Page 31 | Buyers/Sellers Exchange waiting room

spidershavetoomanyknees · 2023-01-31T08:57:56+00:00

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.

Messyhair321 · 16/05/2023 21:30

thoughtsofmoog3 · 16/05/2023 21:24

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!

Ah ok. What is the owner doing with the chimney? If they've got to rebuild it could take a while..

Asian · 16/05/2023 21:31

@Messyhair321 Unfortunately that is not possible. Wish I knew it would need such level of details, I would have refrained taking it as a gift. What if I tell the lender I won't be using the same for the mortgage deposit and use my salaries instead, can this irritate the lender?

Messyhair321 · 17/05/2023 07:33

Asian · 16/05/2023 21:31

@Messyhair321 Unfortunately that is not possible. Wish I knew it would need such level of details, I would have refrained taking it as a gift. What if I tell the lender I won't be using the same for the mortgage deposit and use my salaries instead, can this irritate the lender?

You could say that because the original gift is becoming complicated, in order to speed things up can you pay deposit from your own funds? Although they could look at affordability for you. It would surprise me if they care if it's coming from your own money,, they just want the funds traceable.

Karmatime · 17/05/2023 08:55

@Asian Unless you are borrowing the deposit it should not affect affordability with your lender.

instantpotnoodle · 17/05/2023 09:05

Asian · 16/05/2023 19:09

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.

That’s a question for your solicitor.

Asian · 17/05/2023 10:27

Thanks @Messyhair321 @Karmatime

Reeniebeanie78 · 17/05/2023 14:45

ARH! Am sooo over this process! Bottom of the chain want to exchange asap so they can give notice on their rental and push back completion slightly but seem to be stalling so we have NO IDEA what is going on!? This is torture. I would almost rather if they have decided to pull out they do so today so at least we all know what is happening. Our onward purchase (we have a month's gap between completing on our house sale and buying our onward purchase) is now looking for confirmation of our dates to proceed which we can't give them so that is now looking shaky! And I am not going to make me and my family homeless and left without school places (which are catchment so if we don't live in catchment by the time school starts after the summer we don't get the places). Am beyond stressed, in floods of tears and really ready to crack. This is by far the most stressful thing we have ever done. Hope your sales are all going better!

Messyhair321 · 17/05/2023 20:59

Reeniebeanie78 · 17/05/2023 14:45

ARH! Am sooo over this process! Bottom of the chain want to exchange asap so they can give notice on their rental and push back completion slightly but seem to be stalling so we have NO IDEA what is going on!? This is torture. I would almost rather if they have decided to pull out they do so today so at least we all know what is happening. Our onward purchase (we have a month's gap between completing on our house sale and buying our onward purchase) is now looking for confirmation of our dates to proceed which we can't give them so that is now looking shaky! And I am not going to make me and my family homeless and left without school places (which are catchment so if we don't live in catchment by the time school starts after the summer we don't get the places). Am beyond stressed, in floods of tears and really ready to crack. This is by far the most stressful thing we have ever done. Hope your sales are all going better!

It is really stressful, I can relate. It's incredibly annoying when people drag their heels.
Ours is slow... worried about a survey we've had on our house yesterday. I don't think there's anything significant but you never know, we have an older house.
How long have you been waiting to exchange?

Reeniebeanie78 · 17/05/2023 21:02

Messyhair321 · 17/05/2023 20:59

It is really stressful, I can relate. It's incredibly annoying when people drag their heels.
Ours is slow... worried about a survey we've had on our house yesterday. I don't think there's anything significant but you never know, we have an older house.
How long have you been waiting to exchange?

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Thank you. It is beyond stressful not having a clue when you are moving (or if you even are!). We were meant to exchange two weeks ago, keep getting told we are close, but no one seems to be able to say what is left to happen and what date they are working to for exchange.

Fingers crossed your sale goes smoothly! Am sure your survey was fine! Keeping my fingers and toes crossed for you!
xx

ClingingOnNow · 17/05/2023 22:40

The system in this country for house buying is beyond ridiculous. I know someone who has just bought in France and the seller buys the survey and searches upfront so buyers have all the information and there are no surprises further down the line. Then when buyers make an offer they have 7 days to change their mind, at which point they either pull out or pay a deposit which commits them to buying.

Why the fuck is the system in Britain so convoluted? It seems to be designed to cause as much stress as possible!

Flubadubba · 18/05/2023 07:05

@ClingingOnNow yep. My Dutch friend was horrified when I explained the system to her. Offers are binding there (think it's 48 hours to change mind, though there are some provisions around inspection etc, I think?) and you have to pay the seller 10% of the price if you change your mind and pull out.

Chippy1234 · 18/05/2023 13:08

Its such a crap system isnt? We have just completed (on a relatives house) thank goodness but a PP saying that repairs need to be done on the chimmney..... Just a word of warning. Getting any repairs and workmen now is a bit of a nightmare! Its their prime time especially for outdoor work. We waited nearly 6 months for our builder to do a small extension...

Exchange is ovbiously the key point but I like the idea of the seller providing a survey and all the relevant documents. It will stop people 'testing'the market to see what they can get (I had a colleague do this!) They thought if they went to final bids they just MIGHT consider selling. Needless to say there were no offers on their daft asking price so they decided not to move!

When we sold 8 years ago we had an offer from a cash buyer. The EA found out very quickly that he was no such thing. He needed to sell his BTL to fund the sale and get a small mortgage so he thought in his own head it was just as good as cash!

Its the lying that goes on on both sides that does my head in..

Messyhair321 · 18/05/2023 23:41

Reeniebeanie78 · 17/05/2023 21:02

Thank you. It is beyond stressful not having a clue when you are moving (or if you even are!). We were meant to exchange two weeks ago, keep getting told we are close, but no one seems to be able to say what is left to happen and what date they are working to for exchange.

Fingers crossed your sale goes smoothly! Am sure your survey was fine! Keeping my fingers and toes crossed for you!
xx

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How irritating it sounds like you're actually doing quite well I'd be flipping tables by now.
I'm already climbing walls waiting for buyers survey, they're certainly not in a hurry, it's infuriating because we're ready to go. Packing etc, boot sales with old tat etc, hope we both get it sorted soon.

Twiglets1 · 19/05/2023 06:54

Asian · 16/05/2023 19:05

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

It is common for the FTB in the chain to only provide a 5% deposit & shouldn't be a problem. The other 95% is paid on completion.

RE your other question though, about your sister providing proof of the deposit, this is a legal requirement to prevent money laundering so a proof of funds will need to come from somewhere. I provided a deposit to my daughter and had to provide a bank statement showing I had the money in a UK account and a signed letter saying it was a gift to her not a loan.

Could your sister not electronically transfer the money to you now so that you could have it in your UK account to show your solicitor you have the deposit? You could open a seperate savings account if you want to keep it seperate from your main bank account until Exchange of contracts (just make sure it's an easy access account).

RubyPip · 19/05/2023 07:24

ClingingOnNow · 17/05/2023 22:40

The system in this country for house buying is beyond ridiculous. I know someone who has just bought in France and the seller buys the survey and searches upfront so buyers have all the information and there are no surprises further down the line. Then when buyers make an offer they have 7 days to change their mind, at which point they either pull out or pay a deposit which commits them to buying.

Why the fuck is the system in Britain so convoluted? It seems to be designed to cause as much stress as possible!

In Poland, you can buy a flat in a day and a house purchase takes one week!

My friend (from Poland) was horrified at the process when she bought a house here.

RubyPip · 19/05/2023 07:28

Still bumbling along now with my house sale (my house purchase took 4 months and I've already moved so house sale is empty).

Offer accepted around 5 weeks ago, enquiries sorted, their searches are back, their mortgage valuation is done, and they've had the survey done too.

I'm going to push talking about exchange and completion dates this week.

instantpotnoodle · 19/05/2023 09:46

@RubyPip hope you get an exchange date agreed quickly! Always that weird point where everything’s been done but nothing is committed to!

our survey came back on our purchase yesterday, all fine just usual old house stuff. Really nice to have a survey where we don’t need to get quotes or renegotiate anything! Instructed solicitor to start searches - I think they’re pretty quick here according to the search flow website. How long did it take others? (Saw for some areas it takes 90 working days 😮)

instantpotnoodle · 19/05/2023 09:47

Twiglets1 · 19/05/2023 06:54

It is common for the FTB in the chain to only provide a 5% deposit & shouldn't be a problem. The other 95% is paid on completion.

RE your other question though, about your sister providing proof of the deposit, this is a legal requirement to prevent money laundering so a proof of funds will need to come from somewhere. I provided a deposit to my daughter and had to provide a bank statement showing I had the money in a UK account and a signed letter saying it was a gift to her not a loan.

Could your sister not electronically transfer the money to you now so that you could have it in your UK account to show your solicitor you have the deposit? You could open a seperate savings account if you want to keep it seperate from your main bank account until Exchange of contracts (just make sure it's an easy access account).

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would still have to show where the money came from.

Seaitoverthere · 19/05/2023 11:30

Just completed on our purchase, started this move for the 3rd time last February but finally happened. My Grandmother’s house was supposed to be exchanging today but don’t think it will, that’s over a year since we put it on the market.

Messyhair321 · 19/05/2023 21:31

I don't understand our buyers, unless they are looking at trying to get another drop in price. They have taken 6 weeks and counting, to get any questions back from our home info forms, and they have had a survey also just this week. Offer accepted late March. Why would they be taking their time?
Our purchase is all ready to go, but I am getting really pissed off with this, our agent and solicitor have said that the forms would be back with us 'thursday or at the latest Friday', nothing at all. Solicitor chasing every other day. Our purchase is ready to go too.
I seriously am wondering if these are 'our' buyers, I know they want the house, but am starting to think they want it at their price, and thinking if we start agreeing to drop I think they might continue to want to drop (we have already accepted under asking at 15k less because we wanted things to go quickly having found our purchase). In a nutshell I am thinking that they might have had a survey to find some fault so that they can get a further discount, (I know that they have a mortgage already agreed,) I would bet the house that this is whats going on(!)

Twiglets1 · 20/05/2023 03:57

Messyhair321 · 19/05/2023 21:31

I don't understand our buyers, unless they are looking at trying to get another drop in price. They have taken 6 weeks and counting, to get any questions back from our home info forms, and they have had a survey also just this week. Offer accepted late March. Why would they be taking their time?
Our purchase is all ready to go, but I am getting really pissed off with this, our agent and solicitor have said that the forms would be back with us 'thursday or at the latest Friday', nothing at all. Solicitor chasing every other day. Our purchase is ready to go too.
I seriously am wondering if these are 'our' buyers, I know they want the house, but am starting to think they want it at their price, and thinking if we start agreeing to drop I think they might continue to want to drop (we have already accepted under asking at 15k less because we wanted things to go quickly having found our purchase). In a nutshell I am thinking that they might have had a survey to find some fault so that they can get a further discount, (I know that they have a mortgage already agreed,) I would bet the house that this is whats going on(!)

They may have their own reasons for wanting to delay the purchase but it’s a good sign that they have now paid for a survey.
Do you know their situation? Could it be that they are in rented accommodation and are committed to being there for a certain amount of time so are trying to slow the purchase down? Very frustrating.

Messyhair321 · 20/05/2023 11:46

Twiglets1 · 20/05/2023 03:57

They may have their own reasons for wanting to delay the purchase but it’s a good sign that they have now paid for a survey.
Do you know their situation? Could it be that they are in rented accommodation and are committed to being there for a certain amount of time so are trying to slow the purchase down? Very frustrating.

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Him they aren't in rented, they are selling also through our agent, and they have a first time buyer, as far as I know everything is going ok. We have an older house so wondering if they know that it will need maintenance, more than a newer house, and will have signs of wear and tear(!) its just we aren't going to budge on the price and I hope that the agent has said this to them, unless of course the house is going to fall down or something, in which case they probably would walk away anyway.. I don't think it is - was surprised at the level of the survey, we had a surveyor to check out our property but nothing like this! obviously paid a lot of money, still am suspicious because I am aware through the agent that they are really pushing their budget to purchase, hence wondering if they are trying to get further discount, (which they won't get because we have decided we can't go lower)

Reeniebeanie78 · 22/05/2023 11:31

Well another week of fun for us all in housing chains! Hopefully some of us inch closer to exchange and/ or completion! It's do or die for our house chain this week - to be honest I am just so over it all now that if it all falls apart I am surprisingly ok with it now. The last 4 weeks have been beyond stressful and I just need to know what is happening one way or another. Good luck everyone!

Flubadubba · 22/05/2023 11:49

Our buyers are having their survey done this week. Feeling panicked, although I have no real reason to be! I don't recall it being so bad last time we did this...

Our survey is next week, mortgage already approved. Looks like our sellers are probably the slowest link.

Chippy1234 · 22/05/2023 16:00

Who is actually responsible for changing the conveyancing process in England? I cannot believe that there are not meetings after meetings to discuss why its so hit and miss. Is it that although it doesnt seem like it in the end the vast majority of sales get there?

I read that only something like 5% of sales fall through after survey. I strongly suspect its because the sellers reduce to keep the sale going. We did for a relatives house. We could have stuck it out, put it back on the market etc but then the process starts all over again and to be fair the buyer got a quote and then suggested we meet half way which we did.