Waiting to Exchange - Part 2, the wait goes on!

[TokyoSushi]

Hello! New thread, I don't think there's another one yet... shall we all give a quick update regarding where we're up to?

We:

• Went on market 12th June
• Sold for full asking 6th July too good to be true
• Had an offer accepted on DH dream home, (I didn't really like it but only suitable thing on the market)
• Our buyer pulled out 6th August
• DH dream home owner wouldn't wait and put straight back on market
• We went back on market on 7th August, reduced by £5K
• 4 viewings and 4 offers in next few days
• Offer accepted on 13th august
• Found both of our actual dream home and had offer accepted on 14th August
• Our buyer seems as firm as they can be
• Mortgage offer approved and searches commissioned on new house
• Our buyers seem very, very keen but I have a slight suspicion about how firm their buyer is
• Everybody hoping to move by half term

And so we wait....

Novice here but why wouldn’t you want to complete and exchange on the same day?

Anyone ever has a mortgage offer on a weekend?

Until you have exchanged you don’t know for sure that it will all go ahead as any party could pull out before exchange with little financial loss. So if you exchange and complete on the same day you don’t know until that day that it is all happening for sure. So if you give notice on a rental place, book removals etc you are risking the fact that it doesn’t happen last minute. Not to mention the packing and the unpacking if it doesn’t happen.

Right ok. Think I’d do it if it came to it and then just take my time moving in if that’s the case. Surely if you are moving into their house and they hand you the keys that day, you can move in at your leisure?

Of course. Most people don’t want to pay two mortgages on two places at the same time though!

Ah yes of course

@Pinkbottletop We're in a chain so for everyone to exchange and complete on the same day quite a lot has to happen and there's a risk that it won't all go through. We could end up in a position where we'd sold our house but not completed on our new one so we'd be homeless until it was sorted (which if completion is a Friday would mean being homeless over the weekend). We've two small kids so there's no way I want to put us in that position and our solicitor has advised against it.
Also if you're in a chain you have to vacate your house for the new owners to move into by a specific time agreed in the contract (usually around 1/2pm) so there's no luxury of having the time to move everything over a few days, it all has to be done the same day.

@zebra it would be fine for me to do that as I am buying a new build and no one is buying my home (I'm renting from family). They said I can take my time moving out if that were to happen so long as I can give some sort of notice (a week would do). Here's hoping you don't have to exchange/complete on the same day!

Morning all and fingers crossed for a good week for all still waiting!

Called Nationwide this morning and they said I'll hear by COP Wednesday. Eek.

Hi all.

The EA is just off the phone.

The vendor has pulled out.

@IKnowThisMuch That's so disappointing I really feel for you. Is their anything else on the market that you can look at?

Thanks Zebra.

Yes, we decided to not wallow in our misery and jumped straight back on the wagon. Have a viewing lined up for tomorrow night - same price, but bigger house and, I think, a better location in terms of access to transport and shops etc.

So fingers crossed 🤞🏻

Hello. We had an offer accepted in July. Have sold to FTB. Other end chain free and apparently we all want to move fast. For various reasons we could only get the survey done at the end of last week. There is damp and surveyor says we need a damp survey before exchange. We're off to see the property again with agent on Weds and take it from there. Any advice? Thanks all, will read your stories now!

@iknowthismuch I feel your pain. Straight back to viewings! We may have found somewhere else too, and more is coming on the market here so fingers crossed for you too. I found one of the worst things was constantly having to go over it with everyone I had told about the new house.

for you @IKnowThisMuch, I can completely empathise. Hope this evening's viewing goes well!

Thanks Ranger.

The market is fairly poor here at the moment, and there isn't much out there. However, we are in a good position in that we have time to sit and take stock, and find somewhere that we really love.

But absolutely re: telling everyone! I told a few people yesterday evening and found it rather upsetting. We think this time we'll largely keep it to ourselves, until we exchange.

Fingers crossed for you, too 🤞🏻I shall report back tonight / tomorrow morning.

Hello 3in4years!

I have nothing in the way of advice re: damp, as a fellow FTB here! However, this board is a goldmine for experience and knowledge, and I'm sure someone will be along who can help. Good luck with the move!

Thank you Relocation ❤️

Hope everyone is well this morning, and we all get some good news this week!

And so the miscommunication starts. Apparently my bank statements were encrypted so had to send those again. And after my broker telling me one thing, the underwriter has said another. Apparently they didn't consider my payrise (which is the only reason we went to Nationwide in the first place, because if it's contracted they will base affordability on forecast) and therefore my student loan meant I was failing the calculator. Honestly, problem after problem.

Once documents sent in they have a further 48 hours to look at it which is so so so annoying!

Just had an email from our solicitor with the responses to our queries plus a load of historical conveyancing docs - all looks good so far, but she's going to review it all and put a report together for us.

I'm hoping this means it's nearly time to work out some dates for exchange and completion!

We're finally hoping to exchange today, was supposed to be last thursday, then friday, then yesterday! But allegedly everything is in place now....so just have to wait to hear. It's going too be a long day!

@IKnowThisMuch so sorry to hear that! But good on you for getting right back on it How did the viewing go?

@Pinkbottletop mortgage admin is such a pain isn't it... I had a lot of back and forth to get mine through, being told different things were needed, then they weren't, then they were. Hopefully they get you sorted!

I'm going in to see my solicitor to sign the contracts tomorrow - apparently the sellers have signed theirs already so we are almost ready to exchange, just waiting for the buyer's solicitor to get theirs signed too (expecting lots of chasing again to get them into action!) and then get dates lined up with the chain. Still holding my breath and finding it so hard to be patient!

Thanks GoldTag.

Viewing went really well. House has a beautiful extended kitchen, sought after location. Little corner shop across the road, walking distance to local park, and bus stop across the road for commute to town. It's future proof as well, and as OH and I are TTC, it's ideal. Offer went in this morning 😫 Trying to not get my hopes up, but... 🤞🏻

Wishing you good luck with the exchange!

Hope everyone else is having a good week ❤️

Ooh how exciting, fingers crossed @IKnowThisMuch!!

Good luck @IKnowThisMuch ! thought we'd found somewhere lovely too and were all ready to make an offer when DH says he feels rushed and under pressure to buy somewhere and isn't excited about it. It's not perfect apparently. His commute is killing him (& me). Hopefully his perfect unicorn house will come up soon

So our sale has fallen through. Unsurprising given the warning signs! We're going to give it another crack and relist the house. Third time lucky?! Good luck everyone!

Ours has too Just, commiserations. I'm furious with the buyer, she's dicked us around for weeks and has pulled out for the most ridiculous reason after we've already paid for some unnecessary work that she insisted upon. I won't go into details but she has messed us around time after time after time and she rang our agent to pull out 10 minutes before boarding a plane to go on holiday. She's a conniving bitch and I hope she can never sell her own house.

Still dragging on here. We're now in month 3! What's holding up exchange is that the people we're buying off want to clean their new house before they move in but the current owners won't let them....and that's holding the whole chain up! We're supposedly all moving next Friday but I can't quite believe it. There's going to be so much to do at the last minute at this rate.