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Just exchanged, what could go wrong now?
mapcr77
Posts: 668 Forumite
After a few hiccups, I've just exchanged. :j
I want to make sure there's no delays in the completion process, but to be honest, I don't understand what happens then, as all has been signed now, the mortgage was confirmed, we've paid the deposit, etc. What should I do/not do, ask my solicitor to do to ensure there's no more delays?
Thanks!
I want to make sure there's no delays in the completion process, but to be honest, I don't understand what happens then, as all has been signed now, the mortgage was confirmed, we've paid the deposit, etc. What should I do/not do, ask my solicitor to do to ensure there's no more delays?
Thanks!
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Comments
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Gazundering, chain collapses, buyer dies, ...0
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Once you have exchanged you are in a strong position. If things go wrong you can sue the sellers. Are you a ftb?
How long before exchange and completion? Start getting vans/removals etc booked.0 -
House falls down?
They announce theyre looking to build a motorway through your back garden, aliens attack?
Think positive. No point worrying about things outside of your control otherwise you will be worrying every time a bus comes near.I am a Mortgage AdviserYou should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0 -
I have spoken is being a bit over dramatic.....! exchange has taken place, so your seller is legally bound to complete the transaction or face being sued by you for hefty amounts of cash.
You should have an agreed completion date now you have exchanged, start booking removals if you need them, your solicior will request the mortgage funds ready for completion. You should get a phone call from either the estate agent or solicitor to confirm completion has taken place and you can go collect your keys.
Enjoy your new home!"Put the kettle on Turkish, lets have a nice cup of tea.....no sugars for me.....I'm sweet enough"0 -
I_have_spoken wrote: »Gazundering, chain collapses, buyer dies, ...
Given that the OP is the buyer, I don't think they'll be in a condition to be too concerned about the third! It would take a lot to be gazumped too, since the person doing the gazumping would need to offer enough over your agreed price, after compensating you, to convince the vendor that it's worth the delay and risk of restarting conveyancing - which just isn't going to happen.
Realisticly very little can go wrong, as their are serious consequences if either side pulls out. The most likely problems I can think of are your circumstances changing (ill health, unemployment, mortgage withdrawn) or a significant problem with the property (e.g. fire). All pretty unlikely (I hope).Note: Unless otherwise stated, my property related posts refer to England & Wales. Please make sure you state if you are discussing Scotland or elsewhere as laws differ.0 -
Here's an epic 55 page thread from 2009 about what happened when the seller refused to complete after they had exchanged:
https://forums.moneysavingexpert.com/discussion/18061230
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