Best way to approach an exchange date

pearson27

hi all

i touched on this yesterday in another thread but now have a clearer head and a better idea of things

ok

iam buy a house and my seller is buying a bungalow with no forward chain - its just me and her and the vendor of the bungalow - or three different solicitors.

i have had all searches etc done on my purchase and queries sent etc. i am on the verg of going to my solicitor and signing everything

my vendor/seller is awaiting some searches but most of her legal work is complete.

i had hoped to exchange tomorrow but this is not feasable due to the vendors searches on her purchase and it turns out its too short notice

my estate agent has said if not the 26th it could be 2nd august

now, i pretty much know i have done my solicitors head in but what is the best way to indicate to everyone that 2nd august would be ideal?

should i email my solicitor and indicate this or wait for them to call me - i am keen to move and the estate agent did a great job of telling everyone in my chain ( two as the bungalow owner is not purchasing anywhere on the back of this ) that i need to move quickly

thanks

G_M

Just write to your solicitor informing him:

* what date you would like to Exchange (there is no guarantee)

* what date(s) you refuse to Exchange (ie you have a holiday...)

* how long you would like between Exchange and Completion (same day? a week? a month?)

* what date you would like to Complete (there is no guarantee)

* what date(s) you refuse to Complete (ie you have a holiday...)

He can then negotiate on your behalf with the other parties.

DaftyDuck

Inibriated


{...although G_M's advice is more sensible}

giddypenguin

... with disbelief that it's actually going to happen?

grifferz

pearson27 wrote: »

i had hoped to exchange tomorrow but this is not feasable due to the vendors searches on her purchase and it turns out its too short notice

Why do you care when you exchange? It's the date of completion you agree on, and exchange has happened when the contract with that date on it has been signed.

So I suggest you think about when you would like to have completed by.

pearson27

See yesterday people were telling me to focus on exchange. Plus at that point I know its mine

grifferz

pearson27 wrote: »

See yesterday people were telling me to focus on exchange. Plus at that point I know its mine

Sure, I was one of the people telling you to not plan anything until after exchange. But it's the completion date you agree on. You don't need to agree on an exchange date, it's just whatever date everything is done by.

Your concerns should be:

• When do they want to complete?
• How much time do they require between exchange and completion? Can they do it same day?

Exchange date naturally is worked out in that process.

kingstreet

Once the target completion date is agreed between the relevant parties and all the paperwork is done and satisfactory, then contracts are exchanged and the completion date becomes legally binding.

There is no "exchange date" just the date contracts end up being exchanged on, and that's usually just the first convenient day after everything else is sorted out.

pearson27

So if ive missed one preferred completetion date should i tell my solicitor ASAP my new preferred date?

Thanks

ValHaller

grifferz wrote: »

Why do you care when you exchange? It's the date of completion you agree on, and exchange has happened when the contract with that date on it has been signed.

So I suggest you think about when you would like to have completed by.

If OP is renting, exchange and completion dates either work or do not work as a package.

For example, exchange just before the end of a tenancy period and completion just before the end of the next allows notice to be put in for minimum overlap. Exchanging a few days later, into the next tenancy period with completion as before, means that notice cannot be put in in time to avoid a whole month of overlap.

pearson27

thanks

i want to make this process move quicker but im in danger of annoying my solicitor i think

need some patience i think