Buyers/Sellers Exchange waiting room new thread

[thoughtsofmoog3]

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.

What did the L2 report say about the extension?

We need to exchange within the next 8 days to complete in July, I feel like I'm holding my breath.

now hoping to exchange a week today

Accepted an offer on our house (after the first 2 fell through) nearly a month ago - buyers are moving at what can only be described as snails pace.

Just received another offer today from a neighbour for 10k more. Eek. We have no idea what to do.

How far have you got with your current buyers?

Bleam ooh that's a tough one

I hope I can rant here. I feel as if I have an aggressive buyer? His solicitor has sent queries which even relate to the land searches before the building was built. I keep hearing this is just what it's like with the legal stuff now, and the EA was saying that some of it is just a time wasting exercise.

I will put my hand up and say my paperwork is not in the order it should be - but even if it was, it's taken me 90 mins to answer the queries that were sent. The service charge is high where I am selling and they have even queried a £30 water charge.

I realise this is a first world problem...but if you're going to make an offer on a flat with a high service charge, be realistic, it's not going to go down is it!

They've submitted a mortgage application and appointed a solicitor. No searches submitted yet or valuation/survey booked.

We've been trying to move since January - messed around by 2 buyers previously so feel like we've just had enough of it all.

They've submitted a mortgage application and appointed a solicitor. No searches submitted yet or valuation/survey booked.

We've been trying to move since January - messed around by 2 buyers previously so feel like we've just had enough of it all.

@Bleambx That is a tough one, I think the general rule morally is that once you've commenced conveyancing and your buyer has incurred costs you you shouldn't be gazumping them for a better offer.

If they're not proceeding as expected that's a different issue though.

More experienced heads will be along.

Speaking as someone in the process of applying for a mortgage it could be that side of things that is slowing things down right now.
I wonder if it's to do with the anniversary of the stamp duty holiday?

@Bleambx have they had a survey?

Our buyers had a survey today (already had a valuation knew weeks ago). Husband spoke to surveyor and apparently it was a level 3 one (despite him telling them it wasn't worth it). Apparently no major issues. Hopefully it won't spook them as FTBs.

No survey, no valuation, haven’t even submitted for searches. It’s been over a month. We’ve already been messed around by time wasters twice (costing us 3 months) and our vendor is rightfully getting restless.

we just want to move asap 😢

Finally! We have exchanged today! It's been a very long journey but we complete at the end of the month which isn't long ...eeek!

Delighted that despite our sellers saying they have no information on the extension their solicitor has found building regs sign off from when they purchased. Hurray! Now it seems like there are some broken covenants covered by indemnity before we can continue. Such an annoying process

Well done!! Gives me hope to see some of us getting over the finishing line!

@onthefence23 ah thank you. I. Must admit, I cried tears of joy 😂 Hoping it's you soon!

I"m afraid I'm the one holding everything up!

FTB's buying our house, the one we want is vacant.

I'm having a bloody awful time getting our mortgage approved - want to port existing mortgage and add to it and you would think that was easy!

It's been 4 weeks now since we accepted an offer and I've had to run my latest accounts (which got held up with HMRC and my accountant) and now the mortgage broker isn't getting back to me.

Also our buyers are wanting to come back for more viewings and I'm already thinking they're getting nervous and think they've offered too much. If they knocked money off now we wouldn't be able to afford the house we have put an offer in for! Plus my house has gone back to 'normal' and getting it ready for more viewings now just fills me with dread.

Honestly - the bloody stress of it all!!

Do you happen to know what sort of upfront fee they had to pay their solicitor?

I had an initial stand off with my prospective buyer because we both wanted the other to go first. There really needs to be laws around this IMHO.

Ouch. Maybe now is time to lean on your agent and formulate a plan. If they haven't invested and you are 3 months in, something has gone wrong.

I am concerned my vendor could be thinking like you Bleambx
We've spent over a grand on engaging a solicitor, broker etc. The delays aren't due to us.😯

Ooh how exciting!

We had a buyer who hadn’t progressed anything as we hadn’t found somewhere. Our neighbours offered £50k more and we did end up going with that. If the buyers had paid any money out I’d have considered longer whether it was morally ok to jump…

We sold ours a week ago and I noticed our ad on Rightmove hadn’t changed to under offer or sold. Spoke to our EA and they said they’re still waiting for the buyers to send paperwork to show they can afford it. Normal for people to take that long?
We’ve set up a survey and currently filling in contract details for the solicitor.

It took my buyer over a week to get to the point where a memorandum of sale could be issued, waiting for proof of mortgage/funds but also for their solicitors to make a solicitor.