Would anyone like an 'in a chain' support group? (2)

[AnnaELC]

Seems we reached 1000 messages so I've started a new one!

Doh, that refers to being a seller - similar applies if you are a buyer though, all the documents you need to buy the house basically!

Hello!!! First time buyers here. Made our offer in November, due to exchange Monday and complete end of month. It's terrifying!!

Feel like we are buying at top of market as prices are now levelling off 😠

Londonjam at least you have light at the end of the tunnel- that's good news.
Do you have any idea how many are alive you in the chain?
And who set the time between exchange and completion? nearly a month sounds like a long time but Google suggests that's normal. Once exchange happens I don't know why completion can't happen in days.

Yes it's a month which is quite long but we insisted as we're in a rental contract and can't afford to pay rent and mortgage overlap. Especially with solicitors fees and stamp duty flying about!

Our sellers were bit frustrated but not much we could do. There are others alive in a chain above us 😂 love your typo but I don't know how many.

It'll be 5 months from offer to completion for us - quite a long time!

Shit sorry. I really must learn to proof read my messages!
I'm just really anxious now we've had an offer accepted and have completed the chain to find out how much work has already been done below us and when we will get the keys but obviously none of you know the answer to that!

How many are in your chain Iamcheeseman?

FTB
someone
Someone
Our buyer
Us
(We are buying a house with no chain)

Dobby why are they moving after a year ? X

@user @littlemiss I don't know but I am going to ask. According the rightmove pictures from last year when the property was last bought, it hasn't changed at all (still has same curtains and blinds and garden ornaments!).
It was on market for 285k and sold for 280k so depending on why the current vendors are moving I think we will go in at 283k? I doubt it will have gained 10k in one year??

Hi All

Had flu last week so I was pretty much out for the count for most of it.
Congratulations to all of those that have made progress!.

Not much has happened here, our buyer finally had a survey done on Wednesday, so they should get their mortgage offer soon. Their solicitor (the one 130 miles away!) has found a planning application when doing the searches, no idea what for or who by, we can't find any information on it at all. Our solicitor has requested info from the council. Fingers crossed it doesn't hold us up or put a spanner in the works!.
Supposed to exchange on Thursday the 16th.....
Developer still aiming for 31st March completion!
I will rest easier once we have exchanged!.

Good luck to all...

We're still waiting for the buyers mortgage offer.

Is it rare for a mortgage to be declined after AIP? I'm paranoid!

PS it's a tiny mortgage

So we viewed the house a second time tonight. Put an asking price offer in and has been rejected as vendor has gone for offer that is 10k over. Ho hum
Have booked another viewing for weds and emailed about two others
Please send us your positive thoughts - we need to find a house soon!!

Hugs Dobby. It is hard when you have set your heart on a house to not get it

Good luck Dobby!!

Things are moving very quickly for us, at least they were until some news came through yesterday. Basically to sum up (as I haven't posted for a couple of weeks) we have a cash buyer buying our house and the house that we are buying is currently rented out, was an inheritance to three siblings and was rented for two years, their tenants are buying their own place so the siblings decided to sell. All seemed very straightforward

Anyway, our house sold two weeks ago and our offer was accepted on the new house a week ago. We had an AIP already from Santander and our broker sent the full application a week ago. All seems well, they said it is all in order and have now arranged the valuation, so we are positive that all will progress ok on that front, hopefully get confirmation by the end of this week.

Our solicitor rang yesterday to say that one of the siblings has sadly passed away (not sure when, there were three names mentioned on the sales letter, but only one brother and sister were mentioned to us by EA) so the house is in probate. Solicitor thinks this will delay things but no idea for how long.

Tbf we knew it all seemed too straightforward

We have arranged a homebuyers survey too, not sure if it was wise but Santander didn't charge any fees at all and we had budgeted for the mortgage costing 1k in product fees etc so figured we had the money for the survey.

Our mortgage has been accepted and survey is being done on thurs then I will pay for the searches. Can someone tell me what happens after this please ? Do we exchange aslong as everyone is at the same stage which they should be as they all started proceedings atleast a fortnight if not 3/4 weeks before us

Thanks

Happy to hear all the good news.

We are back under offer i.e. found new buyer at the same price after a week. Just waiting for them to get their mortgage application and survey in. However, after thinking that we had the smoothest process before, I will never relax until exchange day.

iamcheesman you just all agree between yourselves when to exchange and complete.
My last two moves we exchanged and completed on the same day (which was agreed in advance) but the point of different dates means that you can get organised if you need to.. once you've exchanged contracts then you can't back out without a financial penalty, so you might do that on X date to make sure you know things aren't going to fall apart, then agree completion on Y date so everyone can arrange removals for a certain date.
I assume when there's a chain everyone has to exchange on the same day otherwise you could end up being stung for your deposit through no fault of your own.

Littlemiss Yes I think so.

In our purchase I am keen to exchange ASAP so everyone is tied in. Then complete whenever is suitable for everyone to move.

The timescale is just however quickly the solicitors go as far as I can tell! If you make yourself a pain in the neck and pester them, then you can get your own solicitors to go as fast as possible and just hope everyone else is doing the same.

Thanks both we are in a chain of 4 so keen to exchange then it feels a little safer. Don't want to complete on same day to stressful but hopefully a week or so after. The solicitor sent em a letter last week saying it would take 4-8 weeks from the date of her letter but I just don't know what would take that long after searches ?

littlemissM92 the Local Authority Search takes around two weeks to come back, though the other searches are quicker. Then your solicitor will have to read it through and request any documents mentioned in it, such as Fensa certificates, building regulations, completion certificates, planning permissions etc. Since this may mean going back to the seller's solicitors (and possibly the seller) to obtain copy documents, it will add another week or so to the timeline. Once all the information is available to your solicitor, they will prepare a report for you together with the contract and transfer for your signature as well as the stamp duty form for completion. You will need to read the report thoroughly to ensure you understand what you're buying. Once you've read the report, signed and returned the documents, then your solicitor will discuss dates for exchange and completion with you and the rest of the chain. So that is basically what the next few weeks will consist of.

Hi everyone, can I join? First time selling a property and buying when it's not through a site developer, so feel quite naive to all of this at the moment!

We sold our house to FTB's at the very beginning of Feb. Survey completed and sellers packs completed by us already. We had our offer accepted on our new house a couple of weeks ago and have completed paper work from our Solicitors.

As far as we know, our vendors have bought, but their vendors haven't and that's where the chain continues I guess.

Just wondering, how do you go about sorting a survey? Is it through the mortgage providers or??? I don't know! Oh god, we're such rookies!

Hello everyone! Good to see all the progress going on. it gives me hope.

I'm not sure what's going on behind the scenes of my sale but we're certainly in the dark. And it's really pissing me off

Our mortgage company contacted our broker today to ask why we are buying a three bed when we have three children How random is that???

It has been marketed as a 3 bed and 3 reception, others on the road are marketed as 4 bed and 2 reception, with the master bedroom downstairs, exact same size and layout.

The broker said in 12 years of doing this job she has never been asked this by a mortgage company Why would they want to know this?

Sherbet our mortgage company are doing a survey, but really it is to make sure that the bank will get their money back should we default on the mortgage and they repossess. So it is more of a basic valuation really. We decided to commission an additional homebuyers survey ourselves which is more thorough - we asked for recommendations from our EA - who also happens to be my bil. He negotiated a special rate of £320 inc VAT which we decided to go for.