exchange to complete

ovy_2

Hi,

I am in the process of buying a flat, out exchange date is the 13th July, I am unsure on the completion date as yet, but could that be the same day? we are cash buyers, and the flat is currently empty.

How early can we complete so we have the keys, as I'm very anxious to move in!

Thanks.

jessbob

Hi

Exchange will take place with a completion date set into the Contract. Your Solicitor cannot exchange without an agreed completion date (unless the property is a newbuild).

You can agree that exchange of Contracts and completion (the day you get the keys) takes place on the same day.

You should have a word with your Solicitor and discuss the date you want to complete.

Hope it goes well !!!:j

ovy_2

Thanks, that's great, i'll give them a call to check.

Richard_Webster

Be cautious about "exchange dates". Exchange can only take place when everyone is ready.

If your solicitor has not got :

1. Satisfactory replies to any poitns he has raised
2. Satisfactory mortgage instructions form your lender and any mortgage conditions can be satisfied.
3. All necessary searches
4. Contract signed by you
5. Funds for exchange deposit;

then there won't be any exchange that day. If the seller's solicitor isn't ready then it won't happen either. Exchange may be delayed for a day or so simply because the solcitors can't reach each other ont he 'phone

You may have a date by which exchange is expected to take place but this can move. Usually when exchange is getting close the people involved try to agree a completion date that suits their personal circumstances and gives the solicitors time to do the final work involved (usually 1-2 weeks). Don't try to do this without consulting solicitors as people often have a totally wrong idea of how far a trasaction has progressed.

It is therefore far more important to try to agree a provisional date for completion. The only time an "exchange" date becomes important is when someone has set a deadline to exchange by that date otherwise they will do horrible things like pulling out or putting the price up ( - I'm not sure what they can really do in the present market - but lenders selling repos can behave unpredicatably...)

ovy_2

Thanks Richard,

I will give my solicitor a ring tomorrow, to find out what else needs to be done.

We was given an exchange date by the estate agent the 13th july. and our solicitor said he should be finished by then, but we will check and make sure.

thanks again

G_M

Ignore the eastate agent. He is not doing the conveyancing, your solicitor is. You pay your solicitor, so make sure he keeps you informed. Don't be afraid to call him (her) with any doubts/queries you have.
Completion CAN take place on same day as Exchange but typically is a couple of weeks, or even months, later.
Discuss your preferance with your solicitor, find out if there are any legal reasons to delay, and find out what the Vendors preference/legal restrictions are.

Then you can agree a Completion date.