The all new buyers/sellers waiting room (x 7!) thread

[JoyfulSpring]

Starting a new thread so we can continue the conversation...

Fingers crossed for everyone hoping to exchange today 🤞🤞

I’m stuck in limbo waiting for mortgage company to see sense & stop insisting on things that don’t exist to approve my mortgage - they want an insurance backed guarantee for part of a firewall being built. (According to local builders that’s not a thing) 🙄 I’d go elsewhere but they are the only company who offer this type of mortgage. It’s really frustrating, sellers estate agent keeps calling me, I’m at the mercy of underwriters who I can’t talk to - they aren’t customer facing. I really want to get out of rented & love that house. Everything crossed!!!

Have everything crossed from you @JoyfulSpring !!!

Ooooh just had an email to say our sale is being exchanged on - waiting for the final email to say it's all done!!! 🙏🙏🙏

Exchanged woohoo end is in sight, all systems go to get fully packed we are completing two weeks today 🎉🎉🎉🎉 Never Ever doing this again! 🤣

Celebrate tonight @closedbook2! Congratulations!!

Wow congratulations @closedbook2 am amazed that exchange can happen this late on a Friday ! What does it actually entail ? Sending the contracts via email ?

It's a 2 minute phone call. You call, agree verbally the method of exchange, then confirm exchange. Both parties then endorse their part of the contract with time and date. And done!

@NoWordForFluffy the buyers need to have send their deposit for exchange to happen though right ? When i asked my ea if the buyer has send the deposit so we are ready to exchange she said
". The buyers haven’t paid their deposit yet, this usually takes a few hours to do. Completion has been set for the 14th, which is 2 weeks away, I wouldn’t really recommend to the buyers to pay their deposit before the solicitors receive the signed documents." I am confused they send their contracts on Wednesday 🤷🏻‍♀️ how can we be ready to exchange without them sending the money over ? I do not really remember when we bought our first property when i send it over

@closedbook2, so pleased for you!

@movingtoreading, yes, the buyer has to pay the deposit before exchange happens. But that's dead quick to do really.

@NoWordForFluffy i am sure is dead quick for most people but my buyers had their contracts for two weeks and they didn't realised they have to send them back until the estate agent call them to ask for an update.

Hopefully their solicitor has established that they're a bit dim and will spell the next steps out a bit more clearly!

Here are the methods of exchanging contracts, for anyone interested: www.lawsociety.org.uk/topics/property/formulae-for-exchanging-contracts-by-telephone

@movingtoreading we have a completion date of 14 March but we haven't paid our deposit either but I also don't know how it works as our buyers will be paying a deposit so I don't know if I just need to top up that for the deposit for our new house or our current house is the deposit and then just pay the difference before completion. I did ask my EA but just got told the solicitors will be in touch. My solicitor hasn't been great with communication so far but I have checked with the bank and I can ring them for a faster payment with no limit to put my savings into our current account and then go to branch to do a faster payment for the deposit. It's all such a pain.

@NormallyAwkward The deposit moves up the chain and sometimes your solicitor will agree with the rest of the chain to reduce your deposit so you don't have to pay the difference. That's my understanding anyway. We didn't have to pay a deposit on exchange and we are second from top in a chain of four.

That’s my understanding too. We’ve moved a few times and only had to pay in a physical deposit when we were FTBs.

It hasn't happened. My vendors solicitor went home at 4.30 after the process had begun and didn't tell my solicitor he was going at that time. He also told her to call after 2pm without saying he'd be leaving at half 4. It's also partly the fact my buyers solicitor waited until they'd got through all their completions so it was late afternoon by the time they started.

They've done this on purpose. I so wish we could pull out now. I know it sounds ridiculous but I'm quite devastated because of the school issue.

FFS, @JoyfulSpring. Why do people do that disappearing act? The school aspect makes it so much worse for you.

After the process had begun?! So has the bottom of the chain exchanged? 😱😬

I don't think so? I don't fully understand how it works. I got the call earlier to say do I give consent and that she'd now call the solicitor above (the buyers solicitor had already rang her to start it all). Does it not go up the chain then back down?

I haven't a clue!

No. It just goes up.

Bottom calls their vendor to confirm that purchase / sale, then the vendor who's just exchanged on their sale ring the next ones up to confirm their purchase and their vendor's sale and so on up the chain until it ends.

I am so mad on your behalf! How do people get away with being this useless?! Where is the accountability?! Has he/she just gone home and is right now having a cup of tea with their friends or family saying 'Friyay am I right? What a week!' while you have another weekend in limbo? How are they not the ones losing sleep? I just don't think I could go to work and enjoy life if I knew that I was letting people down at this rate of knots and calling it a 'career'.

No effing way @JoyfulSpring . I’m so mad on your behalf. My solicitor bent over backward to get ours over the line. Like PP said, I couldn’t walk away on a Friday night knowing an exchange was coming up the chain.

I’m opening the waiting-room bar although it is not quite 6pm.

Some on the thread need something very strong.

I will take one too.

Thanks for your sympathies all of you and can I order a drink please Abra?

It feels so unfair! I don't understand then if our buyers have exchanged. I was so focused on her telling me about the above solicitor that I didn't clarify. I assume they haven't as she said I've emailed your buyers solicitor asking them to start the process again first thing Monday morning.

This is the bit I was q confused with as most of our money is in equity in the house.