Exchange and complete on the same day?

RAINBOW123_3

Sancho.

Where you have said:

"We've approved you're mortgage and will send your offer out soon"

Is it when the offer got to you by post that this is when you knew how much they were going to lend you or was it when they said its been approved that you knew how much? Bit confused

Richard & Chickmug.

As long as I know that both solicitors are near exchange even if they dont give us an exact date & that the mortgage & searches have been carried out & are fine & that the buyers are 100% still wanting to go ahead then it would be ok to go ahead with the rented place wouldnt it?

Because nothing else could go wrong after this, could it ? :rolleyes:

chickmug

RAINBOW123 wrote: »

As long as I know that both solicitors are near exchange even if they dont give us an exact date & that the mortgage & searches have been carried out & are fine & that the buyers are 100% still wanting to go ahead then it would be ok to go ahead with the rented place wouldnt it?

Because nothing else could go wrong after this, could it ? :rolleyes:

Agents and solicitors give the same advice - Don't commit on anything until contracts are exchanged. If it is looking pretty certain and you do decide to commit that is a risk only you can take.

If the agent or solicitor advised to go ahead on the rented place, before an exchange, you did and the sale fell apart the agent and/or solicitor could be liable for not giving the best advice.

RAINBOW123_3

Thanks Chickmug.

Oh no.I wouldnt be asking them if it would be ok to go ahead with the renting place.I would just be checking that its near exchange only when I know that mortgage valuation, searches & buyers are fine.Then I would make a decision.With alot of thought about it.

We are getting near to both (exchange & inventory,where we will have to pay the rest of the renting money otherwise it will go back on the market that its getting a bit scary)

sancho

RAINBOW123 wrote: »

Sancho.

Where you have said:

"We've approved you're mortgage and will send your offer out soon"

Is it when the offer got to you by post that this is when you knew how much they were going to lend you or was it when they said its been approved that you knew how much? Bit confused

Don't know really, they would lend us 108,000 max, we applied for 102,000, which was approved, so i presume that it's for the amount we applied for

RAINBOW123_3

Richard & Chickmug.

If it come to it would we be allowed to offer the landlord a week or twos rent so he could hold it for us a bit longer without it having to go back on the market.We are only a couple of weeks away from exchange stage.This would be so he dose`nt lose out financialy on the one or two weeks & saves us having to pay out another lot of money for a holding deposit on another place.

We really dont want to lose the rented place.

If it ended up going back on the market the buyers would have to wait longer for us to get out as we would have to look for another place again,get approval to rent,pack etc etc.

This could make the buyers want to pull out couldnt it? Which is obviously what we dont want them to do.

Sancho.

Thank you.

1sue23

Is this a record it has taken 6 weeks so far for Egg to instruct a survey on a property I wish to buy and on Friday I received a letter from Egg asking for further information before they can arrange for the survey to be done ,apparently they need the post code of the estate agents which has now been given to them 5 times up to now .
I think they are trying to get rid of me as my mortgage is portable and I am on a lifetime tracker with a very good rate ,I feel that they wish to make it as difficult as they can in the hope I will go elsewhere .

Richard_Webster

If it come to it would we be allowed to offer the landlord a week or twos rent so he could hold it for us a bit longer without it having to go back on the market.We are only a couple of weeks away from exchange stage.This would be so he dose`nt lose out financialy on the one or two weeks & saves us having to pay out another lot of money for a holding deposit on another place.

We really dont want to lose the rented place.

If it ended up going back on the market the buyers would have to wait longer for us to get out as we would have to look for another place again,get approval to rent,pack etc etc.

This could make the buyers want to pull out couldnt it? Which is obviously what we dont want them to do.

Sancho.

Thank you.

1. Do not assume anything in a chain. You do sometimes get incomplete information and too often when I ring up to exchange and say that my client tells me that the seller or the buyer is ready, I am told that is not the case and "I don't know where they got that from..." The sellers and buyers themselves may think they are nearly ready but their solicitor may say otherwise - get your solicitor to talk to theirs.

2. If you have an issue about losing your rented then get the estate agents to tell the other people involved that if they exchange by X date then we/they can complete by Y date (because you can go to that place you have found) but if they don't then there could be a signifcant delay while we find somewhere else to rent - do they want the delay? That gives them something to work for - but they must then contatc their solicitors to tell them that. It is possible that a solicitor may simply say that it may not be possible because he has no control over somebody else that he is waiting for, but it is worth trying.

RAINBOW123_3

Richard

:beer: once again.

Could I also run this by you if you can help:

On the front page of my tenancy agreement (cover page) it says the following:

blah blah blah."We would be grateful if you would check,initial each page & sign on page .. of the Tenancy Agreement,page.. of the letter relating to the deposit,complete the standing order mandates & return to the office asap.In the event of the tenancy not proceeding for any reason they will obviously be destroyed".

Another bit says " Also to be required is Id proof,full payment of your invoice is required in cleared funds before keys will be released (which will be on inventory day).

1.So dosent this mean that we can pay the rest of the money at inventory time for the rented place but not move in but if our sale fell through we wouldnt lose the money we paid for the rented place because it says on the cover page that the papers will be destroyed?

2.Also,the tenent has said that if we cant get to exchange stage by a certain date (1st Sep,which is day of inventory) then it will have to go back on the market as it will affect him financially.

Im confused because estate agents states it different to what the landlord has said or have I read & misunderstood the tenancy cover page ?

3.Are we allowed to offer him eg: 2 weeks rent if we havent moved in by the inventory date because we havent got to the exchange stage yet?

We know that the buyers are ready as he rung them & found out.

What do you think?

Hope you dont mind me asking .

RAINBOW123_3

Morning Richard.

Hope you can get back to me on the above

chickmug

RAINBOW123 wrote: »

Morning Richard.

Hope you can get back to me on the above

If I were Richard I would send you a bill for his advice given so far;)