How long does it take to exchange contracts?

Firefly_Aught_Three

We have 6 in our chain.

I have been told this morning (about 10am) that every single person is ready.

All the paperwork is in and complete.

So if this is the case when will the contracts be exchanged and how long does the exchanging take?

For example if everybody were all ready by this morning would the exchange be complete by this evening or are we still looking for days? Does everyone exchange on the same day or could the chain go over several days?

Everyone was aiming for a 13th Dec completion.

This has been going on for 5 months and is welcome news but I don't want to get excited as worried it can still go wrong.

It feels so close yet still so far away!

Thanks,

:j

kingstreet

Each solicitor in the chain releases his contract to the next one. The one at the top then exchanges with the one below and it comes back down the chain, to the bottom.

It can easily take an afternoon, if you have a decent sized chain.

G_M

It is done by phone assuming all those involved are using conveyancers (as opposed to DIY conveyancing).

So in theory if everyone is ready and Competion date is agreed, it could be done today (6 phone calls).

Firefly_Aught_Three

Thank you, that makes sense.

I also found this website:

ritasen.co.uk/exchange-of-contracts-how-it-works/

It explains the actual exchange process, about the phoning etc, so I now have it more clear in my head.

Thanks again.