The nervous wait to exchange....
- Thread starter noj
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The only advice I can give, is don't get mentally invested in the transaction. Assume it's going to take months.
I had my offer accepted at the beginning of January btw
A total of around £4,000 spent and still don't have any legal commitment to purchase a house. I'm so mentally drained by the whole process now, I just don't care. If it completes this week? Fine. If it falls through and I have to start over again. Fine. It's better to just not think about it.
In the process of moving at the moment. It'll be the last time I willingly do so for 20 years I reckon. We're buying an empty house (moved into a home) and have a cash buyer for ours. Still took HSBC 8 weeks to approve our straightforward mortgage and as mentioned above some searches are taking a long time. Offer accepted end of July, hopefully moving in November.
Associate
Got to walk round our new build for the first time yesterday which was great. Really looking forward to it being finished and us moving in now.
Got a few things to work out like such as placement of TV in bedroom after seeing it in person which is good. Expected completion has been pushed back 2 weeks which isnt great but should be in for w.c 07/12
Got a few things to work out like such as placement of TV in bedroom after seeing it in person which is good. Expected completion has been pushed back 2 weeks which isnt great but should be in for w.c 07/12
It's highly likely that my girlfriend will get put on furlough when the new restrictions get announced at 5pm, which will throw everything up in the air. I can only see HSBC pulling the mortgage offer when we inform them of the change in circumstances.
Building survey booked for this Thursday which we had to wait near 5 weeks for. I still haven't paid the fee because I'm concerned that if we pull out due to having no mortgage, it's £450 down the drain. If they can't move the survey and HSBC don't give us an immediate decision on pulling or moving forward with the offer, it'll be more money wasted.
I'm starting to feel slightly anxious now.
Building survey booked for this Thursday which we had to wait near 5 weeks for. I still haven't paid the fee because I'm concerned that if we pull out due to having no mortgage, it's £450 down the drain. If they can't move the survey and HSBC don't give us an immediate decision on pulling or moving forward with the offer, it'll be more money wasted.
I'm starting to feel slightly anxious now.
Caporegime
If you already have approval, why tell them?
Soldato
Still nothing............
Why would I not tell them? It's a change of circumstances?
Why tell them if it's going to put your offer at risk? Can you still afford the payments if she's on furlough or loses her job?
Soldato
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I wouldn't risk it tbh.
Exactly. I 100% wouldn't tell them. My wife was going on maternity leave between us getting the mortgage offer and receiving funds. We didn't tell the lender. Don't give them a reason to take it away.
Soldato
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Think you mis-read my answer, i certainly would tell them. Its a big change to your current circumstance and im not sure what the repercussions would be if they found out.
How would they find out? If you can still afford the repayments, why would they care?
As long as you can afford the repayments still, why would they penalise you for 'not telling them'?
Soldato
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Technically speaking its fraud? Its a big variable to the bank that would no doubt affect the outcome of the decision regardless of your affordibility though whether they could find out is a seperate question.
No one is going to pursue a fraud investigation for someone who doesn't tell the bank that their partner in on furlough
Assuming you can still afford the repayments, I think it would be crazy to tell them. But I understand not everyone will agree with that.
Soldato
Just seen this thread so I thought I'd drop in and have a read. Interesting to see so many people in similar situations, and glad I'm not the only one finding it incredibly stressful. We had an offer accepted end of July, and have been moving through the conveyancing process since then.
One mortgage provider turned us down, so turned to literally the last one left in the market, from which we have been very nervously waiting for 3 weeks for their decision. They finally gave us a mortgage offer yesterday, so just waiting on the survey which we should receive by tomorrow. The whole thing has been incredibly stressful so far, I just pray the rest of it goes without a hitch.
One mortgage provider turned us down, so turned to literally the last one left in the market, from which we have been very nervously waiting for 3 weeks for their decision. They finally gave us a mortgage offer yesterday, so just waiting on the survey which we should receive by tomorrow. The whole thing has been incredibly stressful so far, I just pray the rest of it goes without a hitch.
Soldato
Woohoo finally exchanged ready for completion on Friday 16th.
Hope I can make a similar post this week!Congrats @Liquid_Entity and fingers crossed @mid_gen.
Assuming nothing goes wrong at the eleventh hour, we are justpatiently waiting until the 20th when we get the keys.
Assuming nothing goes wrong at the eleventh hour, we are just