Exchange not happened - need advice ??

newtoitall

Due to Exchange today and complete Wednesday, all documents signed by all parties.

All that was outstanding on our part was to pay solicitors fees. Part of a chain selling and buying. Our buyers deposit is already cleared and everyone is keen to move.

After waiting all morning we rang to chase up what was happening with the exchange and was told it would only happen after our fees had been paid even though the letter from our solicitors states funds only need to be cleared a day before completion - if so there shouldnt have been a problem with exchange today!

Is this normally expected or are they just fobbing us off - the solicitors are bad for communication - left several messages - only through constant nagging did i get to speak to someone. It is a local solicitors in town.

G_M

Go in to their office tomorrow and ask them to clarify. But if you were to Complete on Wed then I expect they want to be confident they have all the money required before they Exchange. Make sure you take or transfer cleared funds so as not to hold up EVERYone's sale/purchase!

newtoitall

G_M wrote: »

Go in to their office tomorrow and ask them to clarify. But if you were to Complete on Wed then I expect they want to be confident they have all the money required before they Exchange. Make sure you take or transfer cleared funds so as not to hold up EVERYone's sale/purchase!

Thanks.

I asked about doing a CHAPS transfer first thing in morning in case my previous transfer had not cleared. They wont accept cash and every other payment method needs at least 2 days clearing (counter cheque draft, debit card). Does CHAPS guarantee immediate transfer same day? Some people say it can take a full day.

bris

It can take a whole day but about 4 hours is normal.

firstaspect

CHAPS rarely takes more than 2-4 hours.

Richard_Webster

CHAPS takes about 2 minutes when the system is working properly.

Problem is that if you go into a bank and ask them to send one these days it often won't actually get done at the branch. They will send some e-mail or whatever to an office somewhere (- Milton Keynes, Mombai? ) who will actually action it - so it will just be one of hundreds or thousands that are being dealt with a vast processing centre and it gets done sometime. Usually they will tell you things like if you give them the completed forms at the branch by 12noon it will get sent that day by close of business - but every bank is different and you need to check what their requirements are.

wessexw

When I did my CHAPS payment pre exchange I was told that there's a cut off point during the day where if you make the payment before that point, it's garunteed to go through very quickly. I made my payment about 9:30 in the morning, my solicitor confirmed about 11:30 that it had been received.

jangor_2

I am completing this work and visited my building society last Friday to arrange a CHAPS. I was there before 12 noon but it was quite a performance. The form had to be completed and signed by two members of the staff in the branch. It then had to be faxed to the Area Manager to action and presumably then on to its destination. I was told that this might take until up until the close of day yesterday to arrive and I am still waiting to hear that it has in fact arrived with the solicitor.

shimano

In my recent exchange, I transferred my 10% to the solicitor and signed docs. Completion was set 1 week later.

Completion statement was received 1 day later, then transferred all remaining after that, inc fees. As it was coming from multiple bank accounts, I sent some Faster Payments and it was in their side quickly, as was CHAPs (HSBC/Abbey)

newtoitall

Just to let you know my original transfer came through at 9:00am this morning! So we finally exchanged today and are due to complete tomorrow.

I asked my building society about CHAPS and they said if I came into the branch before 1pm they would get it processed and the money would be transferred by close of play today.

My solicitors reasoning for needing the funds was because my seller could have wanted a deposit. Oh well at least it's another hurdle passed.

Thanks.

BeauBelle

Great News!

Hope everything goes to plan tomorrow for you!

BB
xx