Has anyone had a similar experience

moneybags_3

I'm intending to exchange contracts shortly. There are 4 parties involved in the chain and the last 2 parties of the chain appear to be causing delays. If, on the day I sign to sell my house and the person whose house I am buying decides not to sign what is the worst scenario. Am I out on the street?

pararct

No all the solicitors will get their ducks in a row.

All sign at the same time or none do. This is to avert the very situation you are describing.

go_cat

Exchange won't fully happen until all parties sign on the dotted line

moneybags_3

Thanks for your replies, they have made me feel more at ease. I am quite stressed out with the whole process as it is. I had visions of myself on the streets with a dog and cat.

sonastin

As I understand it, it goes something like this...
(gross oversimplification but helps to grasp why its not a worry)

Sol 1 speaks to sol 2 and they agree they are ready to exchange. Exchange is done provisionally provided they get confirmation by the end of the day.
Sol 2 speaks to sol 3 and they agree they are ready to exchange and the preceding step in the chain is also ready. Exchange is done provisionally provided they get confirmation by the end of the day.
Sol 3 speaks to sol 4 and they agree they are ready to exchange and all the preceding steps in the chain are also ready.
(and so on up to the top if there's more than 4).
Sols 3 & 4 (or whoever is at the top) do a binding exchange - effectively each other's word is binding rather than docs physically moving - they each fill in the detail on the docs they hold.
Sol 3 speaks to sol 2 and confirms exchange happened.
Sol 2 speaks to sol 1 and confirms exchange happened.

If anyone isn't ready, the whole thing collapses. Try again tomorrow. The provisional exchanges don't count until they are all confirmed. Documents aren't physically exchanged, the solicitors take each others word for it and complete the details in the docs they hold. The taking-each-others-word-for-it bit can only happen on a professional undertaking between solicitors. So if anyone is doing their own conveyancing, they would have to be physically present in the other party's solicitors office for exchange to take place. This is why it is a great inconvenience for all (other) parties if someone decides to DIY.

moneybags_3

Thank you for taking the time to write such a helpful reply