Trying to Exchange Contracts

will2208_2

I'm in the process of buying my first home. I need to exchange contracts today to be able to complete next Friday. However, the solicitors at the top of the chain have said that they will only exchange when they're ready! Everyone else in the chain has been ready to exchange for the past week. They're also refusing to return any calls from my solicitors. I'm getting very frustrated because any delay in completion will cause problems for me with my landlord, time off work, and of course, disappointment. I have been working towards completion next Friday, so have the people above me in the chain, but everything is being delayed by these stubborn solicitors! I would really appreciate any advice people can offer. Thanks

mrcow

Is there any reason why exchange has to be a week before completion? A lot of exchanges take place on the day of completion (it makes it easier with deposits etc).

Unfortunately, there's not a lot you can do yourself, especially if their solicitors are not returning calls to yours (what's that about?). They may have been instructed by their clients that they can't complete just yet for a number of reasons (holidays, personal circumstance, dare I say it....change of mind?)

All I can say is that buying/selling houses is extremely stressful when there's a chain involved (especially when you have 1/2 of your life packed into cardboard boxes), and if you're feeling frustrated now, then wait until next week, it will be 10 times worse. Sorry this isn't what you want to hear.

It wouldn't be a bad idea to have a contingency plan set in place in case this all over-runs.

dougk_2

As MrCow says you don't have to complete on different days and there is no legal reason why you could not exchange next wednesday for instance and complete next Friday. One of the reasons different days are picked is to allow for any problems to be ironed out (i.e. depoist funds not reaching in time, last minute questions) and still allow for completion on the day orginally planned.

Have there been any indications that the vendors at the top have been having second thoughts - where are they moving to ? Why are they selling. Have they got another property to move into, are they buying another property (so really they are not the end of the chain!). Theres little you can do if the vendors at the top just want to hang around (perhaps they have had a better offer from someonelse - i.e. guzzumping). Where are you in the chain, I am assuming at the bottom as its your first house - how many are there in the chain?

will2208_2

Thanks for the advice & info.

Our mortgage provider, Abbey, requires 1 week between exchange & completion. We've had no indictaons that there is a problem at the 'top' of the chain, but I'm sure it will all become clear.

I think we're going to have to resign ourselves to waiting an extra week before we can move.

terrierlady

this where a good sales negotiator earns their money , who sold you the property? get that estate agent to chase the chain,
As the above replies have answered so expertly, usally problem is cash/ deposits
lots of people take a cheque into their solicitor a day before exchange and then cant because the cheque needs to clear...
BE WARNED get the Bankers draft/Cash to the solicitor early so they are IN FUNDS.
Lots of deposits do come up the chain and if its a long chain some exchange a day before the top people do.
Solicitors get pressure from all parties in the chain and us new homes negotiators chase to make sure we get exchange, again lots of solicitors only talk to the solicitor above and below them in the chain.
Fridays are always busy as most people want to exchange and complete on Friday . Removals also cost more so if possible try for a Thursday.
Stressful it is and will be until you have the key in your hands.
I have had purchases outside new homes awaiting exchange and completion at 2.45pm on a Friday afternoon having driven miles
from the last home to relocate, so you are not alone.

will2208_2

Hello again,

Unfortunately we still haven't exchanged and I'm becoming increasingly anxious. Apparently the solicitor at the top of the chain, we're at the bottom, hasn't communicated at all with the other solicitors involved down the chain for the last 11 days, when all the other solicitors have been ready to exchange. My solicitor said that he's a little concerned as there may be a problem.

I would like anyone's opinion on my next move, should I

A. Wait & see what happens, we're supposed to be completing this Friday

B. Speak to the seller's estate agents above me in the chain, and ask them to consider moving out into temporary accomodation so we can move in

C. Insist on an exchange of contracts this week or we will withdraw (absolute last resort!)

Thanks again

reverie

I don't have any great advice but am just posting to sympathise! I was due to complete on 31st March and we still haven't even exchanged yet. Now due for next week although I am away for 3 days, typical! I don't think solicitors think about the people behind the paperwork and the urgency for us. Have been living out of boxes for 3 weeks I think you have to hold on and although I know it's not easy.. Try not to stress, keep chasing your solicitor and the agent every day, remember you will forget about it all when you are actually in and only if and when you will actually pull out should you threaten it. Hope it happens soon for you.

will2208_2

Thanks reverie,
I'm pleased to say that we exchanged yesterday and will be able to complete on Friday, I'm so relieved.
Apparently the solicitor at the top of the chain had been unable to contact his client and get him to visit their office to sign some vital paperwork. Instead of causing a panic down the chain by telling everyone this he decided to avoid any contact with the estate agents & solicitors. I thought solicitors were highly educated people, this one obviously wasn't. But I've learnt one thing from my first house purchase, people often do & say things that they don't actually mean. My eyes have been opened!
I hope things happen soon for you reverie. My girlfriend & I were getting very stressed, but we spoke to our mortgage advisor and told her how hacked off we were getting and she rattled a few cages. Thanks again for everyones advice, Cheers

reverie

I am still where I am at the moment Just holding on and waiting. Hope your new home is fantastic!

frugal_dougal_3

will2208 wrote:

But I've learnt one thing from my first house purchase, people often do & say things that they don't actually mean. My eyes have been opened!

Regard this as a right of passage !!!!!!!!!! You will be all the stronger for it.

Congratulations and good luck for move day.

muckell

Good luck with the new house.

It happens to all of us, i was first due to exchange on the 4th, which keeps getting delayed for one reason after another. But after lengthly discussions with the solictiors we where due to exchange today (15ht) but still nothing, apparently they now relised that they don't have written confirmation about exchanging on nil depoists. Its taken them 15 weeks to realise this, and how much am i paying them.... It makes my blood boil....

Fingers crossed for sometime next week,