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Buyers/Sellers Exchange waiting room new thread

1000 replies

thoughtsofmoog3 · 12/06/2023 15:33

I noticed the last one was full, so here we go!

Hello to the newcomers and welcome back to those who are still working their way through the joys of house buying/selling.

OP posts:
Issummernearlyover · 16/09/2023 09:15

I'm in the same situation. We should have exchanged last week and chased and chased. Now told exchange on Monday. Apparently our buyer hadn't sorted out the deposit (even though he's been saying he wants to exchange since August). We have been packing, but the anxiety is massive until I'm told it's happened. Now we have only two weeks to complete and I can't organise anything yet.

Jonsnowsghost · 16/09/2023 09:22

3 weeks?! That's crazy, you would think that they'd want to get it sorted!

The anxiety is huge, it's been such a stressful process and I just want it all sorted.

Our whole process has taken 10 months, I lost my buyer but quickly found a new one and since then have had lots of pressure put on me from the chain to exchange/complete ASAP (originally suggested 4 weeks after offer was accepted, no chance!) So I suggested a completion date of the 8th Sept as I was aware of the time pressure, only to be told that actually one of the chain couldn't move before the 25th, with absolutely no flexibility 🙄
I was not too happy about this as my mortgage offer expires on the 27th(!!) And I also was unhappy about the amount of stress everyone was putting on me for no reason! But we do seem to have the date agreeded on now. This was about 3 weeks ago?
One solicitor was away so we had to wait for them to get back, I was hoping exchange would be done as soon as they were, given the previous pressure but that was last Monday and still nothing....🙄 I would've thought that with waiting so long everyone would be keen to push it through! It's now just over a week potentially and getting too close...

movinggirl · 16/09/2023 12:25

@Issummernearlyover it's awful isn't it? We're supposed to move week after next and haven't done any packing as we don't want to risk it before exchange.. hopefully next week is the week.. Our buyers sound v similar - mine also hasn't sorted deposit despite EA telling me "it's been ready for weeks"...

@Jonsnowsghost ridiculous isn't it haha, these things can take time I totally understand, but feels like I'm the only one in the chain who actually WANTS to move. Everyone else's pace is glacial. I'm sorry you had so much pressure - we have had exactly the same from all the EAs and yet our buyer seems to be getting NOTHING. Sounds like we're in a similar boat - we're 5/6 months in with a lot of drop outs and chains getting back together - it's been a real downer on our year!

Hope we all get some good news next week!

EmmaEmerald · 16/09/2023 13:14

Interesting to read other people are finding things glacial

I'm really pissed off at myself.

I had an offer on my flat in May, which I accepted. By July, I thought something was up because 1) the buyer was asking stupid time wasting questions via their solicitor and 2) the estate agent wasn't returning calls.

Unfortunately, I then had a nervous breakdown (due to care of elderly mother, not the sale!) and it took me a month or so to recover enough to chase up.

Turns out the buyer had his mortgage offer withdrawn.

He has now rejigged his finances and put in a lower offer. That offer is actually more realistic compared to the market so I accepted it.

The EA is still being a pain though. I cannot get any info out of them and I suspect a second, dramatically lower, offer is en route after mortgage application is made.

It seems mad to pull the flat off the market on the basis of a gut feeling but I now think I should consider doing that, waiting the contractual time and going with another agent.

But if everyone is going at glacier pace, I'm not sure.

I have even considered those property buying companies but as it's a high rise, I don't know if they will touch it.

I am not in a fit condition to rent it out and I know from experience that is fraught with problems, I don't want to be a landlord, I accidentally have to do property for an elderly uncle who is too ill to deal with it. It's a nightmare.

Dithering. I should give it a couple of weeks really shouldn't I?

I don't the market for this type of flat will improve but if anyone has other knowledge or experience, I'd be interested to hear it. Thanks.

EmmaEmerald · 16/09/2023 13:15

Issummernearlyover · 16/09/2023 09:15

I'm in the same situation. We should have exchanged last week and chased and chased. Now told exchange on Monday. Apparently our buyer hadn't sorted out the deposit (even though he's been saying he wants to exchange since August). We have been packing, but the anxiety is massive until I'm told it's happened. Now we have only two weeks to complete and I can't organise anything yet.

I thought they had to show proof of deposit?

Issummernearlyover · 16/09/2023 13:26

@EmmaEmerald He's got the deposit - locked in a high interest account!

EmmaEmerald · 16/09/2023 13:51

Issummernearlyover · 16/09/2023 13:26

@EmmaEmerald He's got the deposit - locked in a high interest account!

What's the notice period on the account? There's good interest on some instant access atm.

Mummaluma · 16/09/2023 15:04

After gazundering drama, we are pretty much ready to exchange- apart from our mortgage lender playing the small reduction in our purchase (based on survey issues). Told the solicitor nearly 2 weeks ago, chased the lender etc and it' as still outstanding. It's a tiny amount, and we have been pushing a painful chain, so am furious.

Goingslowlybonkers · 16/09/2023 22:06

The weekends are particularly stressful. Too much time to dwell on all the things that might go wrong next week. Good luck with your exchange.

Issummernearlyover · 17/09/2023 10:50

@EmmaEmerald He forfeits interest so he's dragging it out for as long as he can. He now knows we lose our purchase if we don't complete by 4/10. Yet he was the one demanding we exchange in August! I'm close to a breakdown. Never again! Hopefully we'll never need to move from the new house. I have everything crossed for tomorrow.

EmmaEmerald · 17/09/2023 11:34

Issummernearlyover · 17/09/2023 10:50

@EmmaEmerald He forfeits interest so he's dragging it out for as long as he can. He now knows we lose our purchase if we don't complete by 4/10. Yet he was the one demanding we exchange in August! I'm close to a breakdown. Never again! Hopefully we'll never need to move from the new house. I have everything crossed for tomorrow.

I'm sorry, it is such a nightmare.

Polito · 18/09/2023 08:23

sgb - congrats for getting the document at least - that is so upsetting but really nothing ominous looking. It’s quite possible the buyers sol was tied up and couldn’t schedule the exchange rather than some reason why they are not ready In principle. IME the buyers sol is the one to first say ‘we’re ready’. This can prompt the sellers sol to realise they are not ready. Then when whatever was the issue is resolved at sellers end - the buyers are usually still in a state of readiness. The biggest pain in all of it is that sols won’t tell you what the Fk is happening cos they don’t have time to explain anything so you and the agents get left guessing and speculating. My selling agent was real good at phoning my sol and demanding an update- I didn’t have the spare energy.

Issummernearlyover · 18/09/2023 08:36

Nervous wreck today. We've been awake since 5am fretting whether we will actually exchange today. DH has packed everything. I can't even cook as all my dishes etc. are in boxes. He's even packed my throwing away stuff. I've told him that if this sale falls through, he's the one that will be unpacking everything again. Last time we moved, our sale fell through five times and he packed every bloody time Sad

Polito · 18/09/2023 08:41

Emma - was it the actual mortgage offer that was withdrawn or just the AIP? I suspect the latter only and in fact he never got an offer in the 1st place. It will take time to shop around for a mortgage for a high rise Flat (since Grenfel 😞). Consider giving an ultimatum of two weeks for the mortgage offer or you will pull out and put property back on the market. the offer should have come through by now and it is a bad sign if still no confirmed offer.

Jonsnowsghost · 18/09/2023 10:01

I have everything crossed for you @Issummernearlyover

I've been chased by estate agents this morning as apparently everyone is ready but the hold up is at the bottom of the chain. I'm ready to go so I asked my solicitor and apparently she isn't getting a response from my buyers solicitors 🤦🏼‍♀️

So I've chased my estate agents this morning to get in touch with my buyer and try and sort it. STRESS

PuddlesPityParty · 18/09/2023 10:39

Im getting so disheartened. The rent charge collector has finally done the form correctly but still hasn’t sent the deeds so we can’t exchange or complete until they do 😭 it’s been with them for weeks I don’t understand why they didn’t send everything at the same time 😭

AngeloMysterioso · 18/09/2023 10:42

I’m feeling a bit sick today. We accepted an offer on the 8th and had our offer accepted last Tuesday, but our buyer still hasn’t been able to provide proof of funds- she’s told the EA it’s coming from inheritance which the solicitors in Aus have confirmed but they still haven’t confirmed the actual amount she’s going to be receiving, so we haven’t made any progress at all and no memos of sale have been issued or anything. I’ve got an awful feeling it’s going to fall apart and we’ll lose our house, and it’s absolutely perfect for us. We won’t find anything else like it within our budget.

Issummernearlyover · 18/09/2023 10:43

Jonsnowsghost · 18/09/2023 10:01

I have everything crossed for you @Issummernearlyover

I've been chased by estate agents this morning as apparently everyone is ready but the hold up is at the bottom of the chain. I'm ready to go so I asked my solicitor and apparently she isn't getting a response from my buyers solicitors 🤦🏼‍♀️

So I've chased my estate agents this morning to get in touch with my buyer and try and sort it. STRESS

Thank you. Stress levels rising by the minute. I've chased my solicitor by email as she's quick to read and act on them. DH started loading the car to take more boxes to the storage unit and the rain started so now he's aimlessly faffing.

Jonsnowsghost · 18/09/2023 11:27

I don't want to get my hopes up too much but it looks like there is some movement...👀

EmmaEmerald · 18/09/2023 11:46

Polito · 18/09/2023 08:41

Emma - was it the actual mortgage offer that was withdrawn or just the AIP? I suspect the latter only and in fact he never got an offer in the 1st place. It will take time to shop around for a mortgage for a high rise Flat (since Grenfel 😞). Consider giving an ultimatum of two weeks for the mortgage offer or you will pull out and put property back on the market. the offer should have come through by now and it is a bad sign if still no confirmed offer.

It was the actual offer and he appealed the decision

Given that all services are moving incredibly slowly, I think two weeks is unreasonable.

After I posted, I agreed mid October. He has a valuation survey booked on Thursday. I believe that he will be refused his revised figure and an even lower offer will come in after that. That would be the point I have to say no.

this is not the only property he has and if a second reduced offer comes through, I'll just assume he's overstretched - he has other properties.

elsieandthepooch · 18/09/2023 13:34

I'm so glad I've found this thread.

See my post Fed up with Stress of Selling.

NEVER AGAIN!@!!

elsieandthepooch · 18/09/2023 13:34

I'm so glad I've found this thread.

See my post Fed up with Stress of Selling.

NEVER AGAIN!@!!

Jonsnowsghost · 18/09/2023 14:23

So it turns out that my buyer took ages to sign and return the contract 🙄 it's now with the director but the director is helpfully out of office today so earliest we can exchange is tomorrow. Fingers crossed it actually goes ahead as we're getting closer to the agreed completion date.

elsieandthepooch · 18/09/2023 14:51

We accepted an offer end of June for our flat. Cash buyer chain free as the flat is empty.

The flat is share of freehold with 43 other flats, 4 in our building. The flat is 1st floor. I've been asked for a timber guarantee for the roof. Not something I've ever had and the managing agents say they've not got either. Flats built in 1989.

Windows were put on prior to me purchasing flat from previous owner. They now want evidence of consent which my Solicitor is asking me for. Not got it.

Feels like I'm living a nightmare. Each day that goes by I think what will it be tomorrow....

EmmaEmerald · 18/09/2023 14:52

Jonsnowsghost · 18/09/2023 14:23

So it turns out that my buyer took ages to sign and return the contract 🙄 it's now with the director but the director is helpfully out of office today so earliest we can exchange is tomorrow. Fingers crossed it actually goes ahead as we're getting closer to the agreed completion date.

I can't understand how people take so long to do this when they want to buy the place!

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