Help!Exchange and complete in 4 days?

huglebear

I'm a worried FTB - yes, lots of us about I know, but...I am buying off vendors who have already moved. There is no chain. We have a completion date proposed of 27th July - next Thursday. I need to meet this cos moving from rental. But we haven't yet exchanged because my solicitor needs one last piece of paperwork from theirs. He's a good guy (done tons of conveyancing for mates, all good). I've spoken to him lots this week and he keeps saying not to worry, we can meet the completion date. But we don't yet have a date for exchange; I have to sign the papers tomorrow (Friday), and I know the vendors have signed, but we are waiting for this piece of paperwork. I'm worried particularly because my mortgage lender - a building society - told me they need 5 working days to release funds. So have I any chance of making next Thursday, and why is my solicitor so confident? Am I panicking for nowt?! Any advice much appreciated...

JennyB

I'd say trust your solicitor on this one because they normally have all of this timing stuff worked out pretty well. Also your situation sounds pretty low risk to me in terms of people pulling out and I know that short periods between exchange and completion do happen in such situations - sometimes people even exchange and complete on the same day! If the solicitor is confident he can sort out all the paperwork for completion in the time given then I'd feel alright. It's easy to say when it's not you but try not to worry - you're on the home straight!

jonnyw_2

Relax

I dont know what the missing bit of paper is, but i would trust your solicitor that it wont be a problem if i were you.

So far as the building society is concerned you would be surprised how quick they can actually do things if they need to. If the solicitor does a lot of conveyancing he will know exactly who to speak to at the building society so that things happen on time

Its becoming more and more usual for exchange and completion to happen close together, even on the same day.

suki1964

If your solicitor is as good as mine was hes already booked the mortgage money, giving the lenders plenty of notice.

I was in the exact same boat earlier this year waiting on one piece of paper. We all just carried on as if it was all in place so when it finally showed up it was all systems go

Debt_Free_Chick

Yes, I think once they've given 5 days notice, they can then call the money any time after that. So if he gave the notice yesterday, he can call it next Thursday, to arrive Friday.

charlie007

i was hoping to move next friday and exchange and complete on that day but it is not looking like it will happen, it is all down to how good your solicitor is.

huglebear

Thanks guys - this process is mad, isn't it? Sorry, won't get into that as it is another thread of its own...saw my solicitor today; still no word on exchange date because vendor had a caesarian today, and her husband hasn't told his solicitor whether or not to pay for an indemnity policy my solicitor wants. However, have now signed everything and sol wants a banker's draft for the deposit on Tues so we can exchange whenever. Asked about the mortgage lender having to transfer money and they said that because I'm with Nationwide there won't be a problem because they've had to deal with Nationwide so often before - despite Nationwide telling me they need 5 working days. This is the time when I'm so glad to have had recommendations for this solicitor - she is totally unflappable, very calm, but I also know it isn't a blag cos she's done well by friends in the past. Still hard to trust someone with a deal this big, though, isn't it...esp since the vendors are just really laid back/idle - you'd think they'd be keen to get the cash since they've already moved. The posts really help keep me sane, so thanks everyone.

lilyann1

Have you not got the vendors number to deal with them directly??? You often get better information dealing direct.
If she has had a caesarian how is she going to move house in the next few days????

huglebear

In answer, the vendors have already moved house and aren't in any kind of chain, so completion day for them just means handing over keys and getting my money. I can understand why they wouldn't want that the day she's in hospital but fingers crossed it all went well for her and it seems like we're on - but to exchange and complete on same day. I can't concentrate on anything.

rosysparkle

I exchanged on a Friday and completed the following Wednesday - it can work if your solicitor is on the ball!

Fingers crossed for you.

lilyann1

It's all a matter of trusting your solicitor and chasing all the time.
I am not sure I'd want to exchange and complete the same day but I am a mother of 4 so I have tonnes of stuff to shift.I am sure it can be done but it is a matter of speaking to your solicitor,every day if you have to ,thats what you are paying them for to work for you and to chase to get things done.
Good luck