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Original poster

Buyers sellers roll call 17 - the one where everyone finally completes

920 replies

gingerninja1 · 27/10/2021 21:58

Last thread is now full so started another one so the mutual support can continue

@paranoidandroidmarvin
@takeyourfinalposition
@getyourassoffthatquattro
@shineysides
@blacklilypad

OP posts:
Okigen · 03/12/2021 22:29

@glastogal @blacklilypad Many thanks for guiding me through this. I will jump on the phone first thing on Monday to get everything moving asap. It is going to be a very stressful week :(

Glastogal I hope the last enquiries will finally go though for you next Monday!

beguilingeyes · 04/12/2021 07:09

@okigen how can drawing down money take five days! The banking system has moved on since the 80s (ex-banker here) when you had to physically move cheques around. Bank transfers are pretty much instantaneous now. My solicitors knew I'd sent them a payment about ten seconds after it left my bank account.

Okigen · 04/12/2021 11:38

@beguilingeyes eh, my solicitor told me that my lender needs "5 day notice". Is it not normally true?

beguilingeyes · 04/12/2021 13:37

I can't imagine why it would. Surely everything moves around electronically now? I'm getting much similar from my buyers solicitor who seems to think that a payment made today won't arrive until the middle of next week.
Are they sending it by carrier pigeon?

TakeYourFinalPosition · 04/12/2021 14:48

I’m lying on a monitor in hospital so haven’t fully caught up but the five days drawn down is standard, I believe - it was five working days for everyone in our chain; too.

I was sure Barclays would do it faster but the funds arrived four days after the solicitor drew them down. Everyone else’s took exactly five days. We then had four days to complete, and then funds would have to be returned, and a minimum period passes before you can try again - I think ours was three days.

Katiekattty · 04/12/2021 15:09

We’ve been told 5 days too that’s why we won’t complete on Thursday as planned because we don’t get sign the papers on until Monday.

Okigen · 04/12/2021 16:34

@Katiekattty @TakeYourFinalPosition @beguilingeyes I feel like I've misunderstood the process somewhere. I'm FTB, so very noob. Can someone please tell me if this is how the normal process will work:

  1. seller and buyer agrees on the exchange and completion dates

  2. the date of exchange and completion must be at least 5 working days apart to give the bank notice to draw down funds

  3. Exchange happens. Then buyer's solicitor gives notice to the bank to draw down 5 days later. Then we complete.

  4. If we can't exchange in time like in the case of @glastogal, then we first agree a completion date then the solicitor will draw down the funds for that date before exchange.

  5. Am I correct to think the solicitor must have the completion date before submitting the request to draw down fund. As in, they will tell lender that specific date, and draw down fund for that that specific date? So in any case, I must agree the completion date with the seller now.

beguilingeyes · 04/12/2021 16:43

But it's possible to exchange and complete on the same day so how does that work.
I don't understand how anything financial takes five days now
I sent my solicitor my deposit and they had it almost immediately.

blacklilypad · 04/12/2021 16:44

@Okigen Yes, you need a completion date before the solicitor can request to draw down funds. You also must have all enquiries that would impact the lender concluded. In an ideal world you exchange a couple of weeks before completion. Exchange happens, funds are requested then completion happens.

Our solicitor is super cautious and was planning to request the money 10 working days before competion if exchange didn't happen before. Luckily exchange happened on the day she told me she would request the funds whether we had exchanged or not.

Some lenders have a fee you can pay to get your funds in 1 working day. Our buyer did it when we sold at the end of June as they were going to miss the stamp duty holiday as their solicitor 'forgot' to request the funds!

blacklilypad · 04/12/2021 16:45

@beguilingeyes

But it's possible to exchange and complete on the same day so how does that work. I don't understand how anything financial takes five days now I sent my solicitor my deposit and they had it almost immediately.
My understanding is that it is just that the banks deal with lots of transactions and just take that long to check the file and actually send it. Rather than they send it then it's in the 'ether' for 5 days.
OpeningY · 05/12/2021 09:24

Interesting comments! I'm hoping to have at least a couple of weeks between exchange and completion, I feel like I need that time to pack and plan! I can understand people wanting it faster though.

niki26 · 05/12/2021 09:48

From a law firms point of view sending large sums of money isn't quite as simple as pressing 'send'. We have procedures in place and bank details have to be checked and verified by two different people, then a senior staff member has to sign off on it then a partner. If it's over a certain amount then an equity partner needs to sign off. I remember a few Fridays where our conveyancing team have been desperately trying to find a partner because they'd all bloody gone home early!

I know for a business transaction in order to draw down funds it's a similar process. I used to deal a lot with Santander banking and I had to satisfy the Conditions Precedents which would then be signed off by different levels of staff at Santander in order to then send the money.

vickyc90 · 05/12/2021 10:55

Anyone else stressed that we are heading into another lockdown that's going to prevent them moving?

Summersdreaming · 05/12/2021 11:45

@vickyc90

Anyone else stressed that we are heading into another lockdown that's going to prevent them moving?
Hopefully not, solicitors and EAs won't close, and as long as we can hire a van I don't think lockdown will matter. I moved in October 2020 lockdown with no problems.
vickyc90 · 05/12/2021 13:46

@Summersdreaming

That's good to know we are mad enough to just hire a van so as long as we can we will move. Once we get a date I'm going to start ordering materials for the work to store at my parents so we can get on no matter what happens

Porridgeislife · 05/12/2021 17:13

How much time do you give your vendor if their purchase has fallen over?

We went under offer in mid Aug, bottom of chain of 3 and are ready to exchange. We are in rented with six months to go on the lease and landlord wants the house back at the end. Top of the chain seemingly fibbed and said they’d move out before the end of the year, and have since reneged.

Our vendors won’t move into rented “without knowing where they’re going next” but do need to move for employment reasons as they’re doing a huge (4 hr) commute.

Our mortgage offer expires in 2 months and won’t be extended as rates have gone up quite a bit. House is fairly expensive and we paid full asking.

When do we cut our losses & start looking for a new place? We’ve fallen in love with the house, but I’m also finally pregnant (3 years of trying) and baby’s due date is the same day our lease ends. I’m so worried if we continue to wait for our vendor we’ll end up racing to complete on a new place before the baby arrives, or worse find a new lease as the baby arrives.

The buying/selling process in the UK is just so broken - I can’t believe that you can go months on a promise with no contractual obligation to either buy or sell.

Okigen · 06/12/2021 00:41

I have just discovered that the title number of the property has changed. My solicitor received the updated title. While did she not tell to me that the title has changed? I signed all the documents 2 weeks ago under the old title.................................

I suppose I should be angry, but at this point I'm just utterly amused at the incompetence of the lot (sigh).

ThatsMySantaHisBeardIsSoFluffy · 06/12/2021 08:03

Okigen, are you buying a leasehold flat? If so, the freehold and leasehold will have different title numbers, so it could be that?

Okigen · 06/12/2021 08:44

@ThatsMySantaHisBeardIsSoFluffy no the actual leasehold title changed. This is because the lease has just been extended :(

ThatsMySantaHisBeardIsSoFluffy · 06/12/2021 09:00

If it's a new thing, then it was probably Land Reg delays meaning the new title wasn't known. I think you're being harsh on your solicitor in this instance.

Okigen · 06/12/2021 09:23

@ThatsMySantaHisBeardIsSoFluffy Solicitor told me she received the updated title on land registry 3 weeks ago. So she already had it and this should have been flagged to me back then. But she didn't send me the updated title, didn't say anything about this, and I didn't think much of it either (noob mistake) until last night when I thought I should have a final look at the papers and bought the new title off land registry...

Getyourarseofffthequattro · 06/12/2021 10:12

Well no valuation booked as of yet that I know about. Getting extremely pissed off now. We are on day 26. 12 days from application to offer MY ARSE. Xmas Angry

glastogal · 06/12/2021 10:56

Hoping for some positive updates on here today.. and also hoping I'm one of them. We are hoping (again) that we might exchange today. Completion is meant to be tomorrow and we want to avoid simultaneous if at all possible 🤞

Elephanttrunk · 06/12/2021 11:38

We are also hoping for exchange today. 2/4 of us ready but our solicitor hasn’t heard from above us solicitors.
Last week has been so stressful I just want to exchange so we can book removals for end of next week. Reluctant to book yet as so many changes have been made in the last week and I don’t trust that too if chain will change their mind again!

Getyourarseofffthequattro · 06/12/2021 12:46

I've called Santander. Initially they would not speak to me because I've gone through a broker (my step dad who is pretty much refusing to chase them now) I ended up getting put through to complaints who could see that the mortgage was approved subject to valuation last Tuesday, and nothing has happened since. She didn't know why this was and is looking into it and calling me back.

Messaged step dad who has kicked off at me and told me to calm down and stop chasing it and "he's dealing with it"

He's not though. He told me that it had only been approved Friday which was obviously not true. I feel genuinely hurt and of course we are living with him and my mum.

I just want to complete and get out of here otherwise it's going to end in tears.