been impressive so far!
yes, but you never know lol
Yes although it could be done if nothing comes back on searches - 6 min 8 like 10 worst case.
Do you have LISA or H2B?