contracts exchanged today (fingers crossed)

megzmam

as title says really!!
what exactly will happen today? we signed contract thursday and solicitor said contracts to be exchanged today but not heard anything yet (so frustrating but i suppose start of week means lots of things to do so shouldn't be optimistic enough to think we will hear by 9.05am!!).
what exactly is the process betreen solicitors we arn't in a big chain ftb's buying our house and we're buying a house that is chain free and unoccupied as old couple moved out a while ago, is it done by phone,post or e-mail and how long does it usually take?
thanks for reading and hopefully you can ease my worrying lol i've already bitten my nails!!

firstaspect

If you're expecting to exchange today then I would drop an email or call (Depending on which contact method you usually use) to your solicitor before 5pm to see what has occurred. When I last exchanged I got a very short email at about 4:30pm saying we'd exchanged.

megzmam

firstaspect wrote: »

If you're expecting to exchange today then I would drop an email or call (Depending on which contact method you usually use) to your solicitor before 5pm to see what has occurred. When I last exchanged I got a very short email at about 4:30pm saying we'd exchanged.

thanks for your reply, my OH has already e-mailed the solicitor but doesn't bode well that her office minder is on still from friday!! left e-mail message with a colleague too hoping for a reply. was kinda thinking they may just get in touch nearer the end of the working day but that doesn't do much for you nerves whilst waiting!!. thanks again x

McKneff

ooooh, exciting isn't it..............:j:j:j

Good luck..........Hope you hear today.

G_M

Solicitors 'Exchange' by phone. All the solicitors in the chain ring the one above/below in the chain to check everyone is ready, then they agree Exchange by phone and make a note of the date/time of the call, which is binding as they are solicitors.

They then post the physical contracts to each other.

you should hear by the end of the day, but remember it only takes one person in the chain to have a problem (money not ready? having 2nd thoughts?) to stop everything happening.

megzmam

thanks everyone for your replies they were very helpful.
quick update!!
solicitors eventually replied to our e-mail but contracts weren't exchanged yesterday but solicitor says everything still on track for completion friday!!! they needed a silly little bit of information from the owner of the property we are buying and have now got that and yesterday we also received another search form through post which is going to be scanned through to them today so hopefully no more hold ups. . . . .we shall see.
how do people cope that exchange and complete on same day?? it must be like living on a knife-edge xx

Seanymph

I have done it - I've also exchanged and completed 8 months later.

I tell you, this system is rubbish!

Good luck for today.

megzmam

Seanymph wrote: »

I have done it - I've also exchanged and completed 8 months later.

I tell you, this system is rubbish!

Good luck for today.

thanks and hope we do hear today.
you'd think with modern technology things would be a lot quicker and easier you're not wrong when you say systems rubbish!!

megzmam

further update:mad::mad::mad:
why do solicitors say one thing and then do another or is it completely normal???
when signing contracts last thursday solicitor said she would contact first direct friday to arrange for money for mortgage to be sent out which could take up to five days but as everything was ready she didn't think it would take that long and contracts to exchange monday.
as you know through reading this thread contracts weren't exchanged yesterday and after contacting them again today she says she isn't exchanging until moneys in account, so why say all the stuff beforehand when i'm the sort of person that likes order so take it at face value what shes saying??
do you still think its likely completion will be acheived friday or is it looking unlikely.
but please if you think its looking unlikely try to sugar-coat your reply as my nerves are freyed already
plus will all other parties involved be having to do the same do you think?x

rakkibeth

I'm pretty sure that the mortgage money isn't paid until you have exchanged (and if you are selling a property too then you'll need a redemption figure from your old mortgage company). Do you mean that any monies that are going towards the deposit need to be transferred? From the way I understand it you will need that with your solicitors in order to exchange (for example, usually the deposits are 10%, if you are selling for 100k and buying for 150k then the deposit you'll get in on sale of your property will be 10k, and you need to transfer an extra 5k to your solicitors so that they can pay the full 15k on your exchange). If everyone is ready then theoretically you could still complete on Friday, but it is a Friday before BH so it may be busier than usual. As my mum always says, expect the best and prepare for the worst... if you complete a week later would that be a huge problem? Once you have exchange, the deal is agreed, so your poor nerves can have a bit of a rest. It is so very stressful! But will be over very soon!
Wishing you lots of luck for a quick exchange very soon!xx

megzmam

rakkibeth wrote: »

I'm pretty sure that the mortgage money isn't paid until you have exchanged (and if you are selling a property too then you'll need a redemption figure from your old mortgage company). Do you mean that any monies that are going towards the deposit need to be transferred? From the way I understand it you will need that with your solicitors in order to exchange (for example, usually the deposits are 10%, if you are selling for 100k and buying for 150k then the deposit you'll get in on sale of your property will be 10k, and you need to transfer an extra 5k to your solicitors so that they can pay the full 15k on your exchange). If everyone is ready then theoretically you could still complete on Friday, but it is a Friday before BH so it may be busier than usual. As my mum always says, expect the best and prepare for the worst... if you complete a week later would that be a huge problem? Once you have exchange, the deal is agreed, so your poor nerves can have a bit of a rest. It is so very stressful! But will be over very soon!
Wishing you lots of luck for a quick exchange very soon!xx

not sure exactly how the whole money thing works as far as i understand it we havn't paid a deposit we're not ftb's and we own the home we are selling outright. the couple buying our house are ftb's and their deposit is already with solicitors we're buying a house that is unoccupied it belongs to an old couple that moved into a rented bungalow due to health reasons.
think it would be a nightmare if we don't complete friday as because we have been told this is the day removals booked, mail re-direction setup etc etc so would have to cancel and re-arrange van.
i think you're definately right to about once contracts exchanged the deals agreed and will be a lot happier about things.
also think my nerves wouldn't be so bad it i understood the process a lot better than my oh does he's taking it all in his stride. . . alright for some!!!!
thanks again for your reply xx