Selling and Buying question

squibbs25

More advice please!

Nan is selling her house and has found a bungalow she is buying.

As regards to exchanging contracts and completion, does she exchange and (a few days later ) complete on her house THEN exchange on the bungalow or exchange on both then complete on both?

Trying to make this as stressfree for her as possible, unfortunatly both EA AND sol seem to be dragging their heels. House sale been going on since May and still no date for exchange yet. The sol hinted to my mum (acting on nans behalf) that they will exchange on both properties at the same time.

If anyone can shed any light on this i would be everso grateful.

TIA

Squibbs

Doozergirl

You exchange on both on the same day, then complete on the same day, normally a week or so later.

May is a long time and I would definately want to know what the hold up is. I'm sure that most people in the chain would be ready and there will be just one particular hold up by now. How long is the chain?

Communication is the key in a chain and if there isn't any occuring, then someone needs a proverbial kick. I'd get on to both esatate agents, sale and purchase and solicitor tomorrrow and find out exactly what the hold up is.

Don't take no for an answer. If someone is doing a bad job, they'll be slow to admit it!

densol_2

The longer the chain -the longer it takes to coordinate the whole sale/purchase thing. I wonder how any sales go through to be honest when you think about it logistically.

What happens is your nans buyers sol, contacts your nans sol, says we are ready to exchange?, your nans sol then contacts the sol for the seller of her new house, to talk about exchange, he may then have to contact his sellers sol further up the chain and so on. Could be 10 or more involved. All sols talk and say - we will exchange on X date. On that day they all ring round making sure each is all ready. They get an assurance that exchange will take place and then they formerly do it with all parties.

That is why it takes ages but your nans is taking the proverbial - unless there is a delay somewhere in the chain. Pester is the key - squeeky wheel gets the oil and all that - drive him mad till the only thing to get rid of you is to exchange !!!

Denise

squibbs25

Just so happens i've been on at mum to kick !!! with sol and EA, which she has done, she has threatened them all that if not moved by xmas then nan will pull out.
There are only 2 people on the chain!
People buying nans house as a buy to let, nan buying empty bungalow.

EA gave nan the impression that she would be moved by Aug (the latest! :eek: )

They say that the buyers of nans are 'not in a hurry'.
mum said that nan is! she is 90 years old and we dont know how much time she has left in this world and whatever it is she/we want her with her with family.

Sol very rude to mum saying that house buying is a lengthy thing, mum said 'yes obviously if peole are using your company!' her own house sale took 8 weeks from start to finish, my own took the same.
Nan just thinks im being impatient :rolleyes:

Squibbs

mrsS_2

according to my ea national average from offer to exchange is 18 weeks-

just done today in 5 weeks-last purchase and sale was 3 weeks for us.

so to get an average of 18 someone else out there is going very slowly to compensate........