Exchange delayed until Monday

ffor99

Hi all,

Here's an update as to where I am in the process:

I am a FTB who has purchased a house from a couple who have purchased a house from another couple who have separated (empty property). So 3 in a chain.

All searches etc done and completion date agreed amongst all 3 parties for Friday 21st June 2013.

Exchange of contracts was planned for Friday 14th June 2013. Therefore, I transferred all my monies needed to complete to my solicitor, who acknowledged receipt at approx 3pm that same day.

Come 5pm, I received the following email from my solicitor:


I’m afraid that the seller’s solicitor is not going to be in a position to exchange today, I have given them as late as I can, they are still waiting for their buyer’s solicitors to revert to them with a release of their contract in order for them to exchange with us as they are exchanging both simultaneously.

The completion date of Friday the 21st is still confirmed despite us not now being able to exchange until Monday morning. The seller’s solicitor will call their buyer’s solicitors first thing on Monday in order to take the necessary release and call me to exchange. However, if I do not hear from them I will call them at 9.30am.


Please can anyone advise as to which part of the chain is holding up this exchange? I'm guessing it's the people I'm buying from (position 2) but email doesn't appear that clear to me.

Unfortunately, the solicitor decided to go home as soon as he sent me the email so have not been able to get any advice and as a result, I have been over thinking this all weekend!

Could there be a legitimate reason for the exchange to be delayed?

I'd be very upset if it were because someone has had a change of heart but they have had nearly 3 months to change their minds...Just to add, I originally wanted a completion date of 1st July but was asked to bring this forward - so the chain is keen to move swiftly - CONFUSED!!!

Thanks everyone who have read this!

G_M

Echange can never be guaranteed until.... it takesplace.

There are 101 possible reasons for a delay,some significant, some perhaps postponing to the next working day.

It appears form the email that your sellers cannot Exchange as they are being delayed by their sellers, but a) no reason is given and b) this may be an excuse.

Either way, the chances are that you will all Exchange on Monday and still Complete on Friday. However, as said above nothing is guaranteed until Exchange actually takes place.

Dan-Dan

panic over nothing!

this time tomorrow maybe you will have something to worry about but i think not

ffor99

Thanks-I will update tomorrow on what has happened and more importantly, why!

ffor99

I hope not Dan-Dan. You sometimes hear about separated couples making a last minute resolution but would like to think if that we're the case, I would have learnt about it by now!

It has been a long drawn out 3 months and would like to start buying some furniture!!!

G_M

ffor99 wrote: »

Thanks-I will update tomorrow on what has happened and more importantly, why!

You are attaching too much importance to this at-present insignificant delay. The reason for it is not important.

Exchange date is never more than a desired date. It is never guaranteed and frequently changes.

ffor99

I understand that exchange dates can change but since completion date is set for this coming Friday, it's cutting it a bit fine. Plus everyone has had sufficient notice of the exchange day.

I know I'm probably over reacting but just have been a bit too keen to get this bottomed out.

G_M

ffor99 wrote: »

I understand that exchange dates can change but since completion date is set for this coming Friday, it's cutting it a bit fine. Plus everyone has had sufficient notice of the exchange day.

I know I'm probably over reacting but just have been a bit too keen to get this bottomed out.

Completion date is not set for this coming Friday.

It will only be set once you Exchange.....

phill99

The reason for not exchanging is both academic and irrelevant. You have either exchanged or you haven't. Come Monday, the Tory will be different.

G_M

phill99 wrote: »

Come Monday, the Tory will be different.

We wish!

Sadly I suspect Cameron will still be in charge!

Errata

I'm afraid that's the peril of exchanging or completing on Fridays. Anything can go wrong and everyone's gone home for the weekend.