Draft contract to completion issue

feduptwo

Hi all.

Would be nice for some advice.

We have had all searches completed fine and reports sent, mortgageagreed in full and have paper works with us, draft contract sent tous and sent back today signed to solicitor.

How long would we expect for us to possibly complete. Our buyer isready to exchange now, they can move in tomorrow if they could, therebuyer is the same, ready to go now.

The house we are buying, they are wanting to get out as soon aspossible and are just waiting on solicitors as are we.

OK - today we were just informed by our buyer she has till 26thNovember and her mortgage offer runs out, so we are like why have weonly found this out now??? We do not know what to do and have calledour solicitor 3 times but no call back today

We did ask or buyer if she can extend the mortgage offer she saidyes (she said it would cost but said I think around £200) is thisabout right?

I am not sure what path we should expect our solicitor to take asif we did have to move out by 26th November we have under two weeksto pack, move out find a place to stay and find storage for ourgoods, that would be a nightmare.

So what would you suggest we do or say or what can we ask for?

Just worried now, ok the deal should be fine but worry about incase we have to be out early if we can not complete our move to thenew house in time.

I hope I have explained the situation clear enough for you tofollow and thank you so much for anyone that responds out of therefree time.

Thanks.

happycamel_2

When you say you are waiting for the solicitors but the searches and reports are complete what is it that you are waiting for. If all the paperwork is in place you should all be able to exchange and complete in the next two weeks. Your solicitor needs to tell you what is preventing completion and give you an estimate of when this should be sorted and what they are doing to expedite it.

kingstreet

Exchange and completion is not something you sit and passively wait to happen.

Once all the paperwork is in place, you (and the others in the chain) need to put forward their preferred completion dates to their respective solicitors. Once a compromise has been agreed between all the parties, a date can be agreed and contracts can be exchanged, with completion legally set for the agreed date.

loubel

feduptwo wrote: »

We have had all searches completed fine and reports sent, mortgage agreed in full and have paper works with us, draft contract sent to us and sent back today signed to solicitor.

Your solicitor will not be able to exchange until they have received the signed contract and any deposit from you. Everyone in the chain will need to be ready and a completion date agreed.

How long would we expect for us to possibly complete. Our buyer isready to exchange now, they can move in tomorrow if they could, therebuyer is the same, ready to go now.

1-2 weeks is pretty usual between exchange and completion but everyone has to agree the date. Your buyers won't be able to move in tomorrow (edit - today) as everyone in the chain will need time between exchange and completion to draw down mortgage funds, pack houses, arrange removals etc.

The house we are buying, they are wanting to get out as soon aspossible and are just waiting on solicitors as are we.

Are they actually ready to exchange? Being keen to move out and ready to exchange aren't the same thing. Do they have a related transaction and if so is there a chain above them? See if you can find out, either from your sellers directly or from the estate agents.

today we were just informed by our buyer she has till 26thNovember and her mortgage offer runs out

Get the estate agent to start calling people to establish whether completion by 26th is achievable for everyone.