Can solicitors Exchange and Complete with a few days notice?

Wannamove

Hi
I am new here and looking for some advice?

We are in a long chain and everyone is ready apart from the bottom who need funds to clear at the solicitors for there deposit! Now I have heard today that if we don't move by next week then someone in the chains mortgage offer will run out!!
So the estate agents have put to us all that we have a deadline of next Friday! Will this be enough time for the solicitors to arrange exchange and completion? I didn't hear this till 6p.m, as usual when everywhere is shut! Just wondered if anyone had moved with such short notice...As far as I know the chain are all agreeing to this date it was originally hoped for the week after but now with this deadline they want to complete next Friday! The funds should clear by Monday from the one at the bottom..So could it then exchange Tuesday and complete Friday?

Any advice would be great I am so fed up of living out of boxes Grrr

puddleduck

Sounds reasonable. Even if exchange doesn't take place on Tuesday you can do a simultaneous exchange and completion (i.e. both parts happening at the same time) if everyone agrees - although you'd still be wondering on Friday if you were moving that day or not until it was done, so better to have exchange at least 1 day before!

Good luck. Hope it all works out!

kingstreet

You can exchange and complete on the same day, although I wouldn't recommend it for those of a nervous disposition.

If everything is ready, you should be able to exchange Monday or Tuesday and complete on Friday, no problem.

Fingers crossed for you...

Wannamove

Thank you both so much for your reply! I was reading some paperwork from the solicitor about 5 days notice to the mortgage lender to release the money and obtaining redemption certificates and thought we have no chance with such short notice!
I forgot you can do it on the same day, although not sure my nerves could take it LOL....But if it meant we had little choice then I will gladly. Chains are a nightmare....

Richard_Webster

It depends on the lenders. Nat West requires a rigid 7 working days notice and are very difficult to move. Barclays require slightly less but if you phone up to find out what is happening you get an Indian call centre you just send messages but can't seem to make decisions.

On the other hand Yorkshire Building Society/Accord Mortgages are the epitome of helpfulness and you can get money from them more quickly.

So if a date is thought to be agreed solicitors order their money for the date in the hope that in the next few days all the bits of the jigsaw fall into place and exchange can happen with the agreed date for completion.

Unfortunately because of the appalling communication in chains it often happens that because exchange hasn't happened as quickly as might have been expected somebody changes their mind because they don't want to pay for abortive removal expenses if completion doesn't take place on the day suggested (but not yet set in concrete by exchange) and then we all start all over again!

Alternatively the date that "everyone" has agreed is nonsense because the solicitor 4 links above in the chain hasn't even received the draft contract papers on his client's purchase!

This kind of thing happens all the time.

timmyt

Richard_Webster wrote: »

It depends on the lenders. Nat West on the contrary, NatWest are outstanding, I need to give you there hotline fax number, you ask at 10am and you'll have it 2 hours later, the two times I have done it, simply puts the other lenders to shame. NO lender we ever work with needs more than 72 hours requires a rigid 7 working days notice and are very difficult to move. Barclays require slightly less but if you phone up to find out what is happening you get an Indian call centre you just send messages but can't seem to make decisions.

On the other hand Yorkshire Building Society/Accord Mortgages are the epitome of helpfulness and you can get money from them more quickly.

So if a date is thought to be agreed solicitors order their money for the date in the hope that in the next few days all the bits of the jigsaw fall into place and exchange can happen with the agreed date for completion.

Unfortunately because of the appalling communication in chains which is why chain lists are printed on our sale and purchases and we add the parties to it until it is complete and then whenever we find a solicitor being slow (it is bever the lawyer but their client or a third party tey need info from as you know Richard) we can chase any of them direct it often happens that because exchange hasn't happened as quickly as might have been expected somebody changes their mind because they don't want to pay for abortive removal expenses if completion doesn't take place on the day suggested (but not yet set in concrete by exchange) and then we all start all over again!

Alternatively the date that "everyone" has agreed is nonsense because the solicitor 4 links above in the chain hasn't even received the draft contract papers on his client's purchase!

This kind of thing happens all the time.

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