Anyone else waiting to exchange?

[DotTheCaddy]

We've been waiting what seems like ages for one document to be returned at the bottom of the chain.

Wanting to exchange last friday but didn't, and didn't today either. Completion date is set for next Friday so we really really need to get it done this week.

Its just so frustrating having to just wait without anything to do!!

@DarlingMarianne - it's hard to know what to do for the best. Do you believe they can suddenly magic up the deposit monies from elsewhere? As you say, it sounds a bit implausible. Your poor buyers must be very worried too. What's the market doing where you are? I suppose it's possible you could get lucky with a straightforward buyer, on the other hand you could be back to square one. It's horrible having to pay out a load of cash for things to possibly go wrong.

It's all pretty fresh in my mind as we moved last year and while having no difficulties with our sale, our onward purchase dragged on and got stressful due to the vendors very slow solicitors.

You could maybe speak to your estate agent on Monday and ask their advice. Others on here seem to have re-marketed their houses and found another buyer quickly, so it is possible. Sincerely hope that it all works out for you.

[quote DarlingMarianne]@DaphneduM- thank you. It's rubbish. We've spent around 4K so far.

So I assume that once a 'gifter' has proven they have the funds (and have signed stating that the money is a gift) that they are not actually legally bound to hand over the money once push comes to shove? It seems precarious as the buyer is then dependent on the gifter not changing their mind (or spending it!) ...as are the rest of the chain.

I had never heard of a gifted deposit before yesterday. The FTB claims to have an alternative route to to funds for their deposit, but that they cannot access them until November 19th?! It all sounds a little dodgy to me, and a little desperate, and we're wondering if at this point we are better off
putting the house back on the market and allowing other viewings. I don't feel at all confident that chain isn't about to break?

What do others think?[/quote]
I'd put it back on the market, and allow people to look at it. You have to tell your buyer if you issue contracts to another party, but not until then. Personally I'd tell them you are re-marketing but if they are able to exchange, then to let you know. Otherwise you are just wasting time.
The buyer at the end of the chain is presumably getting money out of an account where notice is required? You'd want a lot more detail if you were going to wait- eg if it's going to be a gift from a different family member, have they signed everything they need to, or will they have start actioning everything after 19 Nov when the funds become available?

And a tip to everyone else - be really pushy. Don't leave it a few days if you haven't heard back, chase every day. Best to ring first thing in the morning to remind whoever it is to do whatever is outstanding, then again at about 3pm. Make sure you know what time they close, and who you can speak to if your solicitor is not available ( secretary/PA/assistant - often know what the hold-ups are and can chase for you).
I used to work in conveyancing and tbh when I was frantic busy with no chance of speaking to everyone, I'd speak to the people who were making the most noise. Sad but true. And legal secretaries are like golddust - they are very knowledgeable and can be very helpful, so be nice to them.

We’re speaking to our solicitor and estate agents tomorrow and taking advice. Also preparing the estate agents that we will be going straight back to viewings if our solicitor feels that it is dubious. I know he has a conversation with the FTB’s solicitor last week (they know each other) so he may have more knowledge than the estate agents. I feel for our buyers but we need to sell our house before the stamp duty window changes in March and we want to buy the house that we’ve fallen for.

Anyone here still waiting to exchange I accepted the offer on my house 25 weeks ago 😅

Yes we are still waiting too @organisedmother we SSTC in early October, just taking so long, but living in hope it will happen soon, good luck I hope you exchange soon too. Have you started packing? I have started this week, so a way to go yet though!

@Roselilly36 oh hey 👋 it is a drag rite... I decluttered before I listed and I’m a minimalist anyway so could pick my house in a day, although not exactly how I planned with 2 young kids now home with me 😅, we were suppose to exchange October, November, December, January and I’m still here! Hope you exchange soon 🤞🏻

Can I join the thread? We are waiting to exchange (should already have exchanged) and apparently everything is in place but no news yet. Frustrating!!!

Wow - can't believe how long some of you have been waiting!

Can I join, please? It's not even my transaction that I'm waiting on (yet) - it's my buyers. We accepted her offer in October and were told that she was living in rented, had a property to sell herself, but that was due to complete in 3 weeks. Great! Then it was "end of November". Then it was, "Next few days - definitely happening this time, her own buyers need to be in by Christmas". And here we are, nearly the end of January...

I feel really bad for the vendors of the house we're buying - we told them (in good faith!) in December that our buyer was about to complete, i.e. it was soon to be a short chain. I hate that we've inadvertently misled them.

@DelphiniumBlue how long would you say Is reasonable for enquires to take to be returned? They are simple enquires sent several weeks ago but no reply. I’m not really sure how much to chase and when.

We should have exchanged last week but now find out they are waiting for paperwork at the top and bottom of the chain. So frustrating. Am not enjoying this waiting and not being able to do anything.

How long should enquiries take? It depends what they are.
Some just mean that the sellers solicitor needs to get the information from the seller- so could be in 24 hours if everyone is organised. It depends if the information is to hand, or if it has to be obtained from someone else, eg contacting a company for a guarantee. I’d be chasing after 10 days, several weeks is ridiculous.
Either there’s a problem in getting some of the information, or the enquiries are sat in a pile somewhere.
Don’t be embarrassed about chasing, I’d be phoning every day at this point!

Accepted an offer at the end of August, the next day our offer was accepted on a property.
Still waiting to exchange, supposed to be completing on Friday but not even sure that is going to happen 😪 Emailed and emailed but havent been told of any gold ups so not sure what is going on.

hold not gold!! But may as well call it f*k ups 🤷‍♀️😀

What this industry really needs is some kind of online tracking system that all the buyers/sellers, estate agents and solicitors in a chain have access to. Obviously limited personal data and stuff - but just a way to provide transparency to everyone - no Chinese whispers, no "We're waiting on you", "No, WE'RE waiting on YOU", etc!

I got an email from our vendors last night though (assume the EA must have passed on our email address - we didn't have theirs!), so I did at least get the chance to apologise for things dragging on.

Chasing updates again today - fingers crossed for some good news...