Sellers/Buyers Roll Call 7

[MrBobLobLaw]

Stressed vendors and buyers alike: assemble here to moan about bloody solicitors!

Feel free to join at any point

[Gillian1980]

Well, no exchange today.
I think our completion next week will be delayed as there won’t be enough time for all parties to draw down funds.

So sick of this 😔

[GemmeFatale]

Can I join? We had our offer accepted two weeks ago, and accepted our buyer’s offer at the same time. It’s the second time we’ve tried to buy this house (got out offered) and the third time they’ve tried to sell so fingers crossed.

The good news is above us have already bought their new place and our buyer is a FTB so super short chain. And our solicitor seems on it, mortgage in place, survey done, searches kicked off. Obviously it’s too late to even think of being in by Christmas so we’re aiming for the first week of February

[MunsteadWood]

Ugh can I join this thread? Trying to relocate/upsize before DC2 arrives end Jan (hopefully not before!!). Put our house on the market in July, offer accepted early August then it took us until October to get an offer accepted ourselves due to apparently crazy market where we're moving to. Chain finally completed a fortnight ago and we thought finally we'd have some process but everything is moving so slowly! The house we're buying is unregistered and it seems the sellers had lost the deeds, apparently they've now been found and sent to lawyers but nearly 2 months after our offer was accepted our solicitor still doesn't even have draft contracts, so conveyancing hasn't even started. The selling agent has been keeping this hidden and stringing us along with half truths (and some outright lies) otherwise we'd probably have looked for somewhere else ages ago. Buyers were pushing for a pre Christmas exchange but I can't see that happening now, so I'm now just hoping they stay put and don't walk away before things are finalised. It's so stressful! Baby (and toddler) in the mix too and I'm a mess - was up half last night worrying about it

[WhenYouCantRunYouCrawl]

I have a question about deposits that I'm a bit confused about.

Essentially this. Sold our house for £145k.

Buying new house for £255k.

Equity in house is £40k.

As I understand it, on exchange a 10% deposit needs to be paid, and this can be passed up the chain.

So our buyer pays 14.5k. And we need to pay 25.5k.

If our buyer's deposit gets passed up the chain, that leaves a shortfall of £11k.

So does that mean we need to get 11k before exchange?

We just assumed we could use our equity but I understand funds don't get released till just before completion.

What do people do in that scenario? Take out a loan?

[burritofan]

@WhenYouCantRunYouCrawl Generally it's accepted that people up the chain accept the lowest rung deposit, so you don't need to find the shortfall UNLESS someone in the chain is arsey about it and wants their 10%

[burritofan]

We were supposed to exchange today. Our vendor is finally on board with the concept of selling the house. And our buyers don't have the fucking deposit! Their solicitor "forgot" to draw the ISA money. That's Story A, from my estate agent. Story B, from the horse's mouth, is they have the type of ISA you can't use on exchange, only completion. All I know is someone, somewhere, fucked up. AGAIN.

If anyone needs me I'll be sitting in the corner, rocking back and forth and gibbering.

(Nb @WhenYouCantRunYouCrawl, if my buyers were competent, they'd be paying 10%, £26k, which would pass up the chain to my vendor who has agreed to accept this as deposit even though on paper I ought to pay £45k. I would still forfeit £45k should I fail to complete after exchange, but I don't have to pay it up front.)

[Gillian1980]

Allegedly we’re exchanging today..... looking at completion on 9th......

All fingers and toes crossed!!!

[Dinosauraddict]

Did you manage to exchange @Gillian1980 ?

[Dinosauraddict]

Sorry you've had a shit day @burritofan - time for the wine!

[Gillian1980]

No 😔
So fed up of things dragging on and on....

[burritofan]

Thank you, @Dinosauraddict – it's much needed.

@Gillian1980 we were also due to exchange today for completion on the 9th, we're not in the same chain, are we? Our hold-up all boils down to a disagreement over ISA rules

[Gillian1980]

No, not same issue @burritofan but sounds equally frustrating!! Hope you get sorted quickly.

[Little11]

Ahh sorry to read of lots of frustration! I am due to exchange tomorrow and then complete next Friday... Don’t think I will sleep at all tonight!!

[Blobby10]

A month after my own (relatively stress free) completion I want to offer support, wine and chocolate to those of you still in the process. My own selling completion was a nightmare due to inefficient and/or incompetent solicitors (not mine!) and a very stressed out buyer so I can relate to what you're all going through.

Fingers crossed for you all

[Gillian1980]

Our exchange was held up yesterday as it wasn’t confirmed that the bottom deposit in the chain had been received/cleared into the solicitors account.

It’s now been confirmed so fingers crossed for exchange today....

[Gillian1980]

WE HAVE EXCHANGED!!!
Woohoo!!

Completion due on 9th Dec....

[burritofan]

@Gillian1980 Congratulations!

We're so nearly there… The buyers' solicitor, who was adamant their Lifetime ISA couldn't be used for an exchange deposit, had a ~mysterious change of heart after I sent The World's Stroppiest Email, and deposit funds are now in place! Just in time for my own solicitor to clock off for the day, for the weekend. Perhaps Monday will prove to be the magic day? Or never?

[gingerninja99]

Still no exchange for us
I'm so done with this selling malarkey!!

[MeMeMeYou]

I stepped away from the buy sell roll call for a bit as I was so stressed I couldn't face thinking or posting!

Our house under offer start of august. We found a house to buy and offer accepted mid august. The length/extent of chain below us wasn't clear until into October, and also above us we were told our vendor was vacating with no chain which wasn't true. We also found out some structural stuff about our purchase which hadn't been revealed, but have been satisfied after initial shock that all is ok to proceed.

Bottom of chain had a mortgage offer expiring end of Nov which was only revealed about 3 weeks prior. So we all pushed to get ready to exchange and complete in time when it turned out their solicitors had forgotten to order searches, according to estate agents. They got their mortgage offer extended despite previously saying they couldn't and all the panic towards end of Nov, but further delay now with money laundering checks on money from overseas. Estate agents for them say we've now got until mid Dec to complete. Still haven't exchanged. My conveyancer needs reminding and pushing about anything, so am nervous she'll miss something.

I know it sounds pathetic but I just want to know whether to put up the xmas tree or if there's no point because we're moving! I want to know an exchange and complete date rather than hope each week, then it doesn't happen. The stress is really getting to me. I didn't start xmas shopping for the kids because I was worried to order stuff online and then potentially missing parcels because of moving. I hit the shops today so feel better on that front. Fingers crossed for the next couple of weeks or the chain might break down...

Off to read updates on this thread now!

[Gillian1980]

Thanks @burritofan I’m so relieved.

Oh no @gingerninja99 were you due to exchange today? What was the reason it didn’t happen?

[gingerninja99]

@Gillian1980 we were aiming for exchange two weeks ago! Buyers booked a survey the week before (and the appointment was the day before) and it took nearly 10 days for them to get the report. Solicitor says all ready to go, just waiting on buyers. We have already moved out of my house into my parents as we didn't have much left as we're aiming for completion 22nd Nov at buyers request so just thought no point hanging around. At least we can settle abit at parents and get ready for Christmas so the kids are happy. No massive stress for us but I just want it done now so we can start to make plans on what we want to do next
I'm so glad we aren't buying at the same time though and decided to give ourselves some thinking / deciding time otherwise I honestly think I'd be a bald alcohol by now and I'm teetotal

[Karcheer]

My DH spoke to the agent after the viewings, apparently they saw three properties and didn’t give much away on any of them, so we will get proper feedback on Monday.

[MeMeMeYou]

@Gillian1980 congrats on exchanging.

@burritofan fingers crossed for Mondays

If nothing else, having read this thread I feel reassured that our situ isn't all that uncommon. I think we had it v easy the previous 2 moves so our expectations were it'd be same again

[Gillian1980]

Thanks @MeMeMeYou

Sadly I don’t think your situation is unusual - though it should be!!!

We accepted our offer on 2nd August and have been fed a load of nonsense at every turn. Honestly, I thought I was going crazy at times and didn’t know who to trust as it felt that everything that everyone said was complete bull.

I was similar re Christmas.... presents are in moving boxes and was imagining us sat eating on our laps. Obviously we’d manage but it was all the uncertainty which was unbearable.

Hope you get it all sorted soon!

[Little11]

We have exchanged!!!! I am thrilled and terrified I’m excited measures... I have SO much to pack haha!