Buyers/Sellers Exchange waiting room

[spidershavetoomanyknees]

Currently waiting for exchange, stuck in a never-ending loop of "there's been a couple more enquiries higher up the chain" and "we're nearly there now". Wondering if there's anyone else who would like to join me here in the waiting room of doom to vent into the void.

Next train for Exchange (line terminates at Completion) is currently delayed and they'd like to apologise for the delay.

@Reeniebeanie78 "We essentially accepted an offer to get the house off the market at a price we were just about happy to accept and put it in writing that if our sale fell through that we would not be re-marketing the property through our current agent but that obviously the current sale would fall under contract (so effectively giving notice if the sale falls apart)."

Reenie can I ask how you worded that? When I was under offer, I suspected it would fall through and I didn't want to continue with current agent so just I gave notice, didn't write anything about the current sale falling under contract - anyway it DID fall through (unsurprisingly) and I am now back to the position where we are in our notice period but agent has a couple more weeks to arrange viewings - so be interested to see how you phrased it.

Interestingly, I asked the same question here a few weeks ago starting my own thread about it - giving notice whilst under offer - as I'd read a few horror stories about sales falling through after 6 months and the agent claiming the right to re-start the original contract period. So I just wanted to get opinions, and the consensus on that thread was that I was being mean to the agent! Anyway this seems a much more sensible thread and TIA to Reenie if they can advise.

@instantpotnoodle there's only one above us in the chain as they're moving into an empty house and have bought outright. I think they'd like to exchange and complete asap as they've already started moving their possessions into their new house. We tried explaining this to our buyers and that our new house would be sitting empty for a month, but they don't want to budge.

Hey, jumping in as been having a read through to try and calm my anxious brain.

We’re FTB, no chain. Mortgage, survey, searches all back. Contract, TR1 etc all signed in advance, awaiting dates

Latest update this morning only enquiry outstanding is regarding a FENSA cert. Seller sol has provided screenshot of entry but refusing to provide certificate

As a FTB had no idea what this was so been having a scout about lol. Seems like it’s saying it is a legal requirement but copies only look to be £25?? If this is all that is outstanding to get us to exchange is it worth me speaking to my sol and just seeing if we can obtain copy?

If they can't get a copy it's no big deal, you can just get indemnity insurance.

Thanks, spoke to solicitor and seems to be sorted now. Just think I’m going crazy atm overthinking everything as just want everything sorted lol

FTB, is it possible to exchange at 5 per cent and give another 5 at completion.

Another question, in case if the person given the gift deposit declines giving more proof on his savings, due to confidentiality. Will your lender decline the mortgage. I can substitute that with my savings, but will this make the lender apprehensive for the reasons the gifter is not giving proofs. Unfortunately my sister doesn't want to provide any more proofs of her savings. Please advise.

I have just done this myself I said this:

Dear Mr S

We are in the process of selling our property through (current estate agent). We think that the sale will be successful and there is no reason to expect any issues with it. We are happy to continue this and hope that it will go through swiftly.

If our buyer does not complete, we have decided not to re market through (current estate agent) and so therefore please take this as a 28 day notice to end the contract.

The current sale on this property will fall under the signed contract with yourselves and payable at the agreed percentage if progression continues.

If we did have to re market with another estate agent we would appreciate a list of people who have viewed via yourselves so that we can make a new agent aware should the sale complete within the six month period stipulated in the (current agent) contract.

Please let us know if there is anything further you need from us to complete the issue of notice

However we've not received any response & sent it over a week ago. I sent a follow up a couple of days ago as I was concerned that it hadn't been received but nothing.
Our agent is weirdly immature & seem to have taken to ignoring us. Very strange behaviour.

Thank you @Messyhair321 much appreciated. That’s a really good letter and yes they should have acknowledged it but these people seem to answer to no one!

@Asian - sometimes the deposit can be less than 10% on exchange, it happened when I sold, you could check with your solicitor. If you can’t provide proof of funds for the gifted deposit then the solicitor won’t be able to accept it due to strict money laundering rules. I think you would be better to provide the sum from your savings - you will still need to provide the relevant proof for those. It shouldn’t make any difference either way to your mortgage lender.

What @Messyhair321 wrote is pretty much what we included in our letter!

We had a surveyor arrive today, he came 4 hours early (!) & Stayed for 1.5 hours. This is a full survey no?
He was jumping up & down on the floorboards, crawling around in the attic, photographing everything, turning the taps & shower on, flushing the toilet turning taps on. Opening the windows & closing them.

Now I'm really worried. Our house is an older house & I don't think it's possible for there not to be anything at all to be needing attention. We've maintained it well I know but most houses would need something.
We have dropped the house price for these buyers already at initial negotiation so we aren't going to again.

Anyone had this sort of survey? And how long do they take to come back?

We had a full survey done on the house we've just exchanged on, it came back 4 days later.

Not sure why they would need any further details of your sisters income or finances. It's not their business unless she's providing some sort of guarantee for your mortgage.

Usually the solicitor needs a letter to say that she won't want it back but apartment from that they're happy to take the money for deposit.

Usually for a FTB you'd be expected to provide 10% at exchange, is there a reason why would you would not be able to do this?

Was it that intense? I guess you weren't there! I don't remember all this last time we sold (16 years ago!)

No they're awful. If it falls through (fingers crossed it won't) we don't have the confidence to remarket with them again.
It's definitely hard to find a good agent

We recently had a new chimney & scaffolding etc, I think it was £4k altogether including scaffolding. Its a tall house too, have you already dropped price when you put offer in?
Get a couple of quotes it might not be as bad as you think

Our seller said he was there for about an hour, but it's a late 60s house in good condition.

@Messyhair321 She has given gift letter, also proof of funds, they need further proof on few transactions on her statement, which she is not comfortable providing :(

They're really hot on money laundering so she will need to provide those proofs. Why would she be uncomfortable with it?

@ClingingOnNow The solicitor is apprehensive about accepting my sisters 8K deposit due to less documentation, would need to fund that from our salary once that is credited. We have around 8 percent deposit as of now hence :)

@Messyhair321 The money has come couple of months back from another country, to get statements from there she has to be physically present there, since they need confirm identification etc.

The seller has agreed to sort the chimney problem out, which is a huge relief - I am happy to compromise and deal with the other bits and pieces myself, but as this was stopping me getting buildings insurance it was a different kettle of fish. Very relieved.
Spoke to solicitor today and all seems to be heading in the right direction. He advises no exchange until the work is done, which makes sense, although I just want to move now!

That's awkward, does she have any relatives that can collect the statements? Or can she not contact them electronically? How annoying for you!