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Completion on Wednesday contracts still not exchanged.
dj_ad1200
Posts: 27 Forumite
Basically its exactly what the title says.
I received an email from my solicitor on Friday saying that the vendors want to set a completion date for Wednesday. ( I have seen the email from the vendor as proof)
As of yet there is no sign of an exchange. What will happen if this goes past the completion date.
Thanks
I received an email from my solicitor on Friday saying that the vendors want to set a completion date for Wednesday. ( I have seen the email from the vendor as proof)
As of yet there is no sign of an exchange. What will happen if this goes past the completion date.
Thanks
0
Comments
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nothing as it wont complete until you have exchanged though it can be done on the same dayFor everthing else there's mastercard.
For clampers there's Barclaycard.0 -
Completion is a compromise agreed between the different parties. Although their email may read like a dictat, it is entirely up to you if you want to meet the vendor's wish. If you have a preference for a different completion date, put it forward via your solicitor.
Only when a completion date is agreed can contracts be exchanged. Have you given your agreement to your solicitor?I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.0 -
Have you agreed to the completion date and have you asked your solicitor when exchange is due to take place?What matters most is how well you walk through the fire0
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kingstreet wrote: »Completion is a compromise agreed between the different parties. Although their email may read like a dictat, it is entirely up to you if you want to meet the vendor's wish. If you have a preference for a different completion date, put it forward via your solicitor.
Only when a completion date is agreed can contracts be exchanged. Have you given your agreement to your solicitor?
Yes I have given it all in.
I've paid my deposit too.
The completion date was sent by the vendors solicitor for 24th Oct. I personally want it done ASAP so to be fair this is pretty quick.
Do I just play the waiting game ?
Emailed my solicitor to ask if we are still on for Wednesday and she emailed me this back "Yes all set for Wednesday just waiting for the solicitors to call me to exchange contracts"0 -
Leave it in the hands of your solicitor then. Everything seems fine.I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.0
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Ok I shall do that. I am just a bit worried as to if it doesnt all go according to plan. I'm a FTB too I currently rent the place that I am buying and I am getting it at a SERIOUSLY knockdown price (just over 40% off market value) so I really need this to go through pretty quickly0
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Sounds like the vendor's solicitor is the one holding up exchange. You and yours appear ready to go...I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.0
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40% off market value, so this is the market value then! A property is only worth what someone would pay for it!0
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If the seller's solicitor phones to Exchange, then Exchange happens at that time. And you'll Complete two days later on Wednesday (unless he phones tomoorow in which case you'll Complete ONE day later)!"Yes all set for Wednesday just waiting for the solicitors to call me to exchange contracts"
As pointed out, it is possible to Exchange/Complete same day.
However this assumes your solicitor has received the funds from your mortgage lender/yourself as appropriate, and nothing else comes up.
It is only after Excange that you can be sure of the Completion dtae.0 -
However this assumes your solicitor has received the funds from your mortgage lender/yourself as appropriate, and nothing else comes up.
Worth repeating that. If you are borrowing a large part of the money, the chances are that your lenders won't be ready on Wednesday.No reliance should be placed on the above! Absolutely none, do you hear?0
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