FTB - How does exchange and completion happen

markagm

We've signed the contract on the house and are waiting to exchange and complete.

The agreement by all parties is to complete on April 25th. The bank said they need 7 days notice to get funds ready - which is April 17th.

Is the exchange just a verbal thing or do we need to sign something else? I've got the deposit waiting to send over to solicitor, but they haven't gave me details yet of when and where to send. I'm at a loss at how this last stage works really.

G_M

Are you doing the conveyancing yourself or using a solicitor?

Given the question, I hope the latter!

Solictors do Exchange by phone, once all parties are ready.

The agreement by all parties is to complete on April 25th.

This cannot be guaranteed till Exchange takes place. The solicitors will all add the Completion date to their respective contracts at the time of the (telephone) Exchange.

lee111s

Once both solicitors have the signed contracts, all searches back etc then they will exchange. It's normally something done over the phone between the two solicitors. During the coversatiom they'll agree a completion date.

The solicitor will need the deposit before they can exchange. If it's going in as a cheque you may struggle to have them exchange on Thursday.

You need to call up and speak with your solicitor to find out what's going on.

markagm

Spoke to solicitor who is going to get back to me by end of play today. The deposit will be sent via BACS to solicitor, so will be there by Thurs.
So I'm guessing solicitor just needs funds from us, then they all call each other and exchange over phone and set completion date.

Can you exchange and complete close to each other, ie same day - or does there need to be a gap between them?

G_M

It can be done same day though most people, and solicitors, prefer a gap, which gives time to arrange things (time off work to move? removal company?) etc

Tell your solicitor what you prefer and he'll negotiate with the other side to agree a Completion date that suits you both.

TBagpuss

It is possible to do them at the same time, but most people prefer to have a delay (a week is common) as it allows you to do things like book your removal company, take a day off work, do your packing etc.