Please assist if you can

hotrocks68

Hi again everyone,
i accepted an offer on my property in January.Yesterday i heard for my estate agent that my buyer will withdraw his offer if we do not exchange by the end of this month.My solicitor had said he was waiting on one final enquiry.Today my solicitor said he had recieved the enquiry and his secretary had hand delivered the document to the buyers solicitor.
The buyer had said he wants to exchange by the end of the month.
How long after this does it usually take to complete......or is it the same?
I had actually previously told my solicitor i wish to complete next friday(27th march).
Can anyone tell me if this target is achieveable.
I would appreciate some advice to settle my nerves.
Thankyou.

sarah77

hotrocks68 wrote: »

Hi again everyone,
i accepted an offer on my property in January.Yesterday i heard for my estate agent that my buyer will withdraw his offer if we do not exchange by the end of this month.My solicitor had said he was waiting on one final enquiry.Today my solicitor said he had recieved the enquiry and his secretary had hand delivered the document to the buyers solicitor.
The buyer had said he wants to exchange by the end of the month.
How long after this does it usually take to complete......or is it the same?
I had actually previously told my solicitor i wish to complete next friday(27th march).
Can anyone tell me if this target is achieveable.
I would appreciate some advice to settle my nerves.
Thankyou.

Hi,
I think it may be achievable. We are in the same situation actually (just realised we are on the opposite side..we are buying). Our offer was accepted on a property back at the beginning of January and we have only just got the mortgage offer last week. This week the vendors solicitor has sent a letter to my solicitor saying that hes had a higher cash offer and if we dont complete by the end of the month he was going to go with the other offer. Our solictor has told us not to worry as we can get searches etc and complete within 2 weeks! Good luck!

PasturesNew

Exchange is when the actual, legally binding contract is drawn up, signed by both people - and you exchange contracts where: he agrees to buy it, you agree to sell it.

Within that document is the completion date.

On the completion date you have to move out as the house no longer belongs to you and the new person is standing at your front door with their sofa and bag of knickers.

It is possible to exchange/complete on the same day, but that's risky if you've booked a removals van, thrown out your junk, packed everything up ... then at 11am on the day you get a phone call to say "they've pulled out".

How long is between exchange and completion is something agreed by you/the buyer, in agreement with your solicitor and lender. You will be asked by your solicitor when you want to exchange and when you want to complete ... and he makes sure that the lender is ready for that and discusses/agrees the date with the seller's solicitor.

So there is time still, but you do seem very confused over the process.

hotrocks68

Thankyou Sarah and PasturesNew,

Yes i am a tad unsure because its my first time of selling a property.
The buyers threat to withdraw his offer in 11 days time(end of the month),was a worry,until today i learnt my solicitor had recieved the fina enquiry.
As can be expected i have packing to do,accounts to close and as i am moving abroad i have much to arrange.Therefore as i had asked to complete next Friday,i just wondered if it could all be possible within the time remaining.
From what i assume,at least perhaps contracts can be exchanged even if the actual completion date is a litle later.
I just wondered if anyone had previously exchanged and completed in the short timescale that i too hope.

chickmug

hotrocks68 wrote: »

Thankyou Sarah and PasturesNew,

Yes i am a tad unsure because its my first time of selling a property.
The buyers threat to withdraw his offer in 11 days time(end of the month),was a worry,until today i learnt my solicitor had recieved the fina enquiry.
As can be expected i have packing to do,accounts to close and as i am moving abroad i have much to arrange.Therefore as i had asked to complete next Friday,i just wondered if it could all be possible within the time remaining.
From what i assume,at least perhaps contracts can be exchanged even if the actual completion date is a litle later.
I just wondered if anyone had previously exchanged and completed in the short timescale that i too hope.

On the question of buyers threatening to pull out, or in fact the sellers threatening to pull out, it is just the immature rants of idiots. I have dealt with many of these types of people over the years who think (against my best advice) it is the best way to get things moving. It is NOT NOT NOT.

The buying/selling process is made up with all types of speeds to exchange and complete and all types of time gaps between the two points.

hotrocks68

Thankyou...........but if i could for now disregard the buyers threat to withdraw his offer,now that both solicitors have today completed thier enquiries,i would like to hear from anyone who has in the past managed to exchange and complete within the time i'm hoping to do so.

PasturesNew

My sale was dragging out, I wanted 2 weeks between exchange and completion, but in the end I went with the original suggested date.... leaving me just 2 days to organise the entire clearing of a whole 5/6 bed house. I sold/gave away/binned 98% of everything I owned and had just 2 days to shift it. Had it all organised but we let down in the end.

So there's time for you still.

Doozergirl

hotrocks68 wrote: »

Thankyou...........but if i could for now disregard the buyers threat to withdraw his offer,now that both solicitors have today completed thier enquiries,i would like to hear from anyone who has in the past managed to exchange and complete within the time i'm hoping to do so.

Yes. We had about two days to go and the solicitors were being rubbish insisting it wouldn't happen. Us and the buyers both went loopy and we ended up exchanging at about 11am on moving day and completion a while after.

If both solicitor has all queries answered then as long as the deposit arrives then you will be ready to exchange immediately. Move next week should be fine if the deposit is received imminently.

hotrocks68

24 hours after posting this thread,i today exchanged contracts and will be moving on the 31st.
(So there's no going back by either party?).
I would like to thank all those who offered advice both present and previous..........many thanks.

Doozergirl

hotrocks68 wrote: »

24 hours after posting this thread,i today exchanged contracts and will be moving on the 31st.
(So there's no going back by either party?).
I would like to thank all those who offered advice both present and previous..........many thanks.

Congratulations

I thought you might!