We’d like to remind Forumites to please avoid political debate on the Forum.
This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
PLEASE READ BEFORE POSTING: Hello Forumites! In order to help keep the Forum a useful, safe and friendly place for our users, discussions around non-MoneySaving matters are not permitted per the Forum rules. While we understand that mentioning house prices may sometimes be relevant to a user's specific MoneySaving situation, we ask that you please avoid veering into broad, general debates about the market, the economy and politics, as these can unfortunately lead to abusive or hateful behaviour. Threads that are found to have derailed into wider discussions may be removed. Users who repeatedly disregard this may have their Forum account banned. Please also avoid posting personally identifiable information, including links to your own online property listing which may reveal your address. Thank you for your understanding.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
The Forum now has a brand new text editor, adding a bunch of handy features to use when creating posts. Read more in our how-to guide
Exchange Process...
mistykal5
Posts: 32 Forumite
Evening All,
I'm currently selling my flat and buying a house. I've completed everything required - mortgage deed, searches, etc... and have been told that our buyer has also completed the same, therefore we are nearly ready to exchange - well this is what the estate agent informed me this evening.
What is the process of exchanging and what will be expected of me, I.e. paying deposit etc...?
Thanks for any help provided.
I'm currently selling my flat and buying a house. I've completed everything required - mortgage deed, searches, etc... and have been told that our buyer has also completed the same, therefore we are nearly ready to exchange - well this is what the estate agent informed me this evening.
What is the process of exchanging and what will be expected of me, I.e. paying deposit etc...?
Thanks for any help provided.
0
Comments
-
On the day of exchange the solicitor will probably phone you and say "Hi - we can exchange today if you want, Do you want?" and you say "Yes" and hang up.
They then phone the other solicitor and say "My bloke's good to go - is yours all sorted?" and if the other solicitor says "Yes" then they agreed "Right - good to talk to you ... that's exchanged then. See you"
Job done.0 -
Funny how the question I wanted to ask has literally just been asked!
How long does it actually take to exchange? I mean from physically telling the solicitor yes, to him being satisfied exchange has occured?
I ask as at approx 2.20pm I responded to an email from my solicitor that said 'I write further to the above matter and confirm I now have a release of your Contract on your Sale till 3.00pm today'. I phoned and said yes go ahead.
I have not had an update since. Do you think we have exchanged? Everyone was good to go. 4 in the chain. 2 in the chain are within the same solicitors (just pop next door and say yes).
I am just worried about the 3pm limit in that statement. What is that about?“Nobody ever defended anything successfully, there is only attack and attack and attack some more.”
SAF...ok G. Patton
"If a man does his best, what else is there?"
G. Patton0 -
We've just signed our contract today prior to exchange. While we were at solicitors, ours rang vendors solicitor to see how soon they would like to exchange. Theirs was busy so said they would ring back ASAP. All gone very smoothly up to press, so just waiting on sellers response now.
Once you sign, it shouldn't take long. Our solicitor said today that if we exchange this week, we could complete by next week! :beer:
We have paid our deposit & solicitors fees today, but was told theres no rush as it will take up to a week for our mortgage funds to be released. All solicitors may be different though. Not sure if any of this is helpful to you, but good luck with everything!
0 -
I am completing this Friday if it all goes well.“Nobody ever defended anything successfully, there is only attack and attack and attack some more.”
SAF...ok G. Patton
"If a man does his best, what else is there?"
G. Patton0 -
-
I wasn't sure if any money had to be paid, I.e deposit for the property I'm selling and for the one I'm buying?0
-
CrazyChick80 wrote: »We've just signed our contract today prior to exchange. While we were at solicitors, ours rang vendors solicitor to see how soon they would like to exchange. Theirs was busy so said they would ring back ASAP. All gone very smoothly up to press, so just waiting on sellers response now.
Once you sign, it shouldn't take long. Our solicitor said today that if we exchange this week, we could complete by next week! :beer:
We have paid our deposit & solicitors fees today, but was told theres no rush as it will take up to a week for our mortgage funds to be released. All solicitors may be different though. Not sure if any of this is helpful to you, but good luck with everything!
Hi, sounds like you are nearly there. My solicitor applied for the release of mortgage funds either Friday gone...I think.“Nobody ever defended anything successfully, there is only attack and attack and attack some more.”
SAF...ok G. Patton
"If a man does his best, what else is there?"
G. Patton0 -
I wasn't sure if any money had to be paid, I.e deposit for the property I'm selling and for the one I'm buying?
I think the monies have to be readied for transfer, and this can take 5 days. And I guess any cash deposit must be submitted to the solicitors, again this may take time to transfer. My 'deposit' is from the proceeds of my sale, so its all virtual money to me.
Once the monies are confirmed in place, exchange. Then transfer of funds actually occurs on completion.“Nobody ever defended anything successfully, there is only attack and attack and attack some more.”
SAF...ok G. Patton
"If a man does his best, what else is there?"
G. Patton0 -
Hi, sounds like you are nearly there. My solicitor applied for the release of mortgage funds either Friday gone...I think.
Been a while, but getting there now, thank goodness! We got our mortgage approved way back in August but sellers had a few problems so slowed it down. We are chain-free so just waiting on the word 'go' really, then it's action stations!!! :T
Good luck with your new home! 0 -
All monies for deposit need to be lodged with solicitor by exchange it is then held in a clients account until the day of completion.
Meanwhile a few days before you are due to complete the solicitor will request mortgage funds from your provider0
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 354K Banking & Borrowing
- 254.3K Reduce Debt & Boost Income
- 455.3K Spending & Discounts
- 247.1K Work, Benefits & Business
- 603.7K Mortgages, Homes & Bills
- 178.3K Life & Family
- 261.2K Travel & Transport
- 1.5M Hobbies & Leisure
- 16.1K Discuss & Feedback
- 37.7K Read-Only Boards