The nervous wait to exchange....

[Semple]

We're having a right nightmare with getting our exchange completed. Accepted our house offer in mid-September and still no where near completion. The solicitor recommended by the estate agent are very slow at getting things done and they recently had a cyber attack which took their systems down for a few weeks which has caused a massive backlog of work for them. Even before the cyber attack the sale and purchase should have progressed further than it has but they're using it as an excuse. We had hoped to be in for Christmas but that isn't going to happen. The sales office of the new build we're buying is threatening we could lose our reservation on the plot if this drags on much longer and it's really starting to get to my partner who ended up in tears on the phone to the conveyancer today. We're stuck in middle trying to do what we can and it's causing us to get very frustrated especially when they are incredibly hard to reach on the phone.

Paperwork comes in dribs and drabs and they need the original form returned at our own cost every time and won't accept it signed, scanned and email back. Our house is leasehold and there is also a service charge on the estate which is complicating matters. It feels like it is me that is having to do the leg work for them. The buyer of our house is also using the same solicitor in the hope that it would speed the process up but it has been anything but. There's no risk yet of them pulling out of the deal as they still live at home and are a first time buyer but we're wanting out ourselves as soon as we can.

We saw the house for the first time today (bought off plan as no show home) and it just made us want to move in there and then. It's so frustrating. I guess this is the downside to dealing with online only estate agents and their recommended solicitor. In hindsight we should have gone with a trusted solicitor and paid the premium for the service provided. They're getting slated in recent reviews so they have a lot of disgruntled customers all wanting answers.

Sorry to hear of your problems. I've never heard good stories from people using solicitors recommended by the estate agent.

We were on the opposite foot with the first house we almost bought. Our vendors were using a solicitor firm attached to the estate agent they were using to sell the house. They were absolutely beyond useless, to the point we actually ended up pulling out and accepting the loss on fees paid for searches/surveys etc.

 

[Unseul]

Anyone know what sort of issues there could be with an environmental search? Apparently the environmental search has failed? I'm not sure if that means nothing came back, or there's an issue (I seem to have heard second hand from our estate agent, our lawyer is good, but basically doesn't see the point in involving us if there's nothing we can do about it, which is fair enough).

 

[a1ex2001]

a terrible combination - an online estate agent (which isn’t really a true description of what these ‘cheap’ alternatives actually offer) and an online conveyancing factory during one of the busiest markets on record and during a crippling pandemic.

it can only end one way sadly.

They were appointed by one of our mortgage companies without asking, they have now been fired and we are hoping our solicitor can save the day!

 

[~Divine~Wind~]

Well we go up for sale tomorrow!

Feeling a little bit anxious as the new builds were wanting to move to haven't even started yet!

 

[LuckyBenski]

Hi, Nationwide here. We're pleased to let you know we've issued a mortgage offer.

Big step!

 

[Danm54]

Is the stamp duty deadline the reason my remortgage seems to be taking forever?
I had everything needed by the start of this month, house valuation, mortgage in principle, pay slips and bank statements etc. All was supposed to be completed by the end of this month when the ex moves out but I've not heard from the solicitor yet.

My mortgage advisor had my offer nearly 2 weeks before I got it through the post. Is this the norm now or will it ease up soon?

Following on from this, nearly 3 months later, I've finally had confirmation of completion and transfer of deeds. The ex is paid, even if she did make a last minute £10k increase in what she wanted, the remortgage is done and the house is mine, I can now relax and enjoy Christmas knowing all my efforts over the last 10 months have paid off.

The solicitors have been shockingly bad but I guess it doesn't matter now. I'll be enjoying a beer or 2 tonight

 

[alexakasloth]

Buying a parcel of land at the moment, it's under auction conditions so has been helpful in that we can see the searches before purchase from the agents. Been a bit stressful trying to get the funds moved along asap as we have had an in person re-valuation of our house. Stupid me assumed that it wouldn't be required as we just had it revalued 2 weeks beforehand. Offer has been issued and deposit put down.
Hopefully it will be a good investment, it's purely speculative at the moment due to the location, but there's a planning application in on the other side of town with similar circumstances, so will be intersting to see what arguments they use to get planning granted. I would love to build my own house.

 

[mr.sly]

First time buyer looking for a bit of advice.

We have set a completion date for the start of next year. Exchange of contracts was going to happen this week. I called the solicitor to make sure everything was still on track. They have advised exchanging contracts now is a bit risky.

With the threat of another lockdown. If we exchange contracts now and we don't complete because we go into lockdown, we can lose our deposit. Instead they have advised to exchange and complete on the same day. Is there any risks I should be aware of from doing this?

 

[thedazman67]

This is what is happening for us I've been pushing to exchange today but it looks like its going to be exchange and completion tommorow

 

[LuckyBenski]

Mortgage offer received, solicitors will be sending the mortgage deed shortly apparently...

Wish I weren't so stressed out, tail end of this year is killing me I'd like to be a bit more rested for when things move forwards.

 

[Hyburnate]

Mortgage offer received, solicitors will be sending the mortgage deed shortly apparently...

Wish I weren't so stressed out, tail end of this year is killing me I'd like to be a bit more rested for when things move forwards.

You will be mate, things will pause shortly with Christmas - take a couple of weeks of downtime and you know where I am!

 

[LuckyBenski]

You will be mate, things will pause shortly with Christmas - take a couple of weeks of downtime and you know where I am!

Thanks

A flurry of activity today with receiving a copy of mortgage offer, updating the estate agents and solicitors and booking a survey for January. I reckon it'll go quiet for a bit after this.

 

[Peerzy]

Instead they have advised to exchange and complete on the same day. Is there any risks I should be aware of from doing this?

We exchanged and completed on the same day for our first purchase in 2014. It was a bit lol as we didn't know if we were actually moving that day until about 11am but thankfully we were renting at the time and had 2-3 weeks left so we exchanged and completed, grabbed the keys and looked round, moved a few key bits over and slept in the new place that night and then did a proper move over the next day or two (weekend).

I'd absolutely hate to do it if I was selling as well and had to be out of the old place on the same day or had kids, but for a FTB who was renting it didn't really make much difference to us.

 

[Mr Jack]

If we exchange contracts now and we don't complete because we go into lockdown, we can lose our deposit. Instead they have advised to exchange and complete on the same day. Is there any risks I should be aware of from doing this?

Exchange and complete on the same day is very common; I think I've done it every time.

I'd absolutely hate to do it if I was selling as well and had to be out of the old place on the same day or had kids, but for a FTB who was renting it didn't really make much difference to us.

If you're selling you also do exchange and complete for the property you're selling. The whole chain usually moves as one (or not).

 

[mr.sly]

Thanks both, Perrzy I'm in a similar situation really. I'm currently renting and I have this property for another 3 weeks after completion. The seller has moved to Sweden, so there's no chain afterwards. So looks like there's nothing to worry about and I just need to put my feet up over Christmas and wait now.

 

[a1ex2001]

We have exchanged today for completion on the 18th January it’s been a slog but it’s good to have it locked in at last!

 

[MatsyLR]

Was half way through completion on mine and the seller has pulled out of the sale seems they are going to rent the property instead.
Luckily my solicitor says they are refunding me the full amount I paid them for the searches etc which is something, but....back on the hunt -_-

 

[Scam]

Was half way through completion on mine and the seller has pulled out of the sale seems they are going to rent the property instead.
Luckily my solicitor says they are refunding me the full amount I paid them for the searches etc which is something, but....back on the hunt -_-

So you exchanged contracts? You could be due a lot more from them no? Seen as they want to be money-grabbing landlords I'd take them to the cleaners. They have essentially breached contract; https://www.samconveyancing.co.uk/n...ll-out-after-exchange-of-contracts-5225#costs

For the buyer, these can include, among other things:

• Costs of taking out any mortgage - if applicable - AND any early repayment charge which might be necessitated (this latter cost might be as much as 2% of the entire mortgage taken out so for a £250,000 mortgage, this could be £5,000
• Costs of conveyancing
• Costs of any home buyers survey
• Costs of property searches
• Costs of buildings insurance if a freehold property

(I'm sure you can find better explanations, thats just the first thing that came up)

 

[MatsyLR]

So you exchanged contracts? You could be due a lot more from them no? Seen as they want to be money-grabbing landlords I'd take them to the cleaners. They have essentially breached contract; https://www.samconveyancing.co.uk/n...ll-out-after-exchange-of-contracts-5225#costs

(I'm sure you can find better explanations, thats just the first thing that came up)

Wasn't at the exchange of contract part, only got as far as searches being completed, everything was put on hold due to the holiday period. I'm getting back the money I paid 2 months ago to start the conveyancing process (after arguing on the phone for alittle) so its not cost me anything.

 

[Peerzy]

Thanks both, Perrzy I'm in a similar situation really. I'm currently renting and I have this property for another 3 weeks after completion. The seller has moved to Sweden, so there's no chain afterwards. So looks like there's nothing to worry about and I just need to put my feet up over Christmas and wait now.

Exactly what happened to us, the seller was moving to Germany. Absolutely nothing to worry about and probably the most sensible way to complete in your situation.

Only thing to be aware of - our seller wasn't organised at all, so we all knew we'd almost certainly be exchanging and completing on a certain date but he hardly bothered to do anything so we turned up with the keys at 3pm on the day and half his stuff was still there! Not really a problem but very annoying that *someone* was in the house we now owned and faffing about taking the TV off the wall and loading up a van.