Exchange!

DopeyDora_2

Hi,

It seems we are ready to exchange contracts for the house we are buying after lots of debates over the completion date.

Is there a time the contracts have to be exchanged by? I don't know if I should presume it hasn't happened today, or keep hoping for the phone to ring!

Dora x

jamminjamaica

good luck. i wish i knew the answer. i have been after my solicitor for an update on my house selling / buying. for 2 weeks now

lilyann1

I'd phone your solicitor and aks if you have if not ask him/her to phone you as soon as it happens.Good luck

DopeyDora_2

Thanks both,

Yes, my solicitor did say she'd phone as soon as it happened, just didn't know if it can be any time up to close of business, or say by 11am or something like that.

God, it's nerve jangling isn't it?!

Dora x

WestonDave

If it helps we exchanged at 4:45pm (which was kind of poetic as that was the exactly time of day the EA finally stopped trying to be clever and told us we had a deal on our purchase) - basically as long as there's time left to contact everyone in the chain within business hours you can exchange.

DopeyDora_2

Thanks WestonDave,

That's good to know. I have decided I will call the solicitor if I've not heard by 4.00. Time for yet another cup of tea I think!

Dora x

Goodersuk

We were supposed to exchange on Tuesday and complete next Friday but we are still waiting! I don't think my nerves can stand much more!

ooobedoo

Did anything happen???

DopeyDora_2

Hi,

No, nothing happened.

The house we are buying is owned by a lady who has been relocated by her employer. A relocation agency is delaing with the sale. The house is vacant but still has some furniture etc in it. We have been told all along that there's no onward chain, which suited us fine as we are in rented accomodation & wanted to move quickly.

Things have moved really quickly until now, with the relocation agency saying all along they wanted 28 days to exchange etc. Both our solicitors & us have worked really hard to ensure we got to point of exchange quickly.

We have been saying all along that we wanted to complete by 14th or 15th Sep. On Wednesday our solicitors rang to say other solicitors were now saying could do 18th at earliest as the removal/packing firm they were going to use could only do that day. We said no way, & found some companies that could do it on the 14th & 15th, which our solicitor passed on. They then said vendor is still living there & can't move until 18th. Rang Estate Agents who said, no she's definitely already moved to where her work now is.

Yesterday morning we decided that 18th will have to do, we'll just have to stay with friends for weekend, so we thought exchange would happen. 4.45 our solicitor rings to say they other sols won't exchange until vendor has exchanged on house she is buying! This is first we knew of any kind of chain. Rang Estate Agents who say the actual relocation company are saying there is NO chain, so am really confused & frustrated & don't really know how to play it.

We HAVE to be out of our flat by Thursday 14th,so I think if we don't exchange today or Monday we will have to pull out & find somewhere else to rent really fast.

Feel really fed up. Does anyone know where we stand legally if there is now a chain when we've been told all along there isn't?

Dora x

silvercar

Legally you can do nothing. Until contracts are exchanged you have no cause for complaint.

DopeyDora_2

Thank Silvercar,

I thought that was the case, just seems wrong that a property can be marketed as no onward chain, & us be told that is the case several times & you can go for a month whilst doing searches, liaising with other sols etc with no mention of this now supposed onward chain until the day of exchange. Guess they were just using it as a clever marketing tool to try & get a quick sale & we were naive enough first time buyers to fall for it.

Are the other sols likely to tell our sols how long this other chain is etc so we can see if exchange is likely to happen today or Monday, or will this be a no-go?

Dora x