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Buyers / sellers exchange waiting room continued...

996 replies

NoWordForFluffy · 30/10/2023 07:23

New thread for those of us still waiting the dreadful wait. 😩

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NoWordForFluffy · 23/11/2023 18:19

kdd1980 · 23/11/2023 16:26

We've been waiting so long for the buyer to review the survey and contract now that a friend suggested today we should put the house back on the market and say to the buyers that they can take their time but if we get another buyer who can move more quickly we will go with them. Has anyone ever done this? Can we even do this?

They have had the survey and exchange documents for 4 weeks and say they are reviewing them and we accepted their offer almost 12 weeks ago. They have been silane since last week too. There No chain and we're London Zone 5 so this should have been an easy sale

I'd give a firm deadline to them to exchange by or re-market at this point.

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MercyNursey · 23/11/2023 18:20

@NoWordForFluffy they haven’t said yet they’re going to speak to the buyer tomorrow but the estate is confident we’ll be moved by Christmas

kdd1980 · 23/11/2023 18:37

@NoWordForFluffy @onthefence23 so
Painful! We've actually tried giving a deadline or we pull out twice and they just ask for more time. We've decided with the EA this evening that we will them tomorrow as they have now been chased again and if that doesn't move them along, re market. So stressful! It's made worse by the fact we have had to move overseas since all this started and the house is sitting empty and we are paying 2 sets of bills

Ellswells3 · 23/11/2023 19:48

@kdd1980 sounds painful! I would definitely make it a final chance with a deadline, no way it should be taking so long!

Congrats to everyone exchanging or with exchange dates! Hopefully we won’t be too far behind… (she says!).

According to our conveyancer, they are reviewing our file & we should be ready to exchange, but awaiting others in the chain to have additional enquiries responded to. We have been pushing & chasing our solicitor re. Our purchase / sale including picking up docs & returning them by hand to save on postage time, but I have a feeling that others in the chain aren’t moving as quickly lol!

Lisalalala · 23/11/2023 20:43

Ah man @kkdd1980 what on earth are they playing at. I'd definitely consider putting it back on the market. Might give them a kick up the backside if they see that.

Lisalalala · 23/11/2023 20:48

Everyone in our chain has agreed a completion date for 30th November (next Thursday) but we've still not exchanged today 😭😱 starting to panic a bit now.
The solicitors who have not been responding have had contact with our buyers and estate agents so it does look like it might happen 🤞The people who needed a week said as long as we exchange by tomorrow but I'm just worried that these solicitors don't care.
Im trying to stay positive so Ive booked a van. It so hard to pack with a 2 year old and a 6month old 😭

Itsjustmeee · 23/11/2023 22:39

advice please or just a hand held or scream together 😂
the house my son is buying the sellers have pulled out of their purchase due to it having solar panels and they can’t get the lease removed been stuck like this since august

however they are desperate to keep my son FTB huge deposit as there buyer and said they are looking at chain free properties - apparently

But they won’t move out ( although they said they would when he made his offer ) but they are “ porting the mortgage “ so that means moving out isn’t an option - although I think it’s bullshit who knows

but my son doesn’t know what to do
he has said he will wait as long as what they buy is chain free or no solar panels 😂 but he’s signed for a six month contract in his flat as he’s got cheap rent so he’s not fusssed and I think. He on the edge of saying sell it or shit and get off the pot to them

but I get the feeling they will say that it’s chain free buy to keep him and then say it’s not but if they lose him they potentially lose 20k off the house price as next door sold for that in August and it’s identical

luckily he had insurance so because they have pulled out his cost will be minimal

honestly I would like to bury these assholes under the solar panels

loopyloo52 · 24/11/2023 10:10

Just sent ANOTHER chaser email to my solicitor and estate agent. I think on our side we are ready for exchange, just need to find out where all the other parties are at. I'm still pushing to exchange by month end if at all possible.... My estate agent is also dealing with my seller's onward purchase which is helpful....

God honestly it's like getting blood out of a stone... I hate it. I want to get my carpets ordered and arrange for them to be fitted on completion before I move out. I've just spoken with the carpets guy and they are going to start getting really busy in the run up to Christmas so I'm worried their fitters will be booked up so it won't be able to happen before I have to move and put all my furniture in.

EmilyMay89 · 24/11/2023 10:34

So we won't be exchanging on Monday as our buyers solicitor has had to request extra anti money laundering stuff from their client. How and why this wasn't done weeks ago is beyond me!! It's getting really annoying now, they're using one of those online conveyancing companies. I just want to exchange so I can actually pack and book things in

loopyloo52 · 24/11/2023 10:50

EmilyMay89 · 24/11/2023 10:34

So we won't be exchanging on Monday as our buyers solicitor has had to request extra anti money laundering stuff from their client. How and why this wasn't done weeks ago is beyond me!! It's getting really annoying now, they're using one of those online conveyancing companies. I just want to exchange so I can actually pack and book things in

oh no @EmilyMay89 that's so frustrating. Honestly if it's not one thing, it's another! Hopefully it'll be resolved super fast.

EmilyMay89 · 24/11/2023 10:52

@loopyloo52 they've said that the latest it'll be with the solicitor is the 29th. Now I'm worried there is something wrong with the cash. I think she is paying £50-60k in cash

loopyloo52 · 24/11/2023 10:56

EmilyMay89 · 24/11/2023 10:52

@loopyloo52 they've said that the latest it'll be with the solicitor is the 29th. Now I'm worried there is something wrong with the cash. I think she is paying £50-60k in cash

eek... hopefully nothing too scary!

My deposit is coming from my ex partner buying me out. But he needs 5 days notice to get that organised. So I really need a fixed exchange date. He's getting a loan to buy me out, and I'm worried his offer will run out, it only lasts 3 months apparently whereas mortgage offers last longer....

So if this keeps dragging on, it may end up being me holding things up further down the line..

NoWordForFluffy · 24/11/2023 11:24

@loopyloo52, can't he just get the money now? I wouldn't want to wait! He needs to buy you out anyway. 🤷‍♀️

@EmilyMay89, that's shit. AML checks should've been done at the start. How annoying.

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EmmaEmerald · 24/11/2023 11:37

AML were done on my buyer at the start, then re-done before exchange. I appreciate he might have done something awful in the interim but it's incredibly annoying.

Plus, none of this stuff actually prevents money laundering.

I now understand why some vendors say "cash buyers only".

EmilyMay89 · 24/11/2023 11:55

@EmmaEmerald they are a cash buyer, that seems to be what the issue is! This whole process is so ridiculous. Surely proof of funds and their source should have been done at the start.

loopyloo52 · 24/11/2023 11:57

NoWordForFluffy · 24/11/2023 11:24

@loopyloo52, can't he just get the money now? I wouldn't want to wait! He needs to buy you out anyway. 🤷‍♀️

@EmilyMay89, that's shit. AML checks should've been done at the start. How annoying.

he's refusing to request the money early as he'll have to start paying a load of interest on it. It's making it complicated I must say. Ideally I'd have the funds just sitting there waiting, but no, he won't transfer it until I've got an exchange date.. He needs 5 days notice apparently which should be doable?! I think/hope/pray

NoWordForFluffy · 24/11/2023 12:00

So, he wants you out, but also won't do something simple which can speed up that process, so you can exchange ASAP, rather than on notice? Can't think why he's your ex!

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loopyloo52 · 24/11/2023 12:03

NoWordForFluffy · 24/11/2023 12:00

So, he wants you out, but also won't do something simple which can speed up that process, so you can exchange ASAP, rather than on notice? Can't think why he's your ex!

yeah it has made things difficult.. I know for a fact if he transfers the money early for any reason, he'll be asking me to pay or contribute towards his first month's interest payment (which I'm trying to avoid, obviously!)

His logic is that he can't get a lodger in (to help pay towards his interest repayment) until I've moved out. So if he's giving me the money and I'm still here, then he's losing out financially. It's a big loan.

Gah the whole thing sucks, I just need it all over and done with now.

I've been living in the family home since July when we had the separation conversation, it's been so hard. It's time to move on now please!!!

EmmaEmerald · 24/11/2023 12:13

Okay, I wasn't going to say this because I didn't want to freak anyone out
But I think I would like to spare someone what happened so here goes.

And please, learn from my error.

Yesterday, around midday, I got an email from my solicitor saying we had completed.

No money in my account. I called my solicitor - you never speak to him, just his assistant - and they were very casual in saying I'd have it by 5pm. (Turns out legal completion means funds are with solicitors, not property owners).

Keys with EA who called to tell me his colleague was taking the buyer in now. it's not his problem that I apparently don't understand legal completion - so I didn't stop him, I'm 2 hours train ride away too.

At 3pm I began to think I'd made a mistake. Heard about the cyber hack too and got worried.

Rang solicitor's assistant again. She said "oh, I'll just pop to accounts and see what the hold up is".

15 mins later "the bank account you want the funds to go to doesn't have any council tax bills on it. This doesn't fit our compliance system".

(I provided 12 months of that statement last week - having been asked to provide a full year, on paper and at VERY short notice, I took them those because my main one is online, that's where my council tax goes from. I explained this to the assistant and said "I can provide the statements of the day to day account if that's safer". She said it was fine to give the other one).

So back to yesterday....I insisted the actual solicitor call me back....he did.

I don't shout at people.

I literally roared at him, "the buyer is IN THE PROPERTY and you're still keeping my money?"

He bleated about compliance, I sent over scans of the other bank statement, and I got my money just before 5.

I used to have a little understanding of the law. I've done buying and selling a few times because of PoA for elderly relatives.

But I no longer have the faintest idea what is going on.

Before exchange, I was also told I'd failed compliance checks because the online verification system couldn't pick up the chip in my passport.

In a way, it's good I wasn't in my old home on completion day as I'd have been sitting on the floor 9 till 5 trying to sort this. The buyer would have been there from 12 - 5 probably furious with me.

I'm still achey from the tension of yesterday and half wondering if some crazy compliance body is going to come after me saying I've done something wrong and need to provide more evidence of who I am in order to keep my money.

If you are moving, don't hand over keys till you have money. The system is seriously fucked up. It is not completed, IMHO, till everyone has their money.

Lisalalala · 24/11/2023 13:54

@EmilyMay89 that seems to be where our problems have stemmed from. The online conveyancing company that our buyers are using.
I don't think exchange is going to happen for us today but we've been told we are completing next Thursday. Was really hoping to have the time between exchange and completion for peace of mind 🫠

Lisalalala · 24/11/2023 13:55

@EmmaEmerald wow I can't imagine how you were feeling yesterday. I'm glad it got sorted and hope you feel a sense of relief.

EmmaEmerald · 24/11/2023 14:04

EmilyMay89 · 24/11/2023 11:55

@EmmaEmerald they are a cash buyer, that seems to be what the issue is! This whole process is so ridiculous. Surely proof of funds and their source should have been done at the start.

Clutching at straws

is it possible they check at the start and then again before the exchange to make sure the cash is still there?

my buyer had to have AML and bankruptcy checks redone by his mortgage lender - but I thought that was due to the long gap. Maybe it's just standard?

i wish I'd never moved but I definitely can't do it again for at least 5 years, too stressful. So realistically it will be 7+ years because then I can go in an over 55s place.

EmmaEmerald · 24/11/2023 14:07

I think a lot of solicitors are promoting "we are always here for you to speak to a person".

That's maybe true, but if all the person can do is say "computer says no", you might as well do your own conveyancing!

HopefulSeller · 24/11/2023 16:27

@loopyloo52 how fustrating! It should be clear that this is the final part of the process and no reason not to transfer funds now.
@EmilyMay89 my buyer is a cash buyer, and the EA got proof of funds before they accepted the offer. But I think they needed to do it again for the solicitors. I too thought a cash buyer would speed up the process and was more willing to knock some money off. More fool me!
@Itsjustmeee sounds like your son and you are being thoroughly mucked around. How can people do that? It makes no sense.
@EmmaEmerald oh know sounds fustrating! I was asked recently for council tax bills from my solicitor, I don’t have them as the house is empty and the tenant only moved out recently. And despite phoning the council a few times they still haven’t billed me! Perhaps I should keep on with that.

Grrr we should be talking exchange but I haven’t a thing from my solicitor in a week. I probably need to take out indemnity insurance. Has everyone gone on holiday? 🙄

HopefulSeller · 24/11/2023 16:36

Wow just heard through my EA that contracts are to be signed next week and exchange next week!