Exchange in 48 hours?

Io07

Hello,

I hope someone can advise me!

We've seen the house we want :j. Its in the perfect location, needs a full refurb and will allow us to make it into the home we want for our family for the next 10 years!

We have a 25% deposit, don't need to sell, have offered the asking price and have the mortgage agreed. Now we need to find a solicitor / conveyancer (sp) who can finish the exchange in 48 hours as the seller is in a hurry (he will wait for the completion; has some jitters as previous buyers faffed him about for months).

I've read somewhere else on this forum that there are solicitors who guarantee exchange in 48 hours?? Have tried searching on google/ other forums but would someone here know? even better has someone actually used one and could reccommend??

Thnaks!!

Hippychick

I doubt you will find any conveyancers who will guarantee exchange in 48 hours!

For a start to exchange your solicitor will need a hard copy of your mortgage offer, have received the contracts, checked through them, raised queries had them answered etc etc and you will have had to transfer the deposit to your conveyancer.

It's a tall order and is more possible if you are a cash buyer which you're not.

Cannon_Fodder

If there was a conveyancer that offered 48 hour exchange, I would steer well clear, as you don't know what might be overlooked as they rush to meet a deadline.

If you are spending hundreds of thousands of pounds, why rush? Either the guy wants to sell, in which case 90% of people are not going to exchange in 48 hours, or he wants to wait months for 1 buyer to come along who is equally impatient.

Daft.

GDB2222

I exchanged in 72 hours. Sold the burnt-out wreck of the old house, settled the insurance claim, and bought the new house - all separate transactions within 24 hours. It all went rather smoothly, actually.

One point is that I exchanged on the new house without a mortgage offer but with a delayed completion - rather like Io07, except he has a mortgage offer.

I don't see why the solicitor needs to have the written mortgage offer. You're the client, and if you want to take that risk, it's up to you.

timmyt

Hippychick wrote: »

I doubt you will find any conveyancers who will guarantee exchange in 48 hours!

For a start to exchange your solicitor will need a hard copy of your mortgage offer, have received the contracts, checked through them, raised queries had them answered etc etc and you will have had to transfer the deposit to your conveyancer.

It's a tall order and is more possible if you are a cash buyer which you're not.

i agree, espcially the mortgage point. You are reliant on the lender funding you, so unless the lawyer has received his set of instructions from the Lender (to act jointly with you and them) then they will not exchnge contracts for you - unless you clearly sign an indemnity and proceed regardless confident that the funds will be there in time - which lawyers will avoid like the plague.

Your fees will also be twice or three times the norm, as the lawyer will have to push all his other work away and prioritise you.

If the HIP less than 6 months old, as otherwise a fresh local authority search will be needed - or insurance to back it up but that is never ideal.

You are also reliant on the selling lawyer and who will invariably not do one of these things thus delaying you:

1. send you any Transfers referred to in the registered title
2. send you conditional planning consents however old

Good luck but just have your lawyer show signs of instant action, forget the 48 hours.

Wickedkitten

I don't think I would want to exchange in 48 hours even if it is possible. What happens if you have exchanged and then they do the survey and it comes out badly?

before_hollywood

i completed in 22 days including the easter bank holiday

but it was done properly, with mortgage put in place, all surveys done etc.

Io07

Thank you to everyone for their comments. I suppose a house is a house...but we really want this particular one (we will never be able to afford in this area otherwise; and there is otherwise the risk of starting a bidding war) and so are willing to act as quickly as the seller wants....just need a solicitor who will too!! thinking back, perhaps I am naive to think anyone can actually help us do it in 48 hours...

Milliewilly

Io07 wrote: »

Thank you to everyone for their comments. I suppose a house is a house...but we really want this particular one (we will never be able to afford in this area otherwise; and there is otherwise the risk of starting a bidding war) and so are willing to act as quickly as the seller wants....just need a solicitor who will too!! thinking back, perhaps I am naive to think anyone can actually help us do it in 48 hours...

My solicitor can do a purchase in 24 hours PROVIDING he has the money and all the relevant info from the seller. He is based in Sheffield.

<sebb>

Do you know why they other buyers pulled out. You say that they were faffing about for ages, but perhaps they actually just found out there were things that weren't quite right with the property and were trying to get these resolved?

I would be wary of a vendor trying to push through a quick sale - happened to me last week and the vendor was basically trying to hide the fact that although he'd got planning permission for a conversion to flats, he didnt follow the plans that he'd submitted (used earlier plans that had been rejected for planning permission) and did not comply with building regs.

poppysarah

Seller in a rush? That'd set my alarm bells ringing.

You can get a solicitor who deals with auctions and they'll be quickest. Might not be cheapest.

I would seriously worry about the rush though. Once you've exchanged you can't back out.

What if.... is something we can warn you of now, and it's better than us being able to say "told you so"