Home Buyers' Support Thread, Part 4

[BeaufortBelle]

Here we go.

Good luck everybody x

www.mumsnet.com/Talk/property/2139089-Home-Buyers-Support-Thread-Part-3?pg=40

Could it be couriered Dearhound.

Can't post details at the moment but I will.

Not really beau He works on an oil rig!

When are you expecting to exchange Dear/IUse? We have always got the contract to sign with loads of time to spare, we've already had the one for our current purchase and we haven't even started searches yet. It goes back to the solicitors and they just hold onto it until exchange. Hope it doesn't hold you up too much.
Exchange is when you pay a deposit (sometimes, not always), the contracts are exchanged and you are legally bound to buy/sell. If you then pull out, your deposit is paid over to whoever you are buying from to compensate them.
You need to have house insurance from the point of exchange.
Completion is when the actual house money is paid over, and is usually a week or two after exchange to give everyone chance to arrange removals etc. doesn't have to be though, we exchanged the day before completion on our sale.

Thanks empress..... We exchanged and completed on the same day when we sold last year, so not really clued up on the differences.

I sent our deposit to solicitor today, house insurance organised to start tomorrow. Do the contracts need to be signed before they can be exchanged?.... That's a stupid question isn't it?

Sorry dear. Didn't mean to be insensitive. Sounds quite exciting. I sometimes see mine so little (not home from work yet) he might as well be on an oil rig

alabaster we're looking for a 4 bed detached as well. In an area full of Victorian terraces / semis! Been watching for about a year and finally decided to put our house on as we were getting refused viewings as not on market. Although the possible house is within 1 mile according to Right Move, a route planner I did today told me its 1.7 miles to the school.

It works for us beau it's all we as a family have known.... the kid's aren't bothered and I get to watch what I want on the telly :) It's great when he's home though as we get to spend lots of time together :)

Nice to see some progressing on here. Well done silvery!

I feel so pensive - you know that feeling when you know you've got to go somewhere later in the day and you can't quite settle to anything? Like that. I just am so so so bloody nervious these 3 viewings with cancel at the last minute (we had that before, when we initially sold we had 4 booked for the weekend and 3 cancelled at literally last minute, then the 4th viewed and offered). I really really really really really really need one of these to want it - really! (did I mention that?).

And how to show the house without blurting out 'I'm fecking desperate for you to buy this' is another matter......

And then I'll have the godawful wait for the rest of the weekend till the agents are willing to chase for opinion. Then it'll be crunch time; we'll have to tell the other agents we've lost our buyer, and ruin someone elses day too.

What do we do if we do have to do that? I'm confused. What are the options? as far as I can see they are....
-beg them not to put it back on the market for a period of time (a fortnight?) to give us a chance to sell?
-offer them a financial incentive not to put it on the market?

I don't understand what we can do.....

Oh alabaster, it's so stressful! Hopefully your vendors will be willing to give you a little time, it'd be a right pita for them to remarket as well and they won't want to lose whatever they are buying. I really hope the viewings are productive.
We've had good news today, mortgage is approved. Now just the survey and searches to get through!

Fingers crossed albas x

Does anyone know whether it's okay to send a photocopy of the signed TR1 form?.... I fear my dh being away will delay everything for us!

IUseAnyName No, you can't send back a photocopy of the TR1, your solicitors need the original. Don't worry about delays, both contracts and transfers will sit on the file until everything is back from the other side and all enquiries satisfactorily dealt with.

Doh! Thanks spickle as long as we don't need it for exchange then that's fine. We'll delay completion until dh is home :)

You do need it for exchange I'm afraid, that's what exchange is, an exchange of signed contracts.
You can exchange and complete on the same day though, if you do have to delay exchange until your DH is back. It shouldn't/needn't delay completion

Thanks empress but we have sent the original contract back with dh signature on, but the TR1 form is the photocopy.
I've read online that the TR1 form tends to be done isually between exchange and completion, so I'm now hoping that DH cam resign another next week, without it effecting exchange on Monday.

We can't delay exchange any longer than mon/ tues as we are kicked out of our rental on tues, and our vendor has said that we can move in once exchange has taken place.

Ah sorry, I thought you'd said it was the contract you had an issue with. Sounds like you could be ok to go then mon/tues.

I hope so :)..,. Sorry for all the questions!

IUseAnyName Yes, you can return the signed TR1 between exchange and completion, it's just that some solicitors like to do contract and TR1 at the same time because although you can exchange with just the contract, you can't complete without the TR1 so if both documents are on file, there are no last minute hiccups if one person has forgotten to return the form, it's not flagged up until completion day and there is panic all round - not a good idea if your solicitor is 200 miles away!

Thanks spickle :)

I have a question.
If your buyers side is going through smoothly, but your next move up is slowing down, does this affect your buyers progress if they are unaware of your situation?

magers I don't think it affects the progress of the buyers who with their solicitor will be getting to the point of being ready willing and able to exchange but if the chain above is not ready to exchange then exchange can't take place until everyone is ready. Unless you and your buyers can buck the chain, ie, you are prepared to go into rented until the top is sorted out.

If there are problems with your next move, they should become apparent to your buyers when your buyer is ready to exchange and can't and asks why not.

I think I can finally start to be properly excited. We have exchanged contracts and the TP1s arrived in the post today for signatures.

Our new house won't be ready till mid June so no panic but I feel we can start to pack / de-clutter with a vengeance.

Our new house now has roof tiles on and will have windows very soon!!

We have part exchanged our house so no worries there but this morning we had a fab couple round to view. I really hope they want to buy it, I'd like to think of 'nice people' living here.

Here's hoping the weekend brings buyers out for all who are waiting.

Just back with an update.

We've had an offer!!!!!!!! Can you believe it?? After all that stress, it's not brilliant, £3k less than the offer which fell through, but we are going to accept with the caveat that if the survey throws up anything minor we won't be reducing the price further. We are both at the limit of what we ca afford to buy for/sell for so that is that.

I can't believe we've come full circle and managed to re-sell the house in 5 days. It's been a rollercoaster week and frankly I want to get off!!

Fantastic news alabasterangel !

Brilliant news alabaster and crikey!