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

[JoyfulSpring]

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

So what you're missing is the final report on title, right? We received that already, so that's why I'm at a loss. And the report mentioned something about the searches and the possibility that we make more research on something. When will I have the time to do that, if they only send me the searches a day or two before exchange is supposed to happen?!

At least in your case, hopefully, it will just be a recap of what you know already. You sign it and on you go with exchange. Fingers crossed!

Did they give a reason for the delay? I guess just because it paperwork so they are prioritising other cases and leaving you in a limbo?

I just checked with our insurer Aviva and they don't do temp cover while exchanging. So would need to get another policy for the period of exchange and then cancel 1 of them.

Yes ours don't offer that either but do cover the contents for moving, not really a benefit for us as we are moving minutes away lol 😅
It does look like 2 policies will be required for the buildings.

Yep, just final report and then contracts. The hold up is that our solicitor has taken on more cases than they can manage only work three days a week and have put other cases ahead of ours in the que.

Admittedly I'm going with a pretty fancy (aka pricey) moving company, but they include insurance of something like £30k for contents during move - or at least that was the standard amount they put in my contract, but I expect if you needed more they'd probably adjust.

Fingers crossed for you all on the cusp! Not sure what's going on with ours at the mo, seemed to be going quite quickly and then not heard anything for a few days.

@Tupster have you heard from solicitor yet?

@movingtoreading Friday is at least a date which is more than they've offered before right? Although based on my experience last week it's a stressful day to exchange with all the completions getting prioritised first!

@JoyfulSpring I've heard that everyone is ready and given my authority - but now it's been silent for hours!

EA told them transfer of funds should not take 3 days and we should be able to exchange tomorrow
But we didn't hear anything from
Our solicitor so i don't think their solicitor has informed ours for anything

Hi All, (waves!)
I was going to start a thread on here to vent but I see this one is ongoing! Sorry for those of you waiting around endlessly!
We are moving, we're the end of a chain of 5 (moving into an empty probate house), were meant to be exchanging today (but that's been every day since thursday so far) and it's fallen through AGAIN!!!!
Finally everyone was ready, but this time the reason is that the deposit coming up the chain is not big enough, so the solicitors at the end (of the house we're buying) have said it's not enough!

Oh, my. Isn't this something that should be checked before exchange?

I've got a response from the solicitor saying that a more thorough response will follow later today. My money's on no response before tomorrow. Who offers more? Also, who bets that the more thorough response is nothing more than a "nope, still no documents from the sellers' solicitors"? Place your bets, folks!

I think most solicitors have done the same. Including mine!

Yup... you would think! I mean it is literally their job.... Aargh!

My DH just called and apparently the solicitor's boss can authorise it to go through, but nobody can get hold of them!

Our solicitor just asked if we can make up the difference... ie just transfer £60k now!

It's quite frustrating, but you'd be amazed how often it gets to the point when exchange is just bout to take place and it turns out one party or another don't have the deposit expected.

10% has traditionally being the standard deposit on exchange, although it can be negotiated to any amount that both parties agree to.

Assuming 10%, the first house being purchased in the chain for £100k, the buyer is expected to put up £10k, then let's say the next house up the chain is selling for £200k, then a deposit is expected. The buyer can 'use' the £10k put up by the bottom of the chain and then top-up another £10k to make £20k.

Then say the next house is £400k, that buyer can 'use' the £20k already on the table and top-up £20k to make the £40k expected. And so on.

There's nothing to stop the buyer of the £400k house seeing if the sellers are happy with a 5% deposit, which means they don't have to add anything to the existing pot.

Yeah that's how I assumed it worked, that we just put up the difference between 10% of our sale and 10% of our purchase, which is about 20k...

Somehow all that's travelling up the chain is this £16k, so I'm assuming the bottom house is £160k and everyone except the place we're buying is ok with the lower amount...

My mortgage broker told me he's expecting to find out, if we got the mortgage for a house overlooking the sea, we intend to enjoy and let out when we're not using it, by close of play tomorrow. Now we're excited but really scared we won't get it. The other house we are buying we are waiting for the mortgage valuation to come back. It was done over a week ago so really hopefully we get to see it soon.

This should have been dealt with during enquiries. Our solicitor asked our vendor's solicitor if they were happy to accept a lower deposit. It was only a couple of grand's difference so they were happy to accept.

So the buyers were supposed to send the deposit today ! But apparently they don't know where to send it to 🤣🤣 all i can do is laugh at this point is so ridiculous that is comical.
It took as a week for their solicitors to reply to calls now we need to get them to reply with actual information so that they can send the money
And they EA is confident that exchange will happen on Friday and we shouldn't pull out 🤪
I sincerely doubt they will even send the money by Friday 🤷🏻‍♀️ we are supposed to complete on the 14th .
She cant call the buyers again to get an update as they are stressed !! What kind of adult needs to be chased constantly to do things ??
I mean they gave notice to their rental they should be the one chasing i just don't get it

It’s amazing how some people are utterly clueless and rely on other people to do things for them @movingtoreading! They don’t sound mature enough to be buying a property.

we have had similar with our buyers, they were pushing to complete on the 7th but it turned out their buyers weren't ready!

Ours might actually still happen... we have transferred the difference, and just waiting to hear

OMG we have actually exchanged, DH literally texted me as I pressed post!!

@Floofle congratulations 🎉🥳

@Abra1t i know each step of the way they needed someone to tell them to do things ! It doesn't help that their solicitors are crap too !

@Floofle ! Hurrah!

Congrats @Floofle! I have also exchanged today. What a bloody relief! Completion next week so all go from here.