The all new buyers/sellers waiting room (8) lies lies and the stamp duty deadline

[hotandpermi]

Continuing on the convo- title based on the theme of the last thread

The unknown is so stressful... I'm also thinking we don't have much time left as the lender needs 6 days notice to release funds, so we only have like two days left really.

@BarbaricYawp I think your post was meant to @TweezerMay! I pulled out of my subsidence property, and I was just offering my view on her purchase.

update to anyone that cares - I got a call mid morning saying don’t get excited but the chain should be able to exchange as the funds should be with ftb solicitors today as the cheques cleared.

just called er no it hasn’t cleared. Maybe tomorrow or Wednesday. Lord kill me now I’m stressed out !

give me strength.. EA and vendors solicitor were chasing last week for exchange either Friday (last) or today.

We are ready and now radio silence from them.. they are not responding.

My solicitor is trying for this afternoon if they would only respond!!

if this all falls apart now I will most likely lose the plot.

So based on my maths (which could be wrong) most people who are using a mortage to by their onward property will need 7 working days to drawn down funds so will need to exchange by the latest 19th march which is this Wednesday

bugger

Yeah, I replied to @TweezerMay I thought? Though actually I thought it was @LibrariansGiveUsPower with the subsidence property... Confused now and will shurrup and try and get some work done instead of obsessively refreshing my email...

@Limeandsoberare you at the start of the chain ? Or in the middle. I had no idea that the first people in the chain can cause havoc.

which is what’s happening with us rn

I'm.stressed for my son who is still waiting to hear if he can sign anything. He is the FTB and sent the majority of his deposit over last week before being asked as he's got a daily maximum. Whilst it doesn't matter to him he wants to get in and wants to save the vendor a few thousand pounds in tax.

He and I are speaking tonight so I think I'll get him to send over the balance and thatll be with them in hours. The insurance is ready to press go. He just needs the man from del monte to say yes!

I presume the contract signing will have to be live and witnessed and he will need to get that sent back ...Royal mail is rubbish. Maybe royal mail special delivery? Anyone know? Still....he can't sign if he hasn't been given anything!

How do they manage exchange and completion on same day then?

@Feelingstrange2 different lenders different approaches. I think they can only do same day draw down and completion if it’s mentioned ahead of time. The problem with that is - if you’re in a chain…. You can do that but not everyone will agree to it or even be aware of the ask from others in the chain.

it’s sad to say I imagine that some chains will collapse because of it - as although some people maybe able to make the march increase others may not and you need only one chink in a chain and it all collapses.

My DS has such a short chain. Nothing to go wrong really and offer accepted in November.

This is all down to a few things....

Their lazy solicitor in terms of not answering questions, sending process changes when there weren't any and sending stuff across late at the start (then wanting a reply the day after!(

and

My son's excellent solicitor but appears to be under huge pressure of number of files (I assume).

I’m the start of the chain - not that it’s making things any easier

@Limeandsober honestly this makes me cross, esp since you have been proactive .

I have had my solicitor and EA chasing the ftb in the chain and would hit the roof to find out that people weren’t responding.

give me strength- I think I might burst a blood vessel tbh

I think not all lenders have the same notice period to release the funds, though? I don't think there was any mention of 7 days notice in my paperwork. I'll have another look this evening, though.

@HavenSpringsno I think your correct.

I didn’t know Barclays had a notice period to draw down the funds until my conveyancer told me about it tbh. I think Barclays charges a fee to do so about £150 and they do need to be warned ahead of time.

my solicitor is shit hot though so she gave me ample time but I know others may not have been told. It’s not so much you but if your in a chain it’s the others in the chain that may have a different wait period to you.

Yeh I didn't know about the notice period until my solicitor told me when we started talking about dates. My broker didn't say anything.

Hello we’ve sold up and are in rented, and now looking at properties. Wondering if anyone feels like offering any thoughts on these two questions?

The vendor of a house we like, hasn’t secured their onward purchase. I guess how long it takes them to view and offer is completely unknown? 😬😬

If you were going to offer on a £500k house that’s been on the market 6 weeks, would you start at 10% less? Or 5%? The market in our area is quite uneven - semis or detached on big plots sell within a week. This house is a semi on a small plot so less ‘nice’ but a good price per SQM.

Yes to your first question - how long is a piece of string?

6 weeks on the market isn't that long for a 500k property and your local market sounds healthy for sellers. Nevertheless I might start at 450k if you can back it up by comparing the house to others on the market that seem a comparable size/condition but are on at about 450k.

If you think honestly speaking that the house is quite well priced for the SQM then I would probably offer a bit more, like 470k.

I’ve gone a bit numb now, which isn’t good at all.

solicitor emailed me at close of business to say he has still had no response- I’ve tried to call the EA to give him a blasting but of course, he’s gone home..

Worked hard today, everything good to go - insurance, deposit everything.

Praying that tomorrow it all comes good. Not much else I can do now 😕

Finally exchanged today at 5th attempt!

Congratulations!

I can't see us making the deadline tbh, has been radio silence today and we haven't even had the report or any contracts to sign. Was always unlikely but being so close is annoying.

Here's my story:

Buyers offered on ours mid Feb saying they were cash buyers and no house to sell.
Was told they were willing to work with us to give us time to find a property.
Initially agreed a date in late May but with the understanding if we found somewhere soon we could pull this date it.
We offered on a house 3 weeks ago as that property it empty I proposed to our buyers 25th April.
I got a call from my solicitor to say there was a chain of 6 with us at the end. I was confused as our buyers were always cash and not selling.
Spoke to buyer personally - he said they had put their house on the market and it had sold on one day and their buyers were happy with the late May date. I said "but I thought you were good to go?" He said we are but the folk buying us were keen for may.
I wanted to pull in still to April and everyone kind of agreed but our solicitors had advised us that as there's so many in the chain that our transfer of funds to buy our property is very unlikely for that day.

My solution would be to make everyone else 24th (Thurs) and us the Friday so there's only one day of delay rather than us having to wait and store stuff over the weekend and seek accommodation.
Our buyers wouldn't agree to the 24th April. We then think it's unfair of us to burden all the risk and costs if it's delayed since we never expected to be roped into a chain.
So fed up with everything I then suggested we just sell on the Friday and purchase on the Monday and that way we won't be in breach of our missives and just suck up the storage and accomodation costs for the weekend.
The estate agent then calls us saying she had heard that's what we were doing as was it really necessary? I explained how we just don't want to risk being in breach of missives etc. she said she had an idea and has asked the buyers of our buyers if THEY can stay somewhere for one night and store stuff on the 24th. But like why would they agree to this?!
And also we just agreed the Monday date with our new home so I kinda just want to accept that's what we are doing and move on. All this stalling means no missives can be concluded

We exchanged today! Lots to do now to get ready for moving day next week - I am never moving gain, this has been so stressful!

Congrats @Skandar! Good to hear of people making progress!

Well done @madfirmaltesers
Another one over the line.
Stay positive the rest of you