The all new buyers/sellers waiting room (continued) (continued) thread!

[MovingToPlan]

The previous thread is almost full! We've had lots of completions, exchanges, offers accepted, maddening conveyancing teams, strange requests, and worries to last a lifetime. Welcome welcome.

Catch up here: The all new buyers/sellers waiting room (continued) thread

My update is that everything seems to be lining up and we're looking at exchange next week. 🤞 Hoping to complete a few weeks after that.

Good luck to you, whatever stage you're at in the process.

How long are people finding higher LTV mortgages taking to be approved after valuation? Our FTB-ers’ mortgage provider sent a surveyor to do an in-person valuation almost a month ago. Apparently the valuation was ok but they are still waiting on the mortgage offer. Our new mortgage offer came back very quickly, but our LTV is much lower. It’s making us nervous. EA isn’t saying much.

Mind you, worrying about our buyers’ mortgage takes my mind off the glacial progress up the chain. I’m not entirely sure our sellers actually want to move.

Ours took almost 2 weeks. FTBs 95% LTV. Lender also did in person valuation.

Took us 1 day with santander. 85% LTV

Thanks @Unexpectedbaby. Buyers’ is about 90% I think. It is making me worry a bit, though probably not as much as them.

I was a nervous wreck for every second of that 2 weeks. Barely slept or ate!

I'm sure they will be fine.

I feel your pain... also not sure our vendor wants to move!! He told us we should buy insurance in case it all fell through and that he didn't want to rent. Then were told he had a death in the family so wouldn't respond to anyone. Then told he would rent. Now told he is viewing properties.... had our offer accepted almost 3 weeks ago and he still hasn't submitted all the right paperwork to his solicitor!!

I totally get why people buy probate houses now... dealing with this vendor is a massive stress!! Problem is we like the house so much! Mind you his EA is ringing us every day trying to reassure us as we told them we won't do survey or checks until we are convinced he is serious about buying and that we are also viewing other properties as a "plan B".

On the bright side sale of our own house seems to be going ok and we have had our dull mortgage approved for the one we want to buy. But will all be a waste of time if vendor pulls out!

So stressful!

Ugh @Cheeseandcrackers40 you seem to have been ‘blessed’ with an especially irritating seller. I’m not surprised you’re keeping your options open and one eye on the market. We are reasonably far along (survey, searches etc) so ££££ down, and we love the house, but we’re still not sure it’s going to actually happen (and not because of our buyers’ mortgage..). Sympathy and 🍷 to you!

Thanks @housemoveheadache! I think self protection is the best way forward... a friend of mine was so convinced her move wasn't going to happen that she was really shocked to find herself in the house when it all came through!! 🍷 is deffo making more of a feature here than normal 🙈! Hope you're doing ok, you're not alone!x

@BirthdayRainbow I went with local firms I’d seen my EA use and a bit of Google. Had four firms round to quote as I wanted an accurate price as I need furniture reassembled. They were quite similar in range.
Im also separated and can’t pay out the equity to my ex without house sale. Ironically my mortgage will be more solo than I pay now 😩I’m moving with my two kids and dog. At first I thought I wanted to fight and stay put but the more I thought about it, I wanted to sell now rather than know it’s got to be sold in four years anyway. It’s been emotional and will be on the day too. I only took 50% of the equity. We are amicable (ish) which has made the process easier but I’ve done everything- paperwork, research etc I could go on and on!!
I think that’s why I’ve found it really hard as I’ve not had the excitement of searching with a partner and no one to share thrill of sale and offer accepted etc. 😔 But it will all be worth it when I get the keys.

You couldn't make this stuff up! We had our offer accepted nearly 3 weeks ago and swapped solicitors details... they still haven't contacted each other with each one saying they've tried to contact the other.. couldn't one of them have picked up a phone.. ??

It is so stressful @runningmom but we'll be happy when it is all done. Ex h to be is living with his mummy so I'm doing all the packing, keeping the house clean and tidy and stressing. He has a home for as long as he wants with a mother who pays for his food etc and plenty of money to help him pay for stuff.

@BirthdayRainbow exactly the same situation. Oh and he had a new gf within months after twenty years together.
Anyhow, to keep focussed on moving, hope you get some good news soon. I really just want a date!!!!

@runningmom I don't want to worry you but our solicitor is a trainee too and I'm pretty sure this is partly (at least) what caused us to lose our buyer.

Talking of our solicitor she called me today saying she is finally in a position to exchange on my new build property. I’ve asked her to give my estate agent a call before she talks to the buyers solicitor, as he is likely to have some experienced insight into how to pitch it (and has a relationship with the buyer). I expect we are a few weeks too late, but worth a punt!

You too@runningmom Sorry for the derail.

@startingoveragainagain no worries. I’m tempted to ask my solicitor for her superior’s email so I can ask him to sign off her work myself rather than rely on her to do so. Am I too controlling? 🤷‍♀️

Just read through all of the buyers report, mortgage deed and contracts to sign and in the report the solicitor has put that we are paying a 10% deposit. We are not, we are paying 5%. That has been put on all of the paperwork I have filled out, was seen in our proof of funds and is clear in the difference between the mortgage value and house value.

They haven't filled out the deposit on the contract yet so I can only hope that this is just a default value on the report and will not cause a big issue to change!

I am dropping the paperwork in in person in the morning and have emailed to let them know but now have a horrible feeling and am anxious something is wrong all over again!

I really wish i'd been more on her back, but I also had an insurance leak to sort out that was taking up all my time. Her superior only got involved after our buyer had withdrawn their offer, and things were left for over 10 days.

When we go under offer again I will be emailing her and her superior daily for an update.

We had a trainee solicitor on the purchase of our current house. She was absolutely amazing, kept us updated and is the reason we are using the same form this time around.

Sadly she has specialised a bit since and no longer does ordinary house sales/purchases. The fully qualified we have this time around has been beyond slow and we've had multiple requests for updates ignored...until their new trainee joined and picked up the slack. He's only answering emails/chasing responses but is getting the job done and helping us out pressure on the actual solicitor to ensure we get updates.

Most conveyancers won't be qualified, but will have their work signed off by a qualified / more senior person. It's how they charge the low hourly rate for the work in the fixed fee model.

The hourly rate I charge as a Grade A solicitor (not conveyancing) wouldn't get you enough time to get the work done for what you're likely being charged.

If they're overworked, it'll be really hard to get everything done that they need to. I have sympathy for them, as it's common in the legal industry to have way more work than hours in the day. Or maybe they're inefficient. It's a shit combo if they're both overworked and inefficient!

We’ve finally had our mortgage approved! Next step is valuation then we get our firm offer and can have a survey done! Woo hoo! Feels like it’s been such a long battle to even get to this point. Hoping the time frame between now and us actually moving isn’t going to be forever now!

We’ve completed. Picking up the keys at 1.30, the seller is dropping them off at 1, she just wanted to do a final mopping of the hall and kitchen floors. 😀
Our buying has been relatively straightforward, made easier due to being in rented, but I still never want to move again.
Good luck to everyone waiting still.

Hope you have the keys and are moving in @Recycledblonde !

Congratulations @recycledblonde there is hope for us all!!

Seller is allegedly finally going to drop off paperwork with solicitors today (3 weeks since offer was accepted)! Hopefully he does and we can start getting things moving along a bit...

Congrats @Recycledblonde! hopefully some of us aren’t too far behind you…