Buying flat - after completion date, still not complete

readyto_2

Yes I signed the contract to be sent to the seller around 1-2 weeks before the completion date I set with my own solicitor (the date I paid the bill).

I'm not sure whether the seller's solicitor has received this and that the exchange of contracts has taken place (I assumed after I signed it, it would be immediately sent over for the seller to cosign it).

I am sorry I can't give you a full picture, I am a first time buyer and I did read up on the process of buying a house. Though I assumed the solicitor would only require a signature off me in terms of exchanging contracts.

So I should contact my own solicitor first to confirm that exchange has taken place (or otherwise).

What do I do if it hasn't?

readyto_2

thelem wrote: »

That sounds very much like exchange and completion on the same day, as you would typically (although not always) pay a 10% deposit at exchange. If so, then you're still at the stage of all parties getting the paperwork in order, and any party could stop the sale at any point if they found something they didn't have.

I'd be asking for details of exactly who and what is holding things up - is the freeholder proving difficult to get hold of?

It seems like this is the case. The person selling doesn't live in the property and was planning to rent it out if I didn't buy.

I have no idea why it would be done this way.

Just to clarify, if my mortgage was due to start on the 16th and the funds aren't released on that date, does the lender adjust when the mortgage starts?

readyto_2

I set the completion date with my own solicitor (I said I'd pay the bill on that date). They said that wouldn't be a problem and that I should be able to complete on that date.

I presume now they didn't set a completion date with the seller and planned to exchange on the day of completion.

Sorry, I think I was wrong in assuming the solicitor had automatically exchanged contracts at an earlier date in order to fulfill the necessary requirements.

Do some really exchange on the day of completion? It seems like a bad idea.

maninthestreet

I would beturning up in person at the solicitor's office at 9AM on Monday, If I were you.

thelem

readyto wrote: »

I set the completion date with my own solicitor (I said I'd pay the bill on that date). They said that wouldn't be a problem and that I should be able to complete on that date.

I presume now they didn't set a completion date with the seller and planned to exchange on the day of completion.

I'm also a first time buyer and am approaching exchange myself, but I am expecting to have very clear communication with my solictor about when exchange has taken place, because that's when everything gets set in stone and I can start booking removals etc.

readyto wrote: »

Do some really exchange on the day of completion? It seems like a bad idea.

Some people do, and it's certainly risky if you're expecting to move in on completion day - where would you live if something delayed or cancelled the sale?

readyto_2

So what I was planning was to find out on Monday if we have exchanged.

If we haven't I'll turn up at the solicitors and basically sit there and wait till he sees me and explains what is going on and why his level of service has been so shoddy.

If we have then I'll draw up a formal letter and send it by registered post pointing out the issues outlined above by a previous poster.

Thrugelmir

readyto wrote: »

I set the completion date with my own solicitor (I said I'd pay the bill on that date). They said that wouldn't be a problem and that I should be able to complete on that date.

Should is the operative word. Your solicitor still has not received replies to all the enquiries made. So not yet in a position to exchange.

Why is the property you are purchasing empty?

readyto_2

Thrugelmir wrote: »

Should is the operative word. Your solicitor still has not received replies to all the enquiries made. So not yet in a position to exchange.

Why is the property you are purchasing empty?

The owner converted a 3 story residence into 2 flats and a restaurant. He sold 1 flat and the restaurant. Let out the flat I am buying for a while, then put it on the market to sell after then tenant vacated.

So it may not necessarily be my solicitor's fault?

I don't want to end up barking up the wrong tree here.

caeler

If you had exchanged you'd know. Your solicitor would have called for your express consent before proceeding. It doesn't occur just because you have signed some paperwork. Also paying your solicitor on the day of completion doesn't sound right either, those funds need to be cleared and even by CHAPs that is cutting it a bit fine. It doesn't sound like you have exchange and it doesn't sound like all the parties agreed to the date you set for completion therefore it didn't happen. Call your solicitor Monday morning 9am for an update.

Fire_Fox

Welcome! You are confused and getting us confused. Have you exchanged contracts or not? Signing the contracts and assuming is not exchanging - you need to find out. Completion date is not set until you exchange contracts, anything you discussed with your solicitor is provisional not set in stone. Your mortgage will start when you complete, if you have not exchanged it was not due to start on the 16th.

Please do not presume your solicitor has done anything wrong, they are right not to proceed with exchange until ALL the paperwork has been completed. Leasehold purchases can be complex and drag out much longer than you expect.