Completion and Exchange, Difference??

leftatthelights

roobyroo07 wrote: »

It is possbile to exchange and complete on the same day, so not all is lost!

Get onto your solicitor - hound them in fact! And tell them you MUST exchange and complete on your agreed date.

That is the plan today!!

Everything revolves around that date so it MUST be exchanged and completed on that day!!
With 8 working days to go, its going to be very tight but it can be done as you all have suggested!!

Will keep you informed.

Richard_Webster

You can only complete on 17th if everyone else involved agrees, i.e. your seller and any people further up in any chain.

Do not assume they have all agreed unless your solicitor has checked this.

People often tell estate agents or other people in the chain several weeks before, things like "17th September would be a good date." They say it without checking with their own solicitors it is possible, and they do not keep checking back that it is still possible.

You need to get onto your solicitors and get some answers. Complain to the senior partner if you don't. At least if 17th is not going to be a possible completion date the sooner you know the better.

If you plan to exchange and complete on 17th you may find that because nobody has checked it is going to be possible, it doesn't happen, and it is much more serious for everyone concerned if it s all left to the last minute.

That's why people generally like a week or two between exchange and completion so they can make their final arrangements secure in the knowledge that they will be moving on the completion day.

Finally, I always advise people not to give notice on rented accommodation until contracts have actually been exchanged otherwise you could be left without anywhere to live.

MissAqua

I am in pretty much the same situation with the 17th being THE day as after that my mortgage offer runs out. I have been waiting for a lease extention to come through hense all this last minute rush.

I think we are all neally set to go and I sign the contracts tomorrow but exchange, completion and lease assignment is all going to happen next week!! I have not yet had comformation as to whether it will all be on the same day, but its starting to look like its going that way :-( I'm so stressed out.

I wish you luck!

FTBFun

I exchanged 2 days before completion, so it is possible to have as short a timescale as that.

Richard_Webster

I exchanged 2 days before completion, so it is possible to have as short a timescale as that.

Possible, yes, but only if everyone else involved in any chain knows this is expected a week or more beforehand in order the money can be ordered from mortgage lenders etc.

If your solicitor makes phone calls to exchange and the other solicitors are not expecting it then they may well say it can't be done.

leftatthelights

Richard_Webster wrote: »

Possible, yes, but only if everyone else involved in any chain knows this is expected a week or more beforehand in order the money can be ordered from mortgage lenders etc.

If your solicitor makes phone calls to exchange and the other solicitors are not expecting it then they may well say it can't be done.

Hi guys, I will give you a bit of background.

The house we are buying is vacant, the owners (elderly couple) both died leaving the son and daughter to decide what to do with the property. They obviously decided to sell.
They wanted a quick sale and we are FTB's in rented accomodation so there is no chain whatsoever!!

We first viewed the house mid June and were told at the start that we could be in by end of July which was encouraging.
Anyway, it has been delay after delay ever since our offer was accepted and our solicitor just keeps saying "we are just waiting for a couple of bits of paperwork from the vendor's solicitor". They have been saying this now for the best part of a month!!!:mad:

We just want some answers now and we dont seem to be getting any.

Example, yesterday my OH rang to confirm the 17th to which our solicitor said "oh, I thought you just wanted to exchange on the 17th???" We are getting extremely frustrated by all this now and just want to move in!!!

PS. The vendor is very keen to let us move in on 17th aswel.

PPS. If we "hound" the solicitor im worried that they will just put our file to the bottom of the pile after hanging up!!!??!!!

leftatthelights

MissAqua wrote: »

I am in pretty much the same situation with the 17th being THE day as after that my mortgage offer runs out. I have been waiting for a lease extention to come through hense all this last minute rush.

I think we are all neally set to go and I sign the contracts tomorrow but exchange, completion and lease assignment is all going to happen next week!! I have not yet had comformation as to whether it will all be on the same day, but its starting to look like its going that way :-( I'm so stressed out.

I wish you luck!

Infuriating isnt it!!!! :mad::mad::mad:

leftatthelights

Bump!!!!!!!!!!:d:d