Waiting to exchange.Anyone with me?

[DumbledoresArmy]

So FTB,
Latest update last week was solicitor waiting for an enquiry raised with sellers solicitor & 1 search to come back.
Almost there!!

Anyone else with me?

My solicitor confirmed we won't be exchanging today.

This system. I just fucking can't

How does deposit on exchange work if the deposit is equity in the house you’re selling?

Gahhhhhhh deposit nightmare

I'm at the point I hate Wednesday afternoons we are continually told by early next week.....Wednesday afternoon rolls round and yet again early next week hasn't materialised and it's so sodding frustrating......all we are waiting on is for the sodding vendor/vendors solicitor to send the contract with OHs name spelt correctly and our correct address....we are onto waiting for the 4th contact all the others have been wrong. Also the fixtures and fittings list needs to be correct as this is the 3rd one that's shown items as being at the house and are not there ( a bloody cement mixer, large pile of timber and several sets of curtains) and for the vendor to remove the wording saying Mrs Allen has requested that these items be left and that Mrs Allen has also requested the large pile of Rubble in the back-garden to be left......we are not the Allens! I'm beyond caring about the pile of rubble this has dragged on so long....all I want is the F&F paperwork to show the correct names and contents. Why is it so bloody hard

hang in there everyone - lets hope the solicitors are secretly all football fans and after the world cup they will spring in to action and we will all be in our new homes soon!

Estate agent has been on and promised to kick everyone up the behind this week. Still talking about completion by the end of the month. Fingers crossed!

Ok so after the first week of being instructed, it looks like we'll have contracts to sign tomorrow for our sale. Just need to get a move on with the purchase!!

Hashtag how on earth did they get the searches done so quickly? That's take. Time for most of us on here so you're so luck

@RiddleyW we have to exchange contracts on the same day and the funds that come from the buyers 10% go towards the 10% of the property of the one we are buying. I think that's how it works?

@MissCherryCakeyBun I'm on mat leave so I've turned everything around my end same day and hand delivered. And it sounds like the buyers have done the same. I'm under no illusion that we will exchange anytime soon, as we have not seemingly progressed on our purchase. It's just the signing bit that our solicitor is sending out to us to sign, so we are still a way off yet.

@MissCherryCakeyBun oh and I've chased every day! I even chased my sellers solicitors on another matter! I'm not in this to make friends!!

But I know this apparent smugness will come and bite me in the ass sometime soon ...

We have done the same with everything being collected from the solicitors read signed returned the same day however our new house is 3 hrs drive away so other than via phone that parts up to the post. All the searches do take time tho 5-7working days for local authority searches is normal and when you add in the others
Survey was done and received back within a week of the offer being accepted.....it's the other solicitor and the vendors inability to sign a piece of paper that's slowed it all despite it being a chain free cash purchase
As the property is empty we have been able to drive down a couple of times to meet with the EA and tradesmen to get quotes for the work so that's something......Storage costs are mounting as is my need to get a job ( I was made redundant)
I keep saying by Christmas this will all be done and dusted

You don't mean the contract surely?

@riddleyw you all exchange on same day and the money from person at bottom goes up the chain. You are officially liable for that 10% but in practice they don’t need you to physically produce it as you aren’t likely to pull out when the fact you received the money from below means you’ve agreed to sell your house!

Sorry your bottom of the chain is being a tit potter
We are tantalisingly close now - our seller has replied to all enquiries by email today, her solicitor is checking and sending to ours tomorrow. Other houses above are ready to exchange according to their EAs. Only issue with ours could be lack of planning for an outbuilding but if sellers don’t have documents or won’t buy indemnity policy we’ll pay for it - our solicitor says about £100. To be honest not worth paper it’s written on as unlikely anyone will know and put enforcement notice to pull down building, but it’s a condition of the mortgage. We are going to change the building so the second we put application in the policy is void!

Just a word of caution on the deposit. We’re upsizing and our vendors solicitor was not willing to accept less than 10% so we had to find (borrow, scrape etc) £20k to top up the deposit!

That’s my worry Mango!

10% of the bottom of the chain is about 15k. 10% of what I’m buying is 85k.

You can also insist on 10% Ridley so hopefully not such a massive jump then!

Oh yes of course! I’m so clueless about this stuff.

MissCherryCakeyBun well there's only one contract to sign? The solicitor said "I'm sending you the sale document to sign..." so I assumed that's what it is?! I dunno. Just going with the flow here.

As you are all mostly further ahead of me in the process, do you mind if I jump the thread and ask a cheeky question?

I'll go anyway,... surveys. Did you initiate the survey? Did your solicitor prompt you or organise it? Did you hijack the mortgage valuation one and 'top that up' to a fuller survey?

What's the deal? I want to arrange one but haven't got a clue if I do it or the solicitor facilitates it?

Help!

I just booked mine which I was glad of as it ended up being about 3 weeks before the mortgage survey.

@RiddleyW so you found someone independently/yourself and just went ahead and booked it direct? - an obvious question I appreciate. But I don't want to delay if I need to just get in with it.

That’s right yes. I got a few quotes, chose one then put him in touch with the estate agents to arrange access.

@HashtagTired We paid to top up the valuation survey done by the lender to a homebuyers survey. Mortgage application went in on the Monday, survey was done Thursday and we got the report the following Tuesday.

I did exactly what riddley did.
Called local companies for quotes, picked one, and gave them details of estate agent. They did the rest

We had an independent survey done too, chose them and gave them estate agents details. It took around a week for the results to come in and were pretty much exactly what we expected them to be.

Today is going to be exchange day, I am determined that the solicitors are not going to let another day slide by without action!

Hope yours gets going soon please its such a stressful system!