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The nervous wait to exchange....

Discussion in 'Home and Garden' started by noj, 3 Apr 2014.

  1. Woogie

    Mobster

    Joined: 18 Nov 2011

    Posts: 2,561

    Location: Caddington

    That doesn't change until contracts are exchanged.

    I don't remember having to show my estate agent any mortgage in principal as they just asked if I had one and how much for which means you can tell them what you want. Some Estate agents however have started making people fill forms in to say where each part of the money is coming from and their situation but even then you do not have to actually prove anything to them.
     
  2. Relentless81

    Capodecina

    Joined: 18 May 2010

    Posts: 10,816

    I was referring to when the Estate Agent change it from For Sale to SOLD STC
     
  3. peige

    Mobster

    Joined: 18 Oct 2002

    Posts: 3,365

    Location: Sussex

    I wish more due diligence type checks were done as above but properly, I'm currently waiting to exchange and have been for 4 weeks now because at the last minute we have all discovered that the buyer at the bottom is waiting for a remortgage for the funds for the deposit. Chain is just about staying together atm but bearing in mind it took 3 months to get to chain being ready to exchange (bar this one pleb) they must have had no urgency what so ever to still be waiting for the RM now (4 months later)

    Really hope its this week now!
     
  4. Woogie

    Mobster

    Joined: 18 Nov 2011

    Posts: 2,561

    Location: Caddington

    Oh yeah sorry have just read it again...

    A remortgage to release the funds is relatively common and is what I did when I bought a new house. If you are moving house and are mortgaging it then this is exactly what you are doing. We had an issue with ours where by our purchases lender would not release any of the funds for the mortgage until day of completion meaning they had zero deposit :( It may very well not be his fault....but then equally it may very well be.
     
  5. peige

    Mobster

    Joined: 18 Oct 2002

    Posts: 3,365

    Location: Sussex

    The real issue is that nobody knew till we couldn't exchange because they didn't have the funds, then suddenly the fact we're waiting for a remortgage for those funds is revealed. I think most likely there wasn't disclosure of this, I know its not unusual but its still frustrating as everyone was told they had the cash :(
     
  6. Woogie

    Mobster

    Joined: 18 Nov 2011

    Posts: 2,561

    Location: Caddington

    Oh yeah in that case then yeah I totally understand and the guy sounds like a muppet. Probably hoping to have everything in place before it was all required but didn't move quick enough
     
  7. koolpc

    Capodecina

    Joined: 2 Dec 2004

    Posts: 11,939

    Location: Under The Desk, Wales

    We are moving this friday. And now, ruddy car gone in garage and it needs new gearbox (rebuilt) and clutch kit! Gutted is an understatement!
     
  8. .Ox.

    Hitman

    Joined: 18 Oct 2010

    Posts: 756

    Location: Newcastle, Tyne and Wear

    Offer accepted after calling up at 9am this morning. :)
     
  9. gort

    Wise Guy

    Joined: 27 May 2003

    Posts: 1,420

    Just about to arrange for an agent to come round and take pics to put house on the market and I get a toilet leak with a wet patch appearing on the kitchen ceiling. The timing is superb!
     
  10. Glaucus

    Man of Honour

    Joined: 11 Mar 2004

    Posts: 76,645

    wahhoo, passed affordability check and i'm near the top of the list, they wouldn't say how near.(but top 5) Will be getting an invite in the next few days to go sit with them and go through the plans as there's 5 available (hopefully right at the top of the list to get the first pick), the search looks like its over. Never thought I would find something where I actually wanted to be, and this isn't even in general area, but on the exact estate I was wanting (it'll be like being back in uni times 4 mates living within a few seconds walk, and a few more within 15min walk). Also never thought I would buy new, but these are a good standard and the bit which shocked me was the pricing, which is the same if not marginally cheaper than old builds.
    However as I was mainly looking at old, I know need to find a different mortgage as the broker I've been dealing with doesn't do shared ownership.
    just need to try and resist excitement in case it falls through for some reason.
     
  11. Marvt74

    Capodecina

    Joined: 20 Feb 2004

    Posts: 14,585

    Location: Higher Walton

    I think thats the hardest part, we're waiting for our sellers to find a house they want to move to and it feels like forever since we had our offer accepted but it's only been 3 weeks.

    Just trying not to get our hopes up incase something happens
     
  12. andicole0

    Soldato

    Joined: 12 Sep 2005

    Posts: 6,202

    Location: Robertsbridge

    Our buyer didn't tell the mortgage company they didn't live in the UK permanently! Being re assessed.
    Andi.
     
  13. i5aces

    Hitman

    Joined: 29 Jan 2012

    Posts: 678

    Location: Andover

    So after what feels like forever, I have finally exchanged contracts. Completion set for Friday
     
  14. Kol

    Don

    Joined: 8 Jan 2003

    Posts: 13,918

    Location: London

  15. andicole0

    Soldato

    Joined: 12 Sep 2005

    Posts: 6,202

    Location: Robertsbridge

    Congrats @i5aces. Hope mine goes as quickly.
    Andi.
     
  16. Beerbaron

    Soldato

    Joined: 28 Feb 2006

    Posts: 5,939

    Location: Beds

    Due to complete on Monday and out of the blue the solicitors says they cant request funds from the bank as my wife's maiden name is missing off the mortgage application and all their documentation has it on. They have had the application since July :(
     
  17. peige

    Mobster

    Joined: 18 Oct 2002

    Posts: 3,365

    Location: Sussex

    Difference between a good solicitor and a bad one is that the good ones check everything properly when it arrives and the bad ones only open the folder when they need to do something. Hope you can sort it!

    I'm looking like I "may" exchange in the next few days, bottom of the chain has it seems got there stuff together. In a 4 house chain, the rest of us have been ready to exchange for a month. Waiting for the when can we all do completion dance to start :)
     
  18. koolpc

    Capodecina

    Joined: 2 Dec 2004

    Posts: 11,939

    Location: Under The Desk, Wales

    Doesnt surprise me. We have had issues with different solicitors over the years.

    We complete tomorrow and yet again its been a bumpy ride with our current solicitor!
     
  19. andicole0

    Soldato

    Joined: 12 Sep 2005

    Posts: 6,202

    Location: Robertsbridge

    Used the same solicitor company as my father in-law for the last 35 years or so. Glad we stayed with them as they have been very reliable. I hear all sorts of stories from other people especially about solicitors associated with estate agents.
    In that time we've done 6 purchases and 5 associated sales.
    Andi.
     
  20. Beerbaron

    Soldato

    Joined: 28 Feb 2006

    Posts: 5,939

    Location: Beds

    I managed to get the documents reissued the same day and the solicitors now have them. Here's hoping there are no more issues.