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Are we close to exchange contracts. Advice needed.

(23 Posts)
Family000 Mon 27-Jun-16 18:42:27

We have had an offer accepted on a property and have had our morgage approved , signed and sent back, valuation and survey done. Searches done with a few queries left to hear about, the vendor is elderly needing to move closer to family. As far as I'm aware they are at the same stage as us. Slightly concerned that when we went to the property to look at the garage to price up what work needed doing to it the vendor kept saying" if I sell ". Their estate agent reassures us they are definitely selling . We had the contract with fixtures and fittings sent to us and have an appointment tomorrow with our solicitor. At what stage are we at. Do you think we are near exchange now as we feel this has been going on forever (12 weeks since offer accepted )

Ruth2009 Mon 27-Jun-16 19:09:18

I can't think of anything else you could need to do.
Hopefully you will be exchanging tomorrow!
We are at the same stage as you I think, been going on for 4-5 weeks, can't wait to get everything done and finished.
It's all so painfully slow 😂

Family000 Mon 27-Jun-16 19:15:41

I agree it's painfully slow and it's all I think about. Always checking emails and chasing solicitor but to be fair he replies within minutes. I hope we will discuss dates as deposit is being sorted by my parents which won't be ready till next week. Really hope to exchange about 10 days and complete 2 weeks after. Be ideal to move in during summer hols.

specialsubject Mon 27-Jun-16 19:50:18

The contracts need to be signed by both sides and fixtures and fittings agreed. And completion date agreed.

Keep pushing .

Family000 Mon 27-Jun-16 20:19:50

That's what I'd hope we would be discussing. Our solicitor still has some queries to answer. If he hasn't found out what we asked how would he take it if we didn't sign till he does as it's pretty important things. Do you think we'd be ready to exchange next week. Could really do with a full nights sleep.

LIZS Mon 27-Jun-16 20:23:46

Are you expecting to sign a contract tomorrow or just go through outstanding queries and searches. You will need to have funds ready to transfer at exchange , put insurance on risk, mortgage company notified , ID checks etc so at very least you are days away if that hasn't be requested yet.

Family000 Mon 27-Jun-16 20:24:12

How do we know if the sellers have signed their contracts . If our solicitor has called us in am I right in thinking they are doing the same soon too.

Family000 Mon 27-Jun-16 20:25:13

As far as I'm aware it's to discuss the contract and dates etc. We've had no info on sellers time scale at all.

Family000 Mon 27-Jun-16 20:26:34

Deposit will be available next week as it's coming from my parents and they are getting them from premium bonds.

Spickle Mon 27-Jun-16 20:59:09

Have your parents already written a letter confirming the gifted deposit, that they have no interest in the property and that it is a gift not a loan?
Have they provided their ID?
Have your solicitors reported to you? That means a long letter setting out all their findings from the title deeds/searches/enquiries etc, together with various forms to sign, i.e. Contract, Transfer, SLDT form?
I assume you've already submitted your ID and has passed the due diligence checks.
You mention some enquiries outstanding. These need to be satisfactory before exchange. If you've raised further enquiries, these also need to be satisfied before exchange.
How many in the chain? All need to be ready to exchange at the same time.
It may be that you'll sign the various documents when you meet the solicitor tomorrow - once you've signed the contract and transfer, exchange shouldn't be far away.

Family000 Mon 27-Jun-16 21:23:54

No my parents have only spoken to the solicitor over the phone. We have had id checks and have received a big pack of info including searches results from water and drainage and fixtures and fittings list etc. I'll go through our final queries tomorrow and remind him about deposit won't be ready for a week or so. Would it be that the sellers are at the same stage . Thanks for all your great advice.

Family000 Mon 27-Jun-16 21:25:22

We are currently renting and seller is moving into property with no chain so fairly straightforward I'd have thought

specialsubject Mon 27-Jun-16 21:31:29

as an aside; as you are coming from a rental, and if your seller is going into an empty property, try to get exchange NOT on a Friday. This makes money move more quickly and will also make removals cheaper and easier to get.

specialsubject Mon 27-Jun-16 21:32:26

argh! Sorry - I meant COMPLETION not on a Friday. Idea being you have a bit of overlap on your rental so you don't actually have to move that day.

Family000 Mon 27-Jun-16 21:32:34

Great advice thankyou

Family000 Mon 27-Jun-16 21:33:14

Do you think completion by 20th July is doable

Family000 Mon 27-Jun-16 21:34:36

Sorry for my paranoia but is it silly to sign even though solicitor hasn't answered all our queries

LIZS Mon 27-Jun-16 21:36:58

It depends on the queries. Some may be a formality, others may affect the mortgage or title.

Family000 Mon 27-Jun-16 21:39:02

The queries are regarding a drain prone to over flowing in torrential weather as it's on a hill. We are waiting to find out who is responsible for the drain.

Spickle Mon 27-Jun-16 21:40:40

No, not silly to sign. You will be asked formally whether you agree to exchange when all responses to queries are back. However, if queries are still outstanding, then you won't be exchanging yet unless the responses are easy "yes" or "no" answers.

With regard to completing before 20th July - should be doable but what do you know about the "no chain" property that your vendors are buying? Is it a probate sale or repossession or empty buy-to-let? Are any of the properties being sold on a leasehold basis?

Family000 Mon 27-Jun-16 21:45:19

The sellers estate agent is finding out where they are in the process . They are moving into a warden patrol one bed house. We have been asked to expidite the sale if possible. Probing the solicitor answers all the queries we are good to go.

Family000 Mon 27-Jun-16 21:46:08

Proving not probing sorry 😁

Family000 Tue 28-Jun-16 21:27:11

We had our appointment with our solicitor today. Went through morgage offer, boundaries of the property and all legal stuff. We discussed exchange dates and he seems keen to push for sooner than we suggested. The end is in sight 😥

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