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Exchanged today!

I've just exchanged on a property :j Will the completion date definitely remain the same? The solicitors have requested the mortgage funds for the day before completion to make sure all is well!

Also, total panic but the home insurance went through an hour/two after exchanging...This wasn't the plan but due to my husbands stupidity and a long story it went through just after.:mad: Is this ok?

Comments

  • Congrats!:j:j

    Its the best feeling isnt it? We exchanged as FTB on Thursday just gone and completed yesterday morning! I am walking around grinning at random strangers haha!

    As far as I know when you have exchanged, the completion date that you and the sellers agree is set in stone. It is one of the things that allows exchange to happen - agreement of completion date.

    As for the insurance, from my reading I don't think that will be any problem at all. Hopefully someone 'expert' can confirm for you.

    Sit back now ( well apart from packing!) the worse is over, enjoy!

    Congrats again :)
  • I thought we were ready to exchange but wasn't sure and then got a call out of the blue saying that the vendors solicitors are ready to exchange and were we ready...I thought there was going to be a long call with terms and conditions but all I had to say was yes I was ready! :D Came off the phone and was like eeeek insurance is needed right now! Thought I would have got it done within half an hour but due to various problems it didn't happen until the afternoon which caused worry and took the shine off the exchange...but never mind all done now! :j

    Congrats on your new home!! Do you have lots you need to do or could you just move in?
  • Haha I know what you mean, exchange does turn out to be a bit of a non-event doesn't it? lol! I expected some sort of grand happening! But from my reading of forums over and over for the past few months exchange is the 'ultimate' so whilst a bit understated when its happening , its very important :D

    I absolutely think your insurance will be fine! I had a hiccup with ours as well, I had to cancel and re-buy on the same day as I had put in completely wrong dates etc! Don't worry!

    We are not in our home yet, a few logistics to sort first, but soon! And I cannot wait! It does need work, I am not sure that it has been decorated since the 70's complete with orange pine kitchen and tiles EVERYWHERE but again, I don't care! We will make it ours!

    How about you? Are you ready to move in? Are you looking at paint colours etc yet? haha! Enjoy! I am really pleased for you. I wish I was sensible enough to do this years ago, best feeling ever being in so much debt lol!
  • zzzLazyDaisy
    zzzLazyDaisy Posts: 12,497 Forumite
    Part of the Furniture Combo Breaker
    I've just exchanged on a property :j Will the completion date definitely remain the same?

    Yes, this is now legally binding on both parties

    Also, total panic but the home insurance went through an hour/two after exchanging...This wasn't the plan but due to my husbands stupidity and a long story it went through just after.:mad: Is this ok?

    Assuming the house didn't burn down between exchange and you getting the insurance in place, you don't have a problem :D

    Enjoy your new home x
    I'm a retired employment solicitor. Hopefully some of my comments might be useful, but they are only my opinion and not intended as legal advice.
  • I was just so taken back, I expected to have more warning as I would have done the home insurance before...and it didn't even come to me when I was on the phone, I was just so pleased! :D I don't know what I was expecting...a drum roll....a trumpet announcing we have exchanged haha...Just more than a 'are you ready?' call!! ;)

    We can move straight in, it has nice carpets and the bathroom and kitchen are fairly new. It has a hideous fireplace and brickwork in the lounge which I'll have to try and ignore until we can save a bit to get it done properly. Otherwise all it needs is a bit of paint, very excited to get colour choosing as being a FTB, I've never decorated before. :j
  • insurance an hour or two late? trivial! do not worry about it.
    An opinion is just that..... An opinion
  • jamesd
    jamesd Posts: 26,103 Forumite
    Part of the Furniture 10,000 Posts Name Dropper
    I've just exchanged on a property :j Will the completion date definitely remain the same?
    No but it's very likely.

    There's a "notice to complete" process that can be followed if one party fails to complete on time. Potentially penalties to pay, including for any costs that the other party suffers as a result. Not immediate loss of deposit from the buyer.

    What happens sometimes is that when a chain is involved, various people in the chain might not move in time, potentially delaying the ability of later people in the chain to move in to the place that was going to be vacated.
    Also, total panic but the home insurance went through an hour/two after exchanging... ... Is this ok?
    Provided nothing happened between completion and the insurance cover commencing it's OK. You would have to buy the place even if it burned down while not insured, or pay the purchase amount. Your mortgage lender would not be willing to advance the mortgage funds so you might be left seeking a builder mortgage just to get to the point where you could get to a place that can be mortgaged. If you were even that fortunate.
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