Buyer's support thread #5

[scribblegirl]

Sorry for breaking the last one

and for all....

We would just be happy with exchanging contracts, Step, so at least we have an agreement then. We've said this so many times, but they still won't do it. We are willing to wait for completion as long as we exchange!

They said they'd move in with family when we asked them when viewing the house, but have gone back on that idea now, but like I say I just want exchange and can wait for completion.

Yes, you can ask them if they would be willing to go independent. But they may say no. It would depend on how important they feel it is to keep you as their buyer and whether they are prepared to move twice and risk Brexit/Bremain affecting house prices!

You can't exchange without setting a completion date - you can't set a completion date until everything has been resolved on exchange!

I've got some excitement back. Correct mortgage offer now received, vendor has instructed his solicitor to extend the lease and I got a payrise which will help as the flat needs a lot doing to it. Now, I just have to get over the Brexit fears...

That sounds positive Kirin.

We might exchange tomorrow (but who knows?). It depends on the bank confirming they'll release the funds for completion (which is pretty crucial really). It's gone to the 'urgent team' apparently.

Calling spickle

How does setting a date for exchange work? Nobody seems to have mentioned it so I'm not sure if we should?

Im still non the wiser! Its been a week since someone in the chain got their valuation.. I'm thinking I should email and ask whether my vendors will consider selling and completing their onward purchase to their leisure (as they are trying to sell 2 houses together for an onward purchase, that I was not aware of when I offered) as I am fed up of waiting and it may jolt them a bit if they know their seller is twitchy??

It took my mortgage company a week after valuation received to send out the offer. But in total it was nearly 2 weeks. I don't see the harm in chasing people. EA might be a good bet.

Purplebricks are useless - Ive emailed them, and Ive emailed my solicitor asking if they would consider completing the house I want to buy first then carrying on with their other sale afterwards, I don't hold out much hope...

Oh I forgot you're dealing with Purple Bricks. It'll have to be the solicitor in that case I think.

I think picking up the phone could prove more productive. I find that my solicitor offers limited info via email but I can ask him more during a call (if he answers).

Usually the problem with asking people to separate sale and purchase is that they won't have anywhere to live while the wait for a purchase. But if they're selling two houses and buying one, presumably that isn't so much of an issue (although they may have to store the stuff from one house).

We're still waiting here. I've got a couple of removals firms coming round to quote (one's just been), and the solicitors are checking with the bank about the funds being available for Friday. So it's still a who bloody knows situation here!

Step - how did you decide on a exchange date? Is it the case that it can simply be moved without any consequence? We need to know when we can hand in our notice but we don't want to risk having nowhere to live if we don't exchange when we agree to.

Your solicitor will almost certainly tell you not to give notice until you have exchanged because it's only at that point that you can know when you'll be moving.

As far as I can tell... You don't really set an exchange date as such. Exchange is something that can happen when everyone is ready for it to do, and as part of that you negotiate the completion date. People might try to agree to work towards a particular exchange date, but nothing is binding and it all depends on everyone being ready (and responding to each other/' queries etc quickly!). If the agreed date comes and someone hasn't provided some paperwork, or the mortgage company are dragging their heels or whatever, then you don't exchange that day and you try to get everything sorted so that you can exchange.

It looks like we might exchange today after all. DH spoke to the bank who will be releasing the funds to the solicitor on the 23rd so we can complete on the 24th. DH told the solicitor this but they were a bit short with him (I can imagine he's annoying them; he's annoying me because he asks questions but doesn't listen to the answer and won't just accept how the process works). The solicitor did suggest that he contact the bank to see if he could speed things up though, so it's her own fault he's bothering her about it. The solicitors are going to contact the bank to confirm and contact the other solicitors to see about exchange this afternoon.

I got an email off purplebricks saying I just have to wait for the mortgage offer. grr
I emailed my sol asking if my seller will consider completing sale (then carrying on with 2nd sale/purchase) as I was very upset I wasn't aware of the whole story at the beginning - my sellers presumably can move in with their inlaws which is what they told me in the first place.. I said I its cost me interest and another months rent which it has and my patience is running out.

There may be exchange happening here...

Oooh exciting!

Well, I've emailed the solicitor to check that the vague email she copied me in to means that we are actually exchanging (so I should book movers for Friday). Hopefully she'll confirm that her email to the EA and our vendor's solicitor was in fact evidence that we are exchanging.

Maybe DH will be less of a nightmare once he knows we've exchanged.

Also, live action, real time conveyancing is pretty dull, isn't it?

kirinm please do not hand your notice in until you have exchanged. Step is right about not really being able to set an exchange date - unfortunately only when both sets of solicitors are in receipt of all documentation and satisfactory responses to enquiries and are happy to proceed, will they be willing to talk dates with you.

I wouldn't have thought you were ready yet though? It still seems to be early days unless you've been told that the solicitor is ready to report to you, you've signed both contract and transfer, completed the SDLT form and the funds have been requested for the deposit.

I'm sorry if the above doesn't sound too promising but leasehold properties do take extra time to get to exchange because there are more third parties involved, e.g. the management company/landlord/freeholder.

Spickle - thanks. We won't hand in our notice, I'm naturally risk averse so am just going to have to accept we might end up paying another months rent than I'd anticipated. I think we are 6/7 weeks in now. Even when I ask for an update my solicitor doesn't really explain what is outstanding but we haven't been asked for any money so we are obviously still a way off :(

I would just quite like to see the place again to be honest.

Some progress here - the final search came back. We went through everything and raised a couple of queries. The solicitor has a few more, and he is sending them off to the vendor's solicitor. Still feels a lot like sitting by the phone but at least we're onto a new stage now! Nine weeks since our offer was accepted....😴

Yay. Go step.

We're still mired in this access rights nonsense. We're otherwise ready to exchange. But the vendor's sol is refusing to file the access rights update with the land registry (not arduous) on the grounds that it can be our responsibility after completion. Which wouldn't bother me if it didn't mean filing a report with the lender regarding lack of legal access rights which will take forever (at least 5 working days after receipt) to process, so say another 10 days - 2 weeks and our lease expires in 4.

It's the last thing to do, we're otherwise the chain is fully ready for exchange. I'm going to call the EA today and see if she can't persuade everyone that the LR update is easier and faster! To cap it all off my sol is on hols until the end of the month so I've got cover.

Grrrr. Just want to get going! 9 weeks for us too, heyhey.

Its been nearly 16 weeks for me and Im still none the wiser! My sol has rang and says she has an update but now I cant get hold of her.. fingers crossed for good news!