contracts exchanged today (fingers crossed)

Catti

Don't worry too much!

Once you have exchanged you will be legally bound to complete on the agreed date - such as Friday. Because this is so close, I expect your solicitor is just protecting you from the possibility of breaching that contract if your mortgage money fails to arrive in time.

When there is an urgency about completion, we always like to wait for actual confirmation from the Lender that they are happy with everything and that the money will be with us (usually a day in advance) before finally committing a client to exchange.

It usually all works out but avoids putting you in an impossibly bad situation if something did go wrong!

chesneyoctopus

Catti is right - your solicitor is ensuring that everything is in place before committing to you to exchange, as there is such a short time to completion. If for some reason the lender did not send the funds, there would be time to sort out any problem if you were completing, say, at the end of next week.

However, it would reduce the stress if the solicitor expalined this to you!

megzmam

thanks so much guys for your replies, chesneyoctopus you're so right would be so much easier if solicitor informed up properly of what is happening.
bit of progress made though EA got in volved on the act yesterday and is acting as go between to ensure contracts exchanged this morning whoo hoo!!!!. money from mortgage provider is ready to go and ftb's for our house and the couple whose house we are buying are ready to sign today too (they've actually been waiting since monday!!) so all being well fridays still go for launch, will keep posted.xx

Richard_Webster

Don't worry too much!

Once you have exchanged you will be legally bound to complete on the agreed date - such as Friday. Because this is so close, I expect your solicitor is just protecting you from the possibility of breaching that contract if your mortgage money fails to arrive in time.

When there is an urgency about completion, we always like to wait for actual confirmation from the Lender that they are happy with everything and that the money will be with us (usually a day in advance) before finally committing a client to exchange.

It usually all works out but avoids putting you in an impossibly bad situation if something did go wrong!

Agreed - very common scenario.

However, it would reduce the stress if the solicitor expalined this to you!

Yes, I try to explain all this to people who want to complete very quickly - they can try it if they want but have to accept higher stress levels because exchange gets delayed until we know mortgage money actually coming - or be less stressed and exchange with completion say 14 days away when there isn't the issue about making sure the money will come.

It is such a common scenario that I even have a page on website explaining just this situation!.

megzmam

Richard_Webster wrote: »

Agreed - very common scenario.



Yes, I try to explain all this to people who want to complete very quickly - they can try it if they want but have to accept higher stress levels because exchange gets delayed until we know mortgage money actually coming - or be less stressed and exchange with completion say 14 days away when there isn't the issue about making sure the money will come.

It is such a common scenario that I even have a page on website explaining just this situation!.

thank you for your reply, we'd been led to beleive by solicitor that we had left enough time due to supposedly exchanging monday but kinda understanding the delays now thanks to everyones explanations also this date for completion on 27th has been banded around for well over a couple of weeks between solicitors as that is when the buyers of our house have given notice to on their rental property.

wazaldo

megzmam, I am in the same boat as you. We are suppose to complete this Friday but we still have not exchanged. So fustrating!!! :mad::mad::mad::mad:

megzmam

wazaldo wrote: »

megzmam, I am in the same boat as you. We are suppose to complete this Friday but we still have not exchanged. So fustrating!!! :mad::mad::mad::mad:

you're not wrong !!!! and all day my phones been ringing off the hook and none of em have been the phonecall i'm waiting for. i know its supposed to be stressful but this is pushing the lilmits!!
hope you get the news you're waiting for quickly same here.
and good luck for friday

megzmam

well i'm still here with no news so it's either gonna be the last job of the day knowing my luck (so why say gonna be done this morning) or its gonna go down to the wire and exchange and complete together?? or . . . . . i don't want to think about the other option:eek:

rakkibeth

We were meant to complete Friday too, and still haven't exchanged, but i'm sure everything happens for a reason (although not sure these sort of stress levels can ever be good!) Looks like we might be realistically be on Friday 10th June now (allowing time after exchange for moving vans to be booked etc), although our buyer's solicitor is really not being very helpful with any indications of how long these 2 outstanding items on our buyer's sale may take. We are buying an empty house, we are selling to a buyer who has a flat to sell, which is being sold to a FTB. So short chain....
Good luck you guys, lets hope we get those positive phone calls soon! (Bubbly has been in fridge for the last 8 weeks!) xx

wazaldo

Got a call about 4pm today confirming we have now exchanged.

Fingers crossed to the both of you. I am sure everything will be fine.