FTB Hoping to exchange/complete friday!

mrdee0

Two weeks ago i went to see my solicitor to get feedback on searchs. I also signed my mortgage document, fixures and fittings and something else.

Being new to this i wasnt sure if i would be coming in again to sign some kind of official contract in redyness for exchange. I suggested two weeks on friday as a good date for an exchange. But then this week the solicitor rang to say completion is on friday and how i was going to pay and i said i was happy for the chaps transfer and i was ready to send asap. She requested evidence of source of funds and I wasnt sure what was meant by that-i said the 30k deposit was in my savings account. So i said i could send the yearly bank statement. The next statement is due 17th october so that statement shows oct 2004-oct 2005- but it shows my monthly salary being paid in and shows how savings increase by 1k every month (total as of 2005 covers more than the deposit needed). Im hoping that is sufficent in accordance with money laundering regulations. I need to ring tommorow to check they accept it. Without which they wont give me thier banks details for me to chaps transfer the money!

I also dont know if i need to physically go in on friday-ive booked day off just in case-i guess i need to collect the house keys from them (or do i collect from sellers solicitor?).

The solicitors did sent a helpful sheet on the steps of the process when they sent thier first letter to me but its seems they dont exactly follow the guide leading to a little confusion on my part.

Anyway i feel a flu coming on probably due to the stress and worry over the house buying thing.

I'll post some details of my experience after friday and hope it will assist other FTB's.

mookybargirl

I'll keep my fingers and toes crossed for you.

You must be sooooo excited - you're almost there!

hechizero

Your deposit monies are needed to exchange contracts, if I am not mistaken. Only then can a completion date be set. Under normal circumstances the solicitor will have to have these monies in their possesion before they exchange. It is rather stange your solicitor is talking about completion when you are saying you have not exchanged contracts as yet.
Furthermore it seems odd that your solicitor wants bank statements and is not willing to give you the bank details for chaps transfer.
None of what you have mentioned is standard practice as far as I know, so best get on the phone to your solicitor and get a complete run down of these steps straight from the horses mouth.

silvercar

My solicitor only needed my date of birth to do some sort of check on me, he did say if that wasn't sufficient he would be back in touch but their systems are all automated now.

Not giving you their bank details seems odd.

A lot of people exchange and complete on the same day, so that's not unusual.

mrdee0

hechizero wrote:

Your deposit monies are needed to exchange contracts, if I am not mistaken. Only then can a completion date be set. Under normal circumstances the solicitor will have to have these monies in their possesion before they exchange. It is rather stange your solicitor is talking about completion when you are saying you have not exchanged contracts as yet.
Furthermore it seems odd that your solicitor wants bank statements and is not willing to give you the bank details for chaps transfer.
None of what you have mentioned is standard practice as far as I know, so best get on the phone to your solicitor and get a complete run down of these steps straight from the horses mouth.

Hmm her letter states 'i have requested mortgage advance monies to enable completion this friday 8th'...

then breakdown of costs and 'as soon as possile in order to proceed to exchange of contracts with completion for friday'

then she asks for evidence of source of funds 'prior to accepting the balance monies'.

I guess thats good practice to require evidence before accepting any money in case its all money from crime etc.

I expect the exchange and completion has all been penciled in as Friday same day

Actually i sent fax tuesday (bank statement) and she said she hadnt recieved it so ive sent 3 more-one from work office and 2 via online fax service. Failing that i can drop off the bank statement by hand.

Oh well see what happens tommorow! I have the day off in case i need to drive to see the solicitor...just hope my health is ok...came down with little flu yesterday..feel drained...must take aspirins and echinea!

mrdee0

mookybargirl wrote:

I'll keep my fingers and toes crossed for you.

You must be sooooo excited - you're almost there!

I notice your offer was accepted the 1st! Mine was accepting the day after my birthday...was an amazing feeling to know i would be owning a piece of land and property. That was a good high and then comes the sorting out of contracts ect ect and i expect my next high will be when i turn the key of my house and walk in and think 'wow this is all mine!'
im fortunate as the owner is leaving everything except the fridge freezer. and cooker, microwave. carpets curtains etc are all in good nick -perhaps a wash of the curtains but thats really it.

Good luck to you.