Signing contract for exchange

bretts

Hi

Can some one please guide me, I am meeting my solicitor today in the evening and all I know is that they will go through with the contract and mortgage, and I need to sign them if I am happy.

I want to know once I sign the contract have we exchanged or would that take some more time.
What points should I keep in mind before I sign the contract.
I have a few but I could get more useful points to look out for from experienced members here.

quotememiserable

Your signature makes it possible for your solicitor to exchange but you need to ask him for exchange and completion dates.

mrsmchapman

By signing the forms allows the solicitor to exchange. Have you discussed dates for exchange and completion, also have you provided your solicitor with your deposit. Lastly have all questions relating to the purchase been answered to your satisfaction?

bretts

mrsmchapman wrote: »

By signing the forms allows the solicitor to exchange. Have you discussed dates for exchange and completion, also have you provided your solicitor with your deposit. Lastly have all questions relating to the purchase been answered to your satisfaction?

I have not paid him anything yet in terms of deposit. I have not been told anything in regards to completion dates and all.

I am FTB so dont know exactly what all questions can I actually ask the seller or solicitor hence the reason for my post. I have a few questions in my m ind that I will definitely ask but apart from that are there like common questions that one could ask.

Just want to say one thing I read your post about you leaving a proper file of everything for the buyers, I wish I could get a seller like you.

bretts

quotememiserable wrote: »

Your signature makes it possible for your solicitor to exchange but you need to ask him for exchange and completion dates.

I dont have any dates just yet hence a little confused.

kingstreet

When you go in to sign the paperwork, the solicitor will ask you for your preferred completion date(s) and he will put them to the other parties in the chain.

Once everyone is agreed on a date, contracts can be exchanged once your solicitor has received your deposit and any outstanding searches/enquiries.

bretts

kingstreet wrote: »

When you go in to sign the paperwork, the solicitor will ask you for your preferred completion date(s) and he will put them to the other parties in the chain.

Once everyone is agreed on a date, contracts can be exchanged once your solicitor has received your deposit and any outstanding searches/enquiries.

Hi Kingstreet

Thanks a lot for info, the seller and me both have no chain I am ftb, I think they will probably need a date from me and we can exchange, I think he will ask me to put the 10% deposit tomorrow and remaining 10% on completion. I know there are 1 to 4 weeks between exchange and completion so would like to get 4 weeks or can we go any higher than that?

This is coz I am stuck in a AST and cant get out till september. I know that they would wait till then but can try.

G_M

No.

Signing the contract is NOT the same as Exchange.

Your solicitor will keep the contract so that he can Exchange later and your signature will already beon it. Note:

* he will not Exchange without consulting you and getting your agreement
* when you sign, the dates (for both Exchange and Completion) will be left blank
* Your solicitor will ask you for your preferred Completion date (eg have you a holiday booked? do you prefer a Friday?) but this will then have to be agreed with your seller, and the rest of the chain, so may well change
* Only when all legal work, and finance, is ready, AND a Completion date agreed with everyone, will your solicitor ring and confirm with you, then add the dates to the contract

Guest101

Can I ask you something?

My buyers are in AST until september too, but i've pushed completion for the 24th June.

Why did you choose to look for a buy when you had so long left on your AST? (i know everyone reasons will be different, but would be good to have a case for it)

kingstreet

bretts wrote: »

I know there are 1 to 4 weeks between exchange and completion so would like to get 4 weeks or can we go any higher than that?

That is not the case.

You agree a completion date throughout the chain and the solicitors exchange contracts. How long that timescale happens to be is simply the completion date, less the date the exchange takes place.

For example, if you agree a completion date of 30/9/13 and exchange tomorrow, the gap is the number of days, 111 for instance, not a set number of days, weeks etc.

G_M

kingstreet wrote: »

That is not the case.

You agree a completion date throughout the chain and the solicitors exchange contracts. How long that timescale happens to be is simply the completion date, less the date the exchange takes place.

For example, if you agree a completion date of 30/9/13 and exchange tomorrow, the gap is the number of days, 111 for instance, not a set number of days, weeks etc.

Correct. You can agree any period oftime you wish.

It is possible (difficult, but possible) to Exchange/Complete on the same day.

It is possible to have a 3 month gap (provided everyone agrees, and no ones mortgage offers expire!)

1 - 4 weeks is simply the most common time-frame.