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Exchange and complete on the same day?

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  • RAINBOW123_3
    RAINBOW123_3 Posts: 99 Forumite
    Guess Who :rolleyes: ?

    Yep its me again.

    Sorry,just thought.

    If we have paid the holding deposit which is to do all the reference checking,credit checks (which are fine)taking the property off the market so no one else views it etc etc then surely we wont lose the place even though we havnt got to exchange yet?

    I also just thought,the rest of the money that has to be paid on inventory day which is the security deposit,monthly mandate for rent & administaration fees is for taking off at the end if any damage & paying the rent each month.

    So surely if our sale falls through then we would get the security money etc etc back because we wouldnt have been living in the place to eg: cause any damage.
  • chickmug
    chickmug Posts: 3,279 Forumite
    You may better starting a new thread as there are some really good posters on renting issues. As my signature not something I have been in so can't help this time:confused:
    A retired senior partner, in own agency, with 40 years experience in property sales & new build. In latter part of career specialising in commercial - mostly business sales.
  • Richard_Webster
    Richard_Webster Posts: 7,646 Forumite
    Part of the Furniture 1,000 Posts Combo Breaker
    I think I have to echo Chickmug's comment. I don't get invovled in the complexities of renting so you would be better starting a new thread on those points.
    RICHARD WEBSTER

    As a retired conveyancing solicitor I believe the information given in the post to be useful assuming any properties concerned are in England/Wales but I accept no liability for it.
  • RAINBOW123_3
    RAINBOW123_3 Posts: 99 Forumite
    Thank you both very much.

    We got a call today from our estate agents to say that he contacted the mortgage people for them to get a move on as its getting ridiculous now.The buyers requested for it to be completed end of August & still no mortgage valuation has been done so they have said that its getting done this week.Heres hoping :rolleyes:

    Hes also contacting the buyers solicitors to see if theres an indicationn of when exchange would be.

    Its because its so near to the inventory that we are getting very worried of what to done with regards to the inventory day & payment.

    So fingers crossed.Will keep you posted.

    Im hoping that we get some more news today as its my Birthday today.
  • chickmug
    chickmug Posts: 3,279 Forumite
    :beer: Happy Birthday
    A retired senior partner, in own agency, with 40 years experience in property sales & new build. In latter part of career specialising in commercial - mostly business sales.
  • RAINBOW123_3
    RAINBOW123_3 Posts: 99 Forumite
    :beer: Chickmug.
  • sancho
    sancho Posts: 486 Forumite
    Part of the Furniture Combo Breaker
    Happy birthday Rainbow!!

    After speaking to our solicitor, and the good people on here, we decided not to do it on the same day.

    We went in and signed the contracts and gave him (lots of!) money. So i'm guessing we'll exchange within the next couple of days, with the solicitor intended to have us completed by mid next week!!! :D:D

    Not bad considering we had the offer accepted on the 8th August
    He who laughs last, thinks slowest
  • RAINBOW123_3
    RAINBOW123_3 Posts: 99 Forumite
    Do you mean you paid the solicitor money for him to get you done asap?
  • RAINBOW123_3
    RAINBOW123_3 Posts: 99 Forumite
    Sorry.

    Thank you for the Birthday message.
  • sancho
    sancho Posts: 486 Forumite
    Part of the Furniture Combo Breaker
    Well, not like a bribe!!

    He just gave me a bill required for completion, so he now has all of his fees and the deposit, presume he will 'order' the mortgage funds and then we will complete
    He who laughs last, thinks slowest
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