Why the hurry to exchange?

hugheskevi

Hi all,

I am interested in comments on my situation.

I made an offer on a house which was accepted on 20th November. At that time we said we would aim to exchange before Christmas and have a completion date of 1st February.

The vendor initially appointed Wolstenholmes as her solicitor. She realised the problems with them, and changed solicitor, but this meant my solicitor wasn't sent a draft contract until Thursday 17th December.

This is a very straightforward sale of a freehold property. I am moving from rented property, and my only constraint is that my mortgage offer expires on the 1st February. The vendor is moving into rented accommodation. The financing is all in place, and the survey, etc, are all fine. There really aren't any difficulties at all.

But, the vendor absolutely insists in exchanging as soon as possible. Today she said that Friday was 'too late' although Thursday was okay. I asked what the urgency was, to which all she would say is that 'it is necessary, I don't want to discuss it.' The vendor has been extremely edgey about having a month between exchange and completion, and is constantly asking me about it to the point to which I am getting a bit suspicious given I can see no reason for the abnormal level of concern.

Given the point at which the sale is at, exchanging on Thursday may or may not be possible. Previously the vendor was insisting on a month between exchange and completion, citing various reasons, including needing the money for a deposit on a new rented flat (I told her it was very improbable her solicitor would release the money for this) and that it would take her at least two weeks to pack (which doesn't affect the time between exchange and completion.) So far I have yet to discern any need to exchange so quickly, other than a desire for certainty. She frequently contacts me, and expresses surprise and concern at the lack of progress which I personally feel is totally unwarranted - my solicitors were closed from 23 Dec to 3rd Jan and if you discount the two Christmas weeks today is only the second full working day from when my solicitors received the draft contract.

Given that we couldn't exchange before Christmas due solely to hold-ups on the vendors side, I am quite irritated that she will not show any flexibility whilst refusing to give any reasons for what I perceive to be an unnecessary rush.

I don't think there is anything sinister going on, but would welcome any insights anyone has.

Thank you.

PS I posted a similar thread yesterday, but it didn't seem to publish - apologies if this gets published twice.

bitsandpieces

The main reason I can see is that exchanging will give both parties certainty (she may not want to box everything up, sign lease on new home, hire removal firms etc. until exchange). I'd be surprised if her solicitor releases any of the deposit to you - I thought money was held to completion? - but there might be some way to do this.

To be honest, if you definitely want to go ahead with the deal and the seller's being skittish, it might be in your interests to to exchange ASAP - means the seller can't change their mind (without serious consequences).

G_M

Until Exchange, either side can pull out. The vendor probobly wants the certainty of knowing the sale is going to happen. You had originally agreed to try to exchange before Christmas, so albeit may have been the vendor's change of solicitor which delayed this, they are now trying to make up for lost time.

Buying/selling property is stressful, so vendor may be sounding erratic, but simply be stressed/worried and wanting to get to exchange.

Or there just might be a more sinster reason like something wrong with the property, or neighbourhood, which they don't want you to find out about before Exchange. Sounds unlikely though.

If you're happy with the deal, the property, the price etc, and have your funding in place, exchange calmly as soon as you can and get on with planning your new home!

franklee

When you've been a homeowner you tend to collect loads of stuff so it does take quite a while to pack up. She probably doesn't want to pack before exchange as if the sale falls through then she will have to unpack. Also I'd guess she doesn't want to sign up to a tenancy before exchange as otherwise she will be committed to pay rent even if the sale fails. Therefore IMO it seems reasonable to ask for a month between exchange and completion in order to be sure of securing a good rental after exchange and then arrange to move. This may be longer than people moving in a chain ask for as at least they know where they are moving to at the point of exchange,

benjo

When I bought earlier last year the vendor wanted to exchange and complete 'as fast as humanly possible' he said he wasnt in a chain and was going to move onto his boat. We were in rented accom, had a 40% deposit, AiP so could have moved within a weekend if needed.

We told the solicitor to go for the quickest exchange/completion they could manage and our solicitor agreed to exchange within 14 days - the vendor had a complete fit!!! said it was too fast, wouldnt give him time to get his mail redirected........

Just goes to show that people dont always mean what they say. Im guessing your vendor is just nervous that you might pull out and wants some reassurance in the form of signed contracts.

mystic_trev

hugheskevi wrote: »

The vendor initially appointed Wolstenholmes as her solicitor. She realised the problems with them, and changed solicitor, but this meant my solicitor wasn't sent a draft contract until Thursday 17th December.

Sounds like she's the Party at fault for originally using Wolstenholmes! Point it out to her!

Richard_Webster

If your solicitor is not happy to proceed because there are things that are still needed to be checked then you shouldn't. Have you signed the contract yet and given your solicitor the exchange deposit?

The test is what the seller will do if you don't exchange.

Unless the seller has an alternative course of action that makes sense which he/she could adopt without causing problems for him/her then he/she will simply have to accept that you are not ready and either agree a shorter period between exchange and completion or exchange later with a month from then to completion.

missile

It is in both parties interests to exchange asap, but I would not let her pressure you. No need to get into an arguement about it being her fault etc in fact there is no need to have any communication. Tell her politely, but firmly, that you want all communication via your solicitor.

Running_Horse

Either you are ready to exchange or you are not. If you are, get on with it, with a long completion date if necessary. You either want this property or you don't. Why would you delay if things are finally ready?

Alex_LS

hugheskevi wrote: »

Previously the vendor was insisting on a month between exchange and completion, citing various reasons, including needing the money for a deposit on a new rented flat (I told her it was very improbable her solicitor would release the money for this)

Your solicitor should be passing the deposit over on exchange. This will usually be around 5% to 10% of the purchase price.

poppysarah

Her mortgage offer runs out? She's got inside information about someone else wanting to snap up your house?