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.

@KittenCatt After a load of nothing, my solicitor suddenly announced to me on Friday that they were aiming for next week on Thursday. Seems completely unrealistic to me, but perhaps things can happen very quickly?!

Can anyone explain to me in simple terms what I need to do about house insurance?

I know I have to have buildings cover from exchange, do I just get an additional policy for the new property and then arrange for my current policy to swap to the new house (with contents cover etc.) from completion day?

Some providers will let you transfer, although there might be a cost difference.

I am getting a policy to start from the exchange date - if there is damage between exchanging contracts and moving, you’re still committed to buying it - so best to sort that.

I will cancel my existing insurance once I move - my provider is not the most competitive and the admin fee to cancel is the same as the admin fee to change address.

Compare the market etc are good for quotes - you can get most of the info off the survey if needed - and if you buy online you have a 14 day cooling off period when you can cancel.

For the new property: Purchase home insurance for your new property from the date of exchange.

For your current property: Contact your existing insurer to cancel the home insurance from the date of completion.

This is always how I've done it!

Actually for one insurer I didn't cancel as they had an admin charge, so I just let it expire and just obviously didn't renew.

My current policy only started in April so I'll have to cancel it.

We only had our offer on the house accepted on the 2nd of May, and we now pretty much ready to exchange (as of the 10th of June). Things have been progressing very quickly for us, thus far!

I wish this was us. Offer accepted 28 April (accepted an offer a week before). Sellers only sent contract pack on Thursday. I feel like this might be a long journey (hopefully one that will conclude before we have to apply for schools in Jan...)

I accepted an offer on 28th March and had an offer accepted on 1st April, we got to ready to set a date to exchange and complete yesterday, seems like forever though.

We are trying to sell after having an offer accepted five weeks ago. Anyone else in our position ? Already dropped the price and we got a good deal (at the time but things are changing rapidly! ) so reluctant to ask the vendors to drop any more but if we have to reduce the price of ours again we would be forced to.

I was really naive and thought we’d sell much more easily than this, really wish we’d gone in at the lower price now to start with .

Does anyone have any experience of buying an off plan home? I am slightly anxious of process as I haven’t got everything sorted yet.

current house is sold and awaiting to exchange pending something being registered at land registry. Should happen in 2 weeks and me and buyer have signed contracts in anticipation so I am confident it will go through.

I have moved to my partners as I have bought a new build that is not ready till January 2024. In process of applying for mortgage as builder said I need this sorted asap. But the mortgage company need proof of deposit. Some is coming from house sale and other is coming from inheritance that I will receive in a few weeks. The financial people have drafted a letter stating I will receive deposit there is some notice needed to close accounts. will lack of funds in my bank account affect me being able to apply for a mortgage?

slightly panicking I am not going to be accepted due to lack of proof of funds. But I will have in 4 weeks time. Any advice

What does your agent advise? What are they doing yo get more of the right people through the door?

The market is...weird atm, with some places being not for some things and dead for others all at the same.time with no rhyme or reason to it.

Only since March, so I feel for anyone who goes through this for months on end.

Could somebody explain the release of funds from mortgage lender please?
We are supposed to be completing on the 16th June. We haven't exchanged yet.
My EA (who chases 3 times a day), said that my solicitor has asked my lender to release funds on Friday just gone. She told me that lender needed 7 working days.

When do we know whether the lender will definitely release funds? I remember my buyer finding out if they will definitely release funds before she would exchange. How can I do this?
I don't want to exchange until I know they are definitely releasing funds.

Im even tempted to ask for exchange and complete on the same day.

Help I'm confused!

@changeage 7 working days? If that's the case, we're scuppered! My solicitor is getting confirmation from my seller that Thursday is suitable for completion - I am hoping they've factored this in, but who knows any more!

In the meantime, I have sorted out Buildings insurance today. (Rock 'n roll lifestyle)

@thoughtsofmoog3 I don't think 7 working days is the case for all lenders, so hopefully you'll be ok !

@changeage funds were requested and then received three days later. I found it happened quite quickly towards the end of the process!

They suggested going dropping and have said not to panic yet and similar to you have said that the market is strange , they took new photos of the front of the house last week , tried social media etc and do seem to be generally good though I don’t have much experience as only sold once before . We are in a very popular area but I think due to that meaning prices are high it means people are nervous maybe .
The agent did say if no more interest a couple of weeks after dropping the price (we are now a week in ) then he would be very surprised but we would re think things , he didn’t actually discuss next steps though

Sorry above was in reply to Flubadubba. I just hope this is the week we get interest but we have only had 3 viewings so far so I’m getting worried.

@Mortigua It's a funny and unpredictable market currently - I've noticed that some properties are lingering but eventually selling- people will still need to move regardless of the market (up and down sizing, death, divorce, jobs etc). I am buying, but there wasn't much choice (property was perfect for me but had been on market for 3 months).

@changeage if we don’t receive an answer tomorrow to what is going on with the land registry, we are going to give a deadline and pull out if we have no answers by then! It’s ruining my life atm 😅

thoughtsofmoog3 that’s reassuring , and I keep telling myself that we are still buying after all (fingers crossed we are anyway- I guess it depends how long everyone can wait). The three people who have viewed have all been in a position to buy it seems or so the estate agent said anyway just found other properties better for them. We’ve been reassured our house is fine etc and comments have been positive but the reasons people haven’t bought have generally been the reasons we are moving so we need a buyer in the position we were in when we moved here (less children !) or people needing different things

Adding myself here, offer accepted about 2 weeks ago, how often do I chase to see if vendor has found anywhere to buy without pressurising/being pushy?

Joining as well. We sold end of march for buyer to pull out 2 weeks later. Then we sold again 2 weeks later around beginning of may. Chain of 3 starting with FTB needing a mortgage, our buyer is cash but her house on an unadopted road so hoping that doesn't bring issues. Buyer apparently sent enquires to our solicitor but we've heard nothing so EA thinks probably questions our solicitor could answer. On Friday got paperwork about our purchase and what enquiries our solicitor is asking. So it's slowly moving forward - not sure I'm enjoying the long periods of silence but onwards we go. Our seller lives in the USA but apparently returning imminently to clear the house and hopefully sign things if they need to. Feel like I've been decluttering and selling things for months as started to the selling journey mid February

Broker told me our building society say 5 working days but if pushed can do it quicker.

We exchanged on my Grandparent’s house last week which went on the market April last year and has taken ages as another family member died and probate was needed. Our own house went on market start of last year, we completed in September then completed on our new house last month. I feel finally the end is in sight.

Our buyer has out of the blue asked to complete this Friday! We are very surprised as it took them 6 weeks to answer enquiries so we thought they were trying to slow things down. Pleased we'll be exchanging soon, but we definitely can't complete until July as we are still trying to get out of our rental!