Waiting to exchange - Not for the impatient!

Velvet_Glove

mapcr77 wrote: »

Hiya,

Sorry if this has been asked before. Do you know how much is the gap between exchange and completion? And who sets it? As a buyer can you influence it?

What are the advantages of leaving too much/too little time between exchange and completion?

And as I'm buying 200 miles away, does the exchange happen in person or does it involve signing forms and posting them over?

Sorry about all the questions. As a FTB all is new to me -and very confusing!

Thanks!

I'm a FTB too - got indication today that all parties are amenable to completing end of April which is excellent!

My solicitor has told me I can do exchange over the phone - she said it's really just a check to make sure we haven't changed our minds! Prior to this we've got all the bits we need to sign to her. I think exchange can be as close to completion as you like.

dj.boz

mapcr77 wrote: »

Hiya,

Sorry if this has been asked before. Do you know how much is the gap between exchange and completion? And who sets it? As a buyer can you influence it?

What are the advantages of leaving too much/too little time between exchange and completion?

And as I'm buying 200 miles away, does the exchange happen in person or does it involve signing forms and posting them over?

Sorry about all the questions. As a FTB all is new to me -and very confusing!

Thanks!

You will normally sign the contracts / deeds in advance of the actual 'exchange' taking place. The 'exchange' (as far as I am aware) is when the solicitors all phone up each other and say "Exchange", which is done by telephone.

I'm still waiting to exchange, still the same hold up (2nd / 3rd charges on the property that I am trying to buy),everything else is ready to go! Still just as frustrated with the delays !

Hopefully, once we do finally exchange, I will just be having a week from exchange to completion. This will give me enough time to organise the actual move and pack everything (still refusing to start packing, as I do not want to jinx anything!). Our front room looks like cardboard city though at the moment with empty boxes!

Boz

nakiwala123

DJ.Boz, FIL delivered boxes, bubble wrap and tape on Saturday! We haven't even had the survey done yet. He has jinxed us right?
Because of this yesterday afternoon found myself rather idle so started packing items that we won't need to use for a while. Im jinxing the whole thing!!! oh dear

Better_Days

mapcr77 wrote: »

Hiya,

Sorry if this has been asked before. Do you know how much is the gap between exchange and completion? And who sets it? As a buyer can you influence it?

What are the advantages of leaving too much/too little time between exchange and completion?

And as I'm buying 200 miles away, does the exchange happen in person or does it involve signing forms and posting them over?

Sorry about all the questions. As a FTB all is new to me -and very confusing!

Thanks!

You can exchange and complete on the same day.

However, usually there is a week or two between exchange and completion. Shorter than a week and longer than 3 weeks is more unusual. There has usually been a stressful run up to exchange so many people just want to move and get it over with and not tiddle around with a long delay between exchange and completion.

It is good to have at least a week between exchange and completion to sort out removers, change over utilities, pack etc. There is a lot to do.

The dates are mutually agreed between all those in the chain. The key is flexibility and good communication, if there is a chain it can be put under immense pressure if one party is dogmatic about dates. Let your solicitor and EA know the dates you would like for exchange and completion and go from there.

GL with your move.

mummybaker

Well we should have exchanged a week ago . Our sellers have used solicitors over 200 miles away due to costs and it's held everything up despite them pushing us for a 28 day completion. It failed to complete again as their solicitors didnt get in touch to exchange on their alloted time. So now we have to hope it happens tomorrow. We're meant to be completing on Friday 19th ( yes this week) and our solicitor said if all else fails we can exchange and complete the same day but she'd rather we got it sorted before to safeguard us a little.
I love the new houses and the fun of choosing one but I can tell you I'm so not enjoying having a chain!

curedham

mapcr77 wrote: »

Hiya,

Sorry if this has been asked before. Do you know how much is the gap between exchange and completion? And who sets it? As a buyer can you influence it?

What are the advantages of leaving too much/too little time between exchange and completion?

From our previous experience, it's a mutual agreement between all parties involved. On my FTB flat we had 1 month between exchange and completion. That's because I need to give 1 month notice on my current rental (it's on month by month basis) and vendor agreed since it worked for him too.

Ne5555

After last week,Ihave called the solicitor which was on mortgage companies panel and explained to situation them.
10 minutes later my solicitor called me and he said he has done the exchange and completion will be on 19th.
Mortgage company told me that they will be sending funds over on 18th.
I am really puzzled with the process.
Seller says she needs to give the keys to us on 19th on completion date.
I have been told to sortoutinsurance(I did it today)
But what happens if mortgage company doesnt send the funds over,
When will the landregistry update withmy records,
I am not giving notice to my landlord( I am tenant) until I get keys in my hand.
With the exchange done last week am I ok to give notice?
I am away this friday and seller told me that she can give me the keys next week,
Do i have to inform my solicitor?
So many questions and no answers except waiting game

outdoorcjc

Hooray, have exchanged contracts today. Having to have a slightly longer period before completion then I would have liked but it helps the Vendor out and decided a happy Vendor was better than pushing to complete earlier.

Feels so good to have exchanged, can now let the GF talk about colour schemes etc without telling her she will jink it all!!!

dj.boz

outdoorcjc wrote: »

Hooray, have exchanged contracts today. Having to have a slightly longer period before completion then I would have liked but it helps the Vendor out and decided a happy Vendor was better than pushing to complete earlier.

Feels so good to have exchanged, can now let the GF talk about colour schemes etc without telling her she will jink it all!!!

Congratulations!

Still (!) waiting to exchange myself, it has been dragging for four weeks on the same sticking point, those being the 2nd & 3rd charges and a Unilateral charge.

We were told last week that the deal was dead, as the seller could not come to any agreement with his creditors, but after telling them (creditors) that he would loose his sale they have finally agreed a compromise. Just need to wait for the solicitors to resolve these then hopefully (fingers crossed again!) we too will exchange shortly

Boz

camNolliesMUMMY

Wow thanks for this thread!we live in a flat renting! Due to a burglary we moved here. Now we are due to complete in roughly in 2-3 weeks. Our neighbour has made living here difficult and has sort of admitted she does things because she doesn't really like us? We get on with lots people but the stress of buying and having to put up with her carp is driving us to our wits end! Least we are towards the end. No more sharing 2 washing lines with 4 people n my kids get a garden again!!!!!