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Letter from solicitor re exchange & completion
savvy02_2
Posts: 15 Forumite
Hi all,
Just looking for a bit of advice - we've had a letter from our solicitors (purchasing only, and vendor buying new build) asking us what we want to do about exchange and completion.
They are offering us 2 options, the first to exchange as soon as we are ready (with a warning about condition in mortgage offer that lender retains right to pull mortgage offer at any point up to completion) and the second to wait, and exchange and complete simultaneously on the day we want to move (not actually moving in on said day, probably won't move in for a few weeks).
First question is, is this a standard letter that everyone buying using a mortgage receives? As I was under the impression that the standard was to exchange, and complete 1-2 weeks after that, or could it be to do with our mortgage in particular? Lender is Accord.
Second question, as long as the answer to question 1 is that it is a standard letter, I am happy to exchange when the sols are ready, and complete on a specified day after that, can anyone see why they would have offered us the second option?
I think the letter has confused us more than it needed to!
savvy02
Just looking for a bit of advice - we've had a letter from our solicitors (purchasing only, and vendor buying new build) asking us what we want to do about exchange and completion.
They are offering us 2 options, the first to exchange as soon as we are ready (with a warning about condition in mortgage offer that lender retains right to pull mortgage offer at any point up to completion) and the second to wait, and exchange and complete simultaneously on the day we want to move (not actually moving in on said day, probably won't move in for a few weeks).
First question is, is this a standard letter that everyone buying using a mortgage receives? As I was under the impression that the standard was to exchange, and complete 1-2 weeks after that, or could it be to do with our mortgage in particular? Lender is Accord.
Second question, as long as the answer to question 1 is that it is a standard letter, I am happy to exchange when the sols are ready, and complete on a specified day after that, can anyone see why they would have offered us the second option?
I think the letter has confused us more than it needed to!
savvy02
0
Comments
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Is the vendor's newbuild finished?I am a mortgage broker. You 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. Please do not send PMs asking for one-to-one-advice, or representation.0
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Yes, she will be moving straight there. She isn't moving far away, just closer to family. She's picked one that is ready to move in to as she wants to be in before Christmas and before any bad weather starts.
savvy020 -
never had a letter like that, so I wouldnt say it is normal, I would probably opt for different days, but close together e.g. one week apart or so.0
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