Exchange problems

Parsons84

Hi

I am currently in the process of buying and selling, the only chain is our buyer and the lady we are buying from. We were due to exchange on Friday, but couldn't as our buyer didn't have their deposit sorted, our solicitor said it would have to be today or tomorrow, he has been in contact with their solicitors today and they have still not got it sorted, it's due to their solicitors not requesting it from the bank until late or something. Our solicitor advised he is having the same problem with another of his clients and this particular solicitor.

My question is really, is this normalish practice, has anyone else had similar exchange problems and as I suspect does it look like dragging on longer than tomorrow?

Thanks

Doozergirl

It often happens that funds aren't in place when things bottleneck towards the end with people running around for various bits of paperwork. If the plan was to complete this Friday, I wouldn't panic too much, completion almost always happens as planned once you are this close. Do not exchange and complete on the same day *just in case* they are lining up to gazunder - you can protect yourself by delaying completion.

If it makes you feel any better, my buyers failed to complete on Friday because they were short :eek: Fingers crossed it will go through tomorrow but I wouldn't be surprised if it's Wednesday.

goldbyron

I wouldn't worry Parsons - this could well be the case. Give them until Friday and then reassess.