In a chain support thread Sept 2017

[Gizlotsmum]

Hope it's ok to start another one! So we have a week of waiting for surveys etc...

From what I understand, you'll need a new policy @perhapstomorrow , only because you need the new one in place at exchange, so unless you exchange and complete on the same day, you'll still need the old policy to overlap.
Because insurance is all based on the house itself (area/size etc) if you were changing your existing policy you would still have to go through practically a full quote with your existing insurer to move the policy, so it's easier really to just get on a comparison site and shop about for your new policy. You'll get a refund of any unused premium on your old house policy when you cancel it
I haven't sorted mine yet either, but my solicitor doesn't need sight of it apparently, so that's ok... we're supposed to be completing on Friday so I'm planning to take out insurance for then, and if it all goes tits up I'll still be in my 14day cooling off period, so I can cancel it.

Really Ness? Our solicitor needed to see our policy was in place ( as does our buyers solicitor hence we still haven’t exchanged).

That's weird. I rang solicitors yesterday specifically to check because I didn't want to hold anything up... well I'm going to sort it today, so I can always upload a copy of my confirmation to our portal just in case one of the other solicitors suddenly decides to demand it!

Totally off topic, but DD has only woken up once last night, so I've had two three hour chunks of unbroken sleep! Amazing!!

On the buildings insurance front it is a legal requirement to be insured from exchange of contracts.

And now I've finally exchanged, this is what I've bought 😁

www.rightmove.co.uk/property-for-sale/property-68171507.html

We haven't been asked to show proof of buildings insurance before exchange either but I'm going to check now. I've never heard of it being a requirement of exchange, just something you needed to organise straight away once it's done.

What a lovely house Pulling! I'm so jealous you can just move in and get on with life. The house we're buying needs new everything before I can relax!

Congrats pulling! What a huge relief for you Going back to read the rest of the updates now...

Oh Giz - well Devon has phones and email so they could still do it. Fingers crossed.

Clucking bell Lazy what a completely ridiculous situation Are you still considering breaking the chain to allow your buyer to complete while your vendor faffs around?

As I recall we did have to have proof of buildings insurance last time we moved, perhaps it's not a legal pre-requisite but more a "nice to have proof of". If I were the vendor I would want to see proof because if the place were struck by lightening between exchange and completion I'd want to know that the buyers could still pay up.

Lovely house pulling Congratulations

Those sound like fairly important things to need clarity on Stormy - your solc. sounds thorough and also thoroughly hacked off at your vendor's solicitors. Can your EA contact your vendors EA and make the vendor aware that there are all these outstanding enquiries - try and get the vendor to pressure their solicitor?

Bunny I hope your back feels better soon

Welcome HoneyB you sound as though you have been on a rollercoaster. I'd be very pissed off if I weren't informed that my vendors purchase had fallen through. I guess you only really have two choices - sit it out and hope they find a place soon or start viewing alternative properties yourselves with a view to withdrawing from the purchase. Can you ask your EA to find out more?

Ness - wow, 2 solid blocks of three hours each is awesome, enjoy it while it lasts

Fingers crossed for you both pixie and perhaps

Congrats pulling - thats a beautiful house

Honey welcome. I think your DH is probably right in this instance even though it must feel like forever at this moment in time. The EA probably thought they could find a buyer quickly again so didn't feel the need to tell you, but if it's been a while since it fell through, I think it's the least they can do to keep you informed

No bites on my leaflets so far I'm going to do the rest of the houses in the area I want tomorrow evening though so fingers crossed I have more luck with those

We have exchanged and will be completing on Friday!!!

Checking in after a horrendous couple of days crying and worrying about our situation.

Congrats pulling- it’s finally happened 🥂🍾! Your new house is lovely- wishing you a speedy and no nonsense move!

Giz- can’t believe your buyers still playing silly beggars?! They seem so slooooow but still, you’re heading towards the finish line. FX you get there soon.

Lazy- hoping things get a move on for you too. Seems like your EAs are in the dark/overwhelmed themselves but covering it up. Keep at them.

Stormy- annoying from your end but these are vital enquiries from your solicitor. It’s better to have a little wait now than have a quick sale and a dispute(s) on your hands later down the line.

Honey- I feel your pain.

We went to see our EA on the weekend and really can’t blame him for what’s happened with us. He told us our (ex)buyer’s memory had deteriorated significantly from July to now and had got so bad that he’s had to contact the EA Ombudsman and then Social Services and get advice from them. He’s on leave this week (sigh) but has instructed everyone else at the office to make our property a priority. I’m beside myself with worry (more than usual) and am convinced we’re going to lose out on our dream home. I haven’t got heart/guts to contact our vendor and update her on the situation as I’m petrified she’ll pull out.

Willing to carry on with our property being listed and viewings booked in but don’t think I can handle another broken chain. With that in mind, wanted to know if anyone’s considered having their property auctioned and/or companies that pay under the market value but result in a quick sale? I’d rather take a small financial hit than make myself more ill with the uncertainty of what’ll happen next.

Hurrah Giz!!! 🍾🥂

Yay giz!!

Brilliant news Giz!! This is going to be a good week I can feel it!!

Congrats Giz, that's fantastic news!!

Muss I would tell your vendor the truth - that the decline in your buyer's mental health meant the sale couldn't proceed. They'd have to be really hard-hearted to not give you a bit of time to find a new buyer knowing that.

Congratulation Giz and good luch with your move on Friday. Can I have some of your luck?!

I am a nervous wreck at the moment. Not only am I having to deal with rubbish at work but this waiting for exchange is killing me. Apparently, contracts are now with solicitor but they need to review them!! Our Estate agent says he thinks they need to do this withing the next 45 mins otherwise we will won't be able to Exchange today which means that our proposed completion date (30th October) is out of the window as we won't have enough time to drawdown the funds from the bank. I think I need a cup of tea!!

i have to say do not use online solicitors - we did and it nearly cost us the whole sale, they were crazy rubbish. our solicitors held things up by more than 8 weeks. don't use them if you care about the sale!!!!!

Fan-feckng-tastic news Giz

Oh muss I feel your pain. I do think you should tell your vendor's EA though. As soon as your place goes back on RM they will see it anyway and tell the vendor so you should get in first.

Our vendor has been wonderful in giving us time o find a new buyer. I'm sure if you explain the situation they will be sympathetic. Fingers crossed for you

I have considered auction but been told by both my EA and my vendor's EA (both of which have strong auction arms) and both have said it would be "unsuitable" as apparently it's for places where the investor buys cheap, then does the place up and then makes a mint selling it on. So if your property isn't in need of full refurbishment it's unlikely to be attractive to a typical auction buyer.

Great news Giz.

Perhaps fx for you. Can they not draw the mortgage down now prior to exchange

Have you heard anything yet perhaps? fingers crossed for you.

I am confused and I am not sure if we are in the process of exchanging. I know our solicitor has asked for the release of the exchange contracts but this was just after 3 and I haven't heard anything since. Should we expect a call during this process or just at the end when it's done?

Giz great news. We're moving on the same day. Three sleeps!!!