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.

Your seller needs to be on their solicitor's case - as in, chasing them daily. It won't be enough for your Solicitor to be chasing.

@AlwaysGinPlease fingers crossed for you too! Hoping we both get good news this week along with the beautiful sunshine 🤞

This is going to be the week I get my exchange/completion dates. I can feel it!

@thoughtsofmoog3 can you pass some of that positive energy to me too please? I feel like I'm in a never ending tunnel 😩

Still hanging at mortgage approval stage, the lender keeps getting back with more questions. I had to unfortunately change the deposit break up, will be using my fixed deposit which is in another country rather than the gift deposit. The lender wants me to transfer that deposit to our UK account before they approve our mortgage. I have given them all the proofs of the deposit but they want it transferred first. Wondering what if they don't approve the mortgage even after I transfer the money. The solicitors have approved this deposit but the lender wants to see it my account and do their checks before they approve it. Please pass on some positive energy, hopefully our mortgage gets approved.

@ClingingOnNow I know she has contacted her solicitor on thursday (or at least tried to) if I don’t here anything back today I’ll be back on the phone to the agents!

Me too, hopefully 🤞

@ClingingOnNow

On your advice, conveyancer and sales progressor both emailed this morning, follow up phone calls tomorrow if I haven't had a response.

Amazingly my conveyancer came straight back to me, the contract documents are with him for sign off and then sending to us for signature, so we can exchange.

Nothing about a date to exchange but can I assume the searches were good and there are no further queries ?

The whole proof of funds/ source of funds is so painful. It’s ridiculous that we have to prove these three times for agent solicitor and lender. Their literature always suggests it is simple. There is nothing as complex as money. For an average wage earner (ie not the filthy rich) a deposit of £50k-£250k is likely to come from a multiplicity of sources over a period of many years and be scattered in different accounts and assets - not just one source and one account. I must have sent about 15 different documents trying to prove sources. I too have overseas issues- some of my deposit money was from sale of inherited properties the UAE - ‘high risk’ 😬but the proceed money is in the U.K. and I have all the sale docs and correspondence. fwiw I think it is semi reasonable your lender wants to see the money in your U.K. bank account. Hopefully the transfer does the trick and you get your offer 🤞

Thanks @Polito. The only issue being I would have to travel to my home country for that fund transfer :(. I can't remotely do from here. Who knows if the lender would accept it post all this hassle. I have the money, the proofs, what do they need more :(.

So regarding my dad's house, they want to exchange today with completion on Monday. Please, please let this happen! 🤞
Still no further with our house yet though, but I'll take 1/2 for the time being

Good news 🤞

I've heard from the sales progressor, the searchers are all back and my buyer's solicitor is reviewing the file to see if there are any further enquiries and to make sure everything has been done. They're expecting to have done all that this week.

My conveyancer is doing a review on my sale and purchase files and will then be sending us contracts etc. to sign.

So we've crept forward slightly.

We're on a deadline for my buyer to be able to give notice this month and I've started packing so fingers crossed.

Soo after reading through this thread I realise we are probably not in such a bad situation, still as frustrating as hell though and being held up by our solicitor and the way she likes to do things.

We've sold to FTB (offer accepted mid march), we are buying a converted church with no chain (offer accepted April 4th), so we are now 2 months in and still no idea when we will exchange on a very simple chain.

The issues have come that our mortgage company wanted a structural report, damp and timber report and some legal stuff to do with restrictions and planning confirmed (valuer wasn't used to dealing with conversions). We got the reports organised ASAP and all came back fine, mortgage company has accepted them but still waiting on our solicitor to confirm the legal stuff before they will offer.

Vendor was slow getting his paperwork back then our solicitors didn't seem to do very much with it so searches not ordered until Mid may, all back except local authority which was due today but now delayed to next monday.

The issue we are having our solicitor won't review or even look at a single bit of paperwork until that search is back and she has everything. Then she will start to raise enquiries etc. Seems madness to me and not how we've done it before. There could be info she has sitting there right now that could either make us pull out or requires some kind of follow up that could take weeks. I've been back and forth with her many times but she won't budge. I even asked for her to send me the F&F form, TA6 and the reports as we'll see all them eventually anyway but she won't let me see anything until she's reviewed. It also means the mortgage offer won't happen until she's reviewed the paperwork and confirm the legal questions they had.

Our buyers are pregnant and ready to go, our vendor is eager to get his money so he can proceed with the cash purchase he's pursuing and there is nothing we can do.

I'm hoping as she is doing it this way it will mean she focuses on us once the search is back and enquiries are done quickly. We had all thought we'd be completing end of June. ( I also have to apply for new schools for the kids for sept which I can't do until exchange and all schools are full).

It's just so frustrating and I feel I am the mercy of this one solicitor and her preferred process.

@confusedmuch81 My solicitor is similar. We have searches back, management pack (it’s a share of freehold), answers to enquiries all received but until my solicitor has reviewed and is satisfied with everything and has drawn up reports I don’t see anything. I did get a copy of the searches and the F&F form but that’s it. We need to exchange by next Friday so I just have to hope there are no surprises.

Attempted to get hold of my solicitor today, but no luck.
I will not be down-hearted! Tomorrow is the day (to actually find out whether anyone even dusts my file occasionally).

Please help.

Me and my boyfriend are first time buyers. We found our dream first home and had our offer accepted in february. We are at the begging of the chain as we have nothing to sell.

Everything has gone through we are now just waiting for a completion date. Our seller has agreed to a date but the people he is buying off are buying a new build and their solicitors arent replying.

Our mortgage offer runs out in a months time and, as the rates have gone up, it is unlikely they will extend our offer. We will more than likely have to reapply which is costly.

I guess my question is what is the likelihood of us completing and how much pressure should we be putting on? Should we be asking that someone breaks the chain and rents until the new build is ready?

Urgh. W haven't had confirmation of exchange today for my dad's place. Another day of waiting. We go on holiday at the end of the week and would really like to have it done so we can actually relax rather than calling EAs and solicitors from abroad!

@confusedmuch81 that's very odd of your solicitor. Maybe a reminder to them that they are acting for you and as such are reliant on your instructions. Ie if you want to see your documents (note yours because they are yours and solicitor is just intermediary) they surely should give them to you.

Tried that Friday and got exactly nowhere. She seems to think she's god. Forgets we're the actual clients paying the bill. If it wouldn't slow things down I'd be changing solicitors. Can't stand her attitude. It's all about what works for her.

I find it unusual the builder’s sols are doing nothing. In my modest experience vendors who are moving into a new build are DESPERATE to exchange because if they don’t themselves exchange they lose their new build. The developer doesn’t hesitate to release the plot to someone else if it moves too slowly. Developers usually appoint a progression person whose job it is to harass the hell out of you, your sol and your vendor’s (their buyer’s) sol to get contracts exchanged. Completion is another story Ofcos. No one knows when these new builds will be ready. I don’t think you have anything to worry about. You have the blessing of not having to sell anything! Can you possibly extend the mortgage offer?

Sorry - just noticed you said can’t extend mortgage. You have the option to say - to all sols and agents - if your mortgage offer expires the deal is off. This tends to get things moving

Hi,

The main issue is because the interest rates have gone up they wont extend the mortgage offer, they will change the terms and increase our rate to get more money out of us. Annoying really

@ellieteee Be polite but persistent; don't let them intimidate you.

(I've noticed my solicitor's has a complaints department. If no one rings me back tomorrow, I'm trying that.)