Exchange and complete on the same day?

sancho

chickmug wrote: »

Yes sorry timings I gave were from offer to completion.

To try and set out the usual 'time lines' is absolutely impossible as there is just too much variation and impossibility of knowing what these stages would be. The stages will vary dependent on problems arising that need overcoming.

Others may comment based on their own experience but there is no such thing as average hence why solicitors usally refuse to give target dates.

Within the timings I gave there are two ways your solicitor may have played it :-

1) They may wait until they have the hard copy of the mortgage offer befere doing very much.

2) They may go for it on the full assumption you WILL get the offer and so will be doing their work whilst waiting for the offer.

Not sure on which basis your solicitor will have worked - do you know - did they ask you what they should do - as most don't.

However I stick with the very loose guide I posted and so you are these time frames which allowed for offers and the rest of the work needed.

The solicitor has told me to concentrate on 'getting the mortgage', an as soon as i receive the offer to let him know. He said the EA has forwarded him the HIP and the official notice to transfer deeds? I may have completely made that up as i can't remember what he said!!

Survey was completed Tue, just waiting for the report and the offer to come through now, then we might be able to set an exchange date right?

chickmug

sancho wrote: »

Survey was completed Tue, just waiting for the report and the offer to come through now, then we might be able to set an exchange date right?

Do you not read the posts from Richard Webster as didn't he answer this in his post yesterday at 1.13 p.m.

sancho

Richard_Webster wrote: »

"Exchange Date" doesn't mean very much. "Completion Date" is far more important - that's the date you have to move out or move in as the case may be. Completion dates get fixed at Exchange. You only know when Exchange was after it has happened!

Exchange takes place when it happens. If a solicitor says he thinks exchange will happen around a certain date then there is nothing magic about that - it is simply when he says he thinks it will happen, no more, no less.

So making binding arrangements based upon an assumption that exchange of contracts will happen on some date a week or two away is very very dangerous for the simple reason that until contracts have been exchanged there is no binding commitment.

If a solicitor or estate agent is predicting that exchange will happen on a particular date it may not happen then or at all - then where would you be committing yourself to renting a property that you don't need because your buyer pulled out at the last minute?

ummm, i understand that the exchange date doesn't really matter, it's only a guess, i was just enquiring as to when the solicitor would make this guess?

Sorry if i'm being thick, but as a FTB i know very little about it and i can't see that the above quote did answer my question

chickmug

What will normally happen, with the legal work, is a number of bits of paper will be coming in from different sources and only whenthey are all in can the solicitor be ready to exchange.

So solicitors may know, when waiting for specific bit of paper, roughly how long that bit of paper usually takes and so at that point amy give an idea.

I think you need to chat this through with your solicitor as only they know where matters are.

RAINBOW123_3

Richard Webster

You`re so funny !:rotfl::rotfl::rotfl::rotfl::rotfl::rotfl::rotfl:.

Thank you.

We are like arggghhhhhhhhhhhhhh!

Our solicitors are very hands on,our estate agents are very hands on,its just the mortgage valuation people are being a bit slow,dont get me wrong it might be that they are just busy.But its just that we sold July 13th & the valuation still hasnt been done.Getting worrying .

The buyers are ready & waiting.

Can I ask you, when the valuation person comes round will I be allowed to ask them how long it will take for the buyers to get the result or is this down to the buyers or estate agents to ask this?

The estate agents & my solicitors know that we are trying to get it done asap so we know if it will be safe to pay the rest of the money on the place we would like to rent.

Hope you can help :beer:

chickmug

RAINBOW123 wrote: »

Can I ask you, when the valuation person comes round will I be allowed to ask them how long it will take for the buyers to get the result or is this down to the buyers or estate agents to ask this?

The estate agents & my solicitors know that we are trying to get it done asap so we know if it will be safe to pay the rest of the money on the place we would like to rent.

When the valuer come of course you can ask and there are many that will tell you but there are those that will say nothing. So give him a coffee and biscuits.

As to paying out the rest of the money no EA or solicitor can make that decsion for you. It is a risk only you can make after deciding if you feel it will go through.

RAINBOW123_3

chickmug

Thank you.

I didnt explain myself properly,sorry.

What I meant was is that my estate agents & my solicitors know that we are trying to get it done asap.

Not that they have said it is safe to pay the rest of the money.

It does look like Ive said that the estate agents etc have said it will be safe dosent it,silly me :rolleyes:.

sancho

chickmug wrote: »

What will normally happen, with the legal work, is a number of bits of paper will be coming in from different sources and only whenthey are all in can the solicitor be ready to exchange.

So solicitors may know, when waiting for specific bit of paper, roughly how long that bit of paper usually takes and so at that point amy give an idea.

I think you need to chat this through with your solicitor as only they know where matters are.

Ok, thanks, i understand every sale is different, i'm just impatient!! Will wait for the offer and then press the Solicitor for a timescale!!

Thanks again

dfh

It is your solicitor who will be able to tell you when you sign contracts .

chickmug

dfh wrote: »

It is your solicitor who will be able to tell you when you sign contracts .

But sometimes solicitors get their clients to sign 'in anticiaption' of the exchange even though it is not imminent. So not often a stage on which one can gauge the actual exchange date?