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Waiting to Exhcange

(23 Posts)
Mommasoph30 Mon 03-Oct-16 11:59:47

Tell me your stories! HOW LONG People!!!

Ineededtonamechange Mon 03-Oct-16 12:09:01

At the moment... 12 weeks. Which is not horrific, but sellers agreed to aim for 6 week completion, so feels pretty bad really. Will be 16 weeks before we complete at this rate. (If all goes to plan).

How long have you been waiting?!

elfofftheshelf Mon 03-Oct-16 12:12:33

It's not a fun process is it!? The lack of control is painful!

It depends on whether you are buying freehold or leasehold. Freehold is generally much quicker (less due diligence to get through). We're aiming for 6-8 weeks on our purchase, but when we come to sell our leasehold apartment we've been warned that it will take 12 - 16 weeks (hence why we decided to break the chain and buy our new home before we've sold our existing one.

JennyOnAPlate Mon 03-Oct-16 12:17:47

8 weeks so far and that's with no chain above or below! The very solicitor who originally wanted exchange by 23rd September is now the one holding everything up!!

Mommasoph30 Mon 03-Oct-16 12:34:04

had phone call last week saying waiting on last searches and then can get paperwork sorted.

Had home buyers report back ( well the first one, No problems- new house so no concerns) and Mortgage application came through and was signed 2 weeks ago!

Just hate waiting, we in a chain of 4 ughhhh, person buying ours is FTB but EA gave us the impression we were the hold up and everyone else good to go, so just waiting to join the chain so to speak, but I think we should be getting exchange date soon,
Offer was accepted about 6-7 weeks ago.

Monkeybunkey Mon 03-Oct-16 13:20:45

Nearly 6 months from offer (April) to completion (October) last year. The issue was mainly the top of the chain; a couple who were separating and buying a place each. They subsequently moved into rented/with family and suddenly everything happened, but for a few weeks no-one could get hold of them or their solicitors to agree a completion date. We spent most of the summer living out of boxes as we were expecting to complete in July!

Mommasoph30 Mon 03-Oct-16 13:31:38

I just wanna be in NOW! I hate waiting,. Plus the house is only round the corner lol so I keep driving past!

gonzo155 Mon 03-Oct-16 18:00:19

We're in Week 4 - waiting for mortgage offer, some of the searches and repairs to be done. We are hoping for a 6 week process but it looks like it could take a lot longer. No chain though.

TurquoiseDress Mon 03-Oct-16 21:06:28

DH sold his leasehold property last year- it was the most painful process ever!

From offer being accepted to completion it was 5.5 months!

There was no chain either- selling to a FTB and is living in rented elsewhere.

Leasehold is such a pain- DH had to fork out almost £500 for the buyers information pack which the buyers solicitor requested.

We'd so much rather avoid buying a leasehold property if possible but it's not looking very likely! confused

Mommasoph30 Tue 04-Oct-16 10:04:32

EA thinks we will exchange Mid october!!!

AnnaELC Tue 04-Oct-16 11:02:47

Week 5 .... we are ready to go. Searches back, mortgage offer done, contracts sent off and received from our buyer - just waiting for them to be ready and I can't bear it! I hate not being in control.

AnnaELC Tue 04-Oct-16 11:16:54

Mommasoph we are in a chain of 4 as well, we are the third one up and are going to a house which is/will be empty as our vendors are going to live with family.
Its all so frustrating - I think if everyone in the chain could speak to each other themselves rather than via a 3rd party everything would be so much easier. For instance - we have offered our oven and a few other bits to our buyer - oven to be paid for - the rest we are leaving (i know they would like to buy the oven as they said when they visited). The solicitors just seem to make this a big issue which takes ages to sort out!

Tbowyer Tue 04-Oct-16 11:23:45

Offer accepted in march. We're told the sellers would rent. 6 months later, at end of September that changes and they now want to buy before they'll exchange on our purchase of their house.

Still no exchange, and we've been told they won't exchange until earliest December now (9 months after accepting our offer) with a late January completion looking likely.

We've signed everything and are just waiting for them to just agree a completion & exchange date. Already on our third mortgage as the previous two deals expired. So keep your chin up! It could be worse!!!!

PurpleDaisies Tue 04-Oct-16 11:27:06

Are you not tempted to pull out Tbowyer?

We had a complicated move due to losing our initial buyer (her mortgage company didn't like her deposit source) and our sellers deciding to buy when they said they'd rent. He had to move to keep our new buyers so we threatened to pull out if they didn't vacate the property as they said they would. We agreed they'd pay our rent and we're now moving in this week.

PurpleDaisies Tue 04-Oct-16 11:27:54

That's should say we had to move to keep our new buyers.

Tbowyer Tue 04-Oct-16 11:31:28

Purpledaisys we love the house. It's the only one that just had that feeling you can't explain. a month or two ago we did consider other properties but there was literally one property in the area we want (a very small area we admit!) and it was a good fifteen grand more (prices seem to have gone up by 5-10k since our offer) and t was genuinely shockingly bad in its condition. So we took the decision the right house at the right price was worth waiting for...

AnnaELC Tue 04-Oct-16 11:42:36

Oh No Tbowyer how stressful for you!

PurpleDaisies Tue 04-Oct-16 11:47:29

Have you still got your alerts set up on right move? What happens if it gets to January and they aren't moving, or June, or wherever? If you see something else it might at least give you a bargaining chip. Are you renting at the moment?

It was absolutely rotten fir us coping with the uncertainty. flowers for you and I hope something works out.

Mommasoph30 Tue 04-Oct-16 11:56:53

oh Tbower i feel for you x

Yeah we w[aying a lot of money to be left in limbo and we keep chasing, I don't mind waiting just want to know its all going through ok smile

Tbowyer Tue 04-Oct-16 11:59:49

They have just had an offer accepted so it's looking positive as their seller has bought a new build (which were just waiting for it to be physically built!) and if it falls behind we wait. And I really think our sellers feel we're easily replaceable. The entire process has felt like it's been on their terms with no compromise (in June when our first mortgage was expiring we tried to apply some pressure and their response was simply "if you want it you'll just have to extend your mortgage won't you") and I think if we were to say we've seen another house they'd relist this one straight away at likely 10-15k more than the currently agreed price.

We are renting and from a very understanding landlord thankfully! But as we've already spent 1600 plus on fees, surveys etc and given recent price rises in the area really do think this house is wort waiting for. Even if it took two more years!!!! As between those two things we'd likely have to extend our borrowing by 7-10k to get a "similar" property but one that likely won't excite us anywhere near as much or give us the butterflies that this one does....

Tbowyer Tue 04-Oct-16 12:01:41

Oh and mommasoph30, ours is round the corner too so we know the torture of driving past it a few times a week.... entirely self inflicted but I can't NOT drive past it every time we head out that way....

Mommasoph30 Tue 04-Oct-16 13:50:39

mines worse because its in a culdisac so I keep driving past but its obvious hahahah when you turn around at the end ( Dont care wanna perve on my new house!!!)

Glittershoes22 Tue 04-Oct-16 14:43:36

Wishing you more luck than us, we never made it to exchange in our chain. After 5 months of being tw@ted around we gave up and proceeded with our purchase. My advice never ever ever get in a chain with a divorcing couple. Utter disaster!

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