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.

@changeage how long have you been stuck in this process for? We are 8 months in and yet to see any light at the end of the tunnel 🤦‍♀️

Congratulations to everyone newly over the line!

I've now been in the new property for 3 months and loving it here.

And we should be exchanging today on the property we moved out from, it will be a huge relief if we do but, as always, I'm expecting hold ups...

Our buyers have been a dream, a real dream so far. They will definitely be given champagne, chocs and flowers!!

I’m expecting the reports and contract for signature for the property I’m buying today. We are due to exchange next week and complete mid July. It will be the first time I’ve seen details of the share of freehold and property information form so I hope it doesn’t throw up any issues. I’ve seen the searches and had a full survey so hopefully no surprises. It’s less than 2 months since we had the offer accepted so it’s been pretty quick even though it doesn’t feel like it!

As a first time seller I wasn't aware of the 10% deposit on exchange, so don't have it.

Reading other threads on here I've asked if my solicitor can arrange 6% as this would be covered by my sale. But what if they say no?

Really frustrated that no one said anything until now. Why is this process so ridiculously vague?

Feeling hopeless that now it all completely falls through

Your buyer will send it up the chain so you only need to make up the difference. Or you can agree less than 10% if the upward party agrees. It’s not a big deal in reality.

We've had to go back to the seller to push them to fully answer enquiries. But it took them 6 weeks to answer the first lot!! So not holding my breath. But our solicitor has said about signing documents so I am hoping we are close to exchange now! We also have only 5% deposit so hope that's okay for exchange eek. Seller isn't buying another property so hopefully they will be okay with it as they don't need it for their deposit or anything.

I've been informed they'll use by buyers deposit for my deposit on my purchase, although it's not 10% of my purchase price, so it seems very flexible.

Currently harassing people for an update on the local searches. It would be good to go into the weekend knowing next step is to agree dates to exchange and complete.

@BungalowBuyer you seem to understand this way better than me.

Let's say worse case scenario I have to top up the deposit, what happens to it? Do I get it back once the sale goes through?
Because if not, it won't change what I pay on the mortgage so where does the money go?

@LindyMoe What % off the sale price is your mortgage? Isn't the deposit the difference?

I've had an email confirming my conveyancer has our signed documents (should have I handed them to their receptionist) and that he's advised the solicitors for my buyer and my vendor that he has them and has asked for confirmation of their position, so sounds like we're good to go from our side.

@BungalowBuyer at a 10% exchange deposit, we'd have to top up £20k. At 6% exchange, no top up.

@LindyMoe Sorry didn't explain very well, if your mortgage is at 90% and the deposit is 10% that's then the total sale price, needed to pay the vendor.

@BungalowBuyer mortgage is 80%, difference being taken from the sale. Which is why I'm mega confused about the exchange deposit, it totals over the price of the house.

I give up, my brain just can't understand it

I'm sure someone will help.

We are 6 weeks into the buying/selling process and my vendors solicitor is already hassling me. He called me yesterday so angry and implied the vendors are emailing him every 2 hours to ask why we haven't raised enquiries yet (my solicitor does it all in one go) suggesting they are even considering backing out! we are still on track and my sale and purchase are at the same pace. Are we particularly behind or is he just being pushy!?

@SJ89SJ I can understand some why your solicitors approach could result in some impatience. Everyone wants to be ticking things off the list as they go along.

Our LA search is still due to come back on Monday. Not had anymore notifications of delays so fingers crossed. Still very frustrated as solicitor still insisting she won't look at a single thing till that last report is back, so our enquiries will only start once she has reviewed on Monday. Keeping everything crossed no curve balls are thrown up to slow everything down further and she can turn it around quickly. Our buyers are ready to exchange as is our seller. So it's entirely us, well entirely my ridiculous solicitor holding everything up.

We've heard back, no further enquiries, my buyer has signed his contract documents and returned them today (hand delivered) so we're good to go with exchanging before their deadline for giving notice. Phew 😥

Over to their solicitor to speak to mine about dates.

Had an email from solicitor today (bearing in mind I was expecting a few more weeks of this) suggesting we exchange and complete by next Thursday.

Just waiting for seller's solicitor to confirm and monies to hit the account. (Coming from different sources)

My goodness, it's a lot of nothing and then whoosh!

Let's see.

That's quick to have exchanged and completed.

Yes, I'm not holding out hope that her timetable is realistic - that said if everything is in place, maybe so. We will see!

Got our survey report yesterday- 120 pages, ans one level 3 (an outbuilding we want to replace anyway).

Our sellers FINALLY sent the contract pack (accepted our offer on 28th April. Our buyers' second survey is the 19th (first was valuation). Things are finally moving.

Now husband has seen a house online that he may like more and I am furious.

We are currently waiting to exchange, I’ve been trying to chase up my solicitor about it all week, and haven’t heard anything. We’ve signed the draft contract and mortgage deed, and apparently the seller has finished everything on their end too.

I don’t understand why there’s a hold up?

We wanted to complete on the 16th of June. I can’t see that happening now!