Written notice of exchange date changes

PD1

I'm in the process of selling my house and the Estate Agent has now said they want to move the exchange date back by two weeks due to delays initially caused by them. Regardless of who's to blame for said delays, does the EA have to send me personally (not my solicitor) written notice of the change?

david29dpo

Your solicitor will tell you when you can exchange.

PD1

Thanks for your reply David. So, if the estate agent wants to change the agreed exchange date, can he do it without giving anyone written notice?

david29dpo

Agents dont agree exchange dates, only advise. Both solicitors will only exchange when ready.

PD1

I see, so is it a solicitors responsibility to adhere to dates?

david29dpo

Yes and no. The solicitors will only exchange when all the paper work is sorted. Things like searches etc can take time to arrive, money has to be in place etc.

Richard_Webster

Yes and no. The solicitors will only exchange when all the paper work is sorted. Things like searches etc can take time to arrive, money has to be in place etc.

I agree. An "exchange date" can only ever be a date being aimed for. I think it is thoroughly unhelpful talking about an "exchange date". If the buyer's solicitors are not ready they won't exchange. Equally, if everything is in place before the supposed magic date then why not exchange sooner? Exchanging is not some deeply mysterious ceremony that takes a long time to prepare and where rooms have to be booked in advance, etc.

All a seller can do is say that they would like contracts to be exchanged by such and such a date. If they are not, then the seller must think through what he will then do. Sometimes there is a viable alternative option like letting the property, which can be used as a stick to encourage speed on the buyer's part, but in other cases there isn't anything the seller can realistically do in the present market.

In times of rising prices he simply threatens to withdraw from the buyer putting it back on the market with a reasonable confidence that he will get another buyer prepared to pay significantly more. At the moment if he does that usually he will get another buyer prepared to pay significantly less.

If I am acting for a seller who wants to get on with a transaction all I can do is do what I can as quickly as I can and wait for the buyer's solicitors to do what they need to do. I can write the odd "We would be grateful to hear from you as soon as possible regarding exchange of contracts" letter, but if this is ignored I can scarcely send the heavies in to kneecap the other solicitor because he has not "adhered to dates".

PD1

I think it is thoroughly unhelpful talking about an "exchange date".

Next you'll be saying its 'unhelpful' to discuss fees. I think most estate agents, buyers and seller might view the agreeing on dates as extremely helpful.

chickmug

PD1 wrote: »

I think it is thoroughly unhelpful talking about an "exchange date".

Next you'll be saying its 'unhelpful' to discuss fees. I think most estate agents, buyers and seller might view the agreeing on dates as extremely helpful.

Richard Webster is a solicitor and has been a fantastic help to many on this forum with his numerous posts so I am naturally very dissappointed to read your post. He is right in what he says and perghaps you read it in a way that caused you irritation but I would hate to see Richard be put off with the support he has always shown by your words as a newcomer to the board.

To reiterate - the only parties really in full control of dates are the legal boys and when I get clients try and agree dates I say fine providing both parties solicitors have said the dates you are trying to work towards are feasible.

PD1

chickmug wrote: »

Richard Webster is a solicitor and has been a fantastic help to many on this forum with his numerous posts so I am naturally very dissappointed to read your post. He is right in what he says and perghaps you read it in a way that caused you irritation but I would hate to see Richard be put off with the support he has always shown by your words as a newcomer to the board.

To reiterate - the only parties really in full control of dates are the legal boys and when I get clients try and agree dates I say fine providing both parties solicitors have said the dates you are trying to work towards are feasible.

Thank you for your input Chickmug. I'm sure Richard is very helpful to certain individuals. He actually made some good points - but David answered my questions far more directly.

What concerns me is your interpretation of comments made. I think it might be useful for you to read the post again, as well as check out my profile. I think you'll find no evidence of irritation in the post as well as discovering I'm not exactly a 'newcomer'.

I don't have an issue with dates that 'legals boys and girls' put in place(or agree to being feasible) - Its any deviation from those agreed dates(caused by EA's) that concerns me, as clearly stated in my initial question.

Robert_Sterling_3

chickmug wrote: »

Richard Webster is a solicitor and has been a fantastic help to many on this forum with his numerous posts

I too am a member of the Richard Webster Appreciation Society.