RE:Exchange in 3 and half weeks is this possible

lindseyh2

Hi

A bit panicked now, FTB, offer accepted on 10 February and solicitor instructed on the monday following, we filled out home purchase form on Thursday 15 February and mortgage application on same date as had AIP and this should take about 2 weeks, fasttracked and solicitor waiting on this for searches, the property is only 1 year old so should be all ok, EA didnt mentioned vendors were in huge rush so thought ok, spoke to vendors personally tonight because we are sorting some fittings out between us, and she advised she has to complete by 16 march which is 3 and half weeks, had no idea about this and dont know if this is possible???

is it likely, I am so mad with EA for not telling us this

sukey13

Not very likely unless you chase everyone along all the time. Always depends how well your solicitors communicate. Did the vendor tell you why they had to sell by that deadline? Searches can take ages - unless you want to take the risk of insuring against any problems (costs more).

Not everyone can organise removals that quickly anyway - unless the place is already vacant?

Doozergirl

Even if it isn't possible, who else would be able to come in and purchase your vendors house in quick enough time? Is this purchase definately dependant on the sale of this house? Is this pressure coming from the chain above?

It really isn't your problem and it would be nigh on impossible for her to come up with a better solution than you as buyer, so I would simply tell your solicitor that she wants to complete on 16th March and see what they say. Even if it isn't possible (it's tight if nothing else!), she can't blame you when you've been given barely no time. She'll just have to deal with the problem herself, which she will. People do

Really, don't worry yourself too much over this. You're in the better situation that it's you being asked to move quicker than the other way round You just let everything happen and don't push too hard yourself as you'll stress yourself out. These things take as long as they take

lindseyh2

Hi thanks for the replies

The vendor is moving into a brand new property on the same estate, and have to exchange on the 16 March, but will complete a few weeks later, I will be ringing the EA tomorrow and solicitors to see what they say, but from what she has said, if they lose the property they want, they will pull out, so dont know what to do really, just seems very tight and a waste of money if we know we cannot exchange in this short time, would it be best just to pull out now?

space_rider

I managed to do it in just under 3 weeks. This was achieved because I bought it from the builders. They had already done the searches so my solicitor purchased the searches. I didn`t have a house to sell and already had my mortgage agreed in principle. I also exchanged and completed on the same day.

Doozergirl

Developers give people 28 days to exchange from when they reserve the property. They then often have an open ended date for completion if the building isn't ready.

I really don't think the situation is as bad as you think but I've never bought a new build personally so I can't give specifics at all.

I think that developers will exchange with a smaller tahn 10% deposit from your vendors or that they will wait the short time until you are ready to exchange. Developers must always be at the top of the chain and they have to have procedures in place to allow the rest of the chain to catch up!

I think you just need to clarify things with the EA dealing with your purchase. I wouldn't pull out over this, it really isn't as bad as you think.

Madjock

lindseyh2, see my reply on your other thread. Entirely possible to exchange in 3 weeks.

rach29

Hi Lyndsey,

On my last sale we exchanged in 3 weeks & completed in 4. It can be done but it's worth checking out on your local council website how long searches are currently taking in your area. I believe (and someone will correct me if I'm wrong) that local searches can be speeded up if someone from your solicitors does them in person at the council offices, but this does cost more. If you do go this route, I would suggest recouping this extra cost from your vendor, since it is them driving the quick exchange

chant1l

Totally possible, and most likely to be held up by the vendors solicitor. I guess because every body assumes he will act the fastest it is invariably him who holds it up. You need to get the process moving at all times, solicitors are totally passive, waiting endlessly for replies from the other side (often on pointless details).
When something does happen, always ask what is next , and when this will be done, expect laconic answers " we'll pop that inthe post in a couple of days" type thing. Demand today, explaining why you need it. In short, become the pressure in the process.