Always complete on a Friday??

CherryPerry

Hi guys, I'm after some advice please about info about exchanging and completing contracts with my buyer.....Is it always the case that you must complete contracts on a Friday? Is this anything to do with transfer of money, or can exchange occur on a Monday or Tuesday? (I have a cash buyer and there is no chain at either end)

How exactly does the exchange on contracts work? Does the buyer sign their copy and I sign mine on the same date?

Sorry if I sound a bit stupid but I've never sold a property before and my solicitor is not the best :eek:

Thanks!

PasturesNew

It can happen on any day the banks and solicitors are open. So Mon-Fri except bank holidays.

If there's just the two of you and it's cash, then the only restriction might be that one of your solicitors might say "It's the way I organise my work, I always know that on Fridays all I do is complete...."

But, you can choose any Mon-Fri you want really.

azkaban420

Hi CherryPerry, your solicitor will ask you to sign your contract several days before the actual exchange date. They then agree a completion date with the you and the buyer/solicitor and once ready, they exchange accordingly, with the completion date being set at that point too. The process itself is done over the phone, you don't get involved in this.

It doesn't have to be a Friday - you can discuss and set the day/date to suit your/your buyer's needs as long as you're both in agreement.

I think that's about it?

Az

debsinbrighton

Our solicitor said it wasn't a good idea to complete on a Monday, but I think it was to do with needing to get the money from the mortgage company the day before completion, so wouldn't apply in your case

CherryPerry

Thanks thats really helpful!

G_M

Friday is often preferred as it gives people the weekend to sort out their new home before back to work on Monday! But it can be done any working day you all agree.

Exchange is done by phone by solicitors. The contracts are physically signed in advance by each side, the solicitors ring each other and agree 'Exchange has taken place' then they post each other the signed contracts (for some strange reason solicitors trust each other to do this!).

Where a solicitor is not involved (ie one side is doing the legal work for themselves), 'Exchange' has to be done face to face. Each side signs their contract and literally hands it to the other. (Ah! So little trust!)

JD002

Sorry for jumping in on this thread but how long does completion usually take?

Ulfar

No you do not have to exchange on a Friday, in fact it is preferable to not complete on a Friday for two reasons. I never do, your solicitor acts on your instructions if you want to exchange on another then instruct them as such.

i, If something goes wrong you can be left in the lurch over the weekend as Saturday is not a banking day and not all solicitors work that day.

ii, Removals tend to be cheaper and easier to book on other days as a lot of people fall for this nonsense when told so by their solicitor/EA.

This may seem like a rant but I have been in the position where a solicitor completed my sale on a Friday but had put the wrong completion date on my Purchase for the following Monday. I was not a happy bunny, I ended up sitting in his office with my father and Uncle refusing to budge until he sorted it out. It is not an experience I wish to repeat.

BornAtTheRightTime

I exchanged today at 4pm and completed 5 minutes later, so there doesn't need to be a delay between, but 2 weeks is normal as it gives time to book removals.

JustKeepSwimming_2

read this for my "Why I'd never complete on a Friday again" story (& other comments).... Still makes me fume :mad:

JD002

How long could it take if deposit is with solicitor and no chain?