Exchange and complete on same day?

brock-cruse

I'll try and be concise about my situation so far.
My buyer is doing a let to buy on her current house to buy mine and is remortgaging her current house.
She failed to notify her purchasing sol about this until a week before exchange (they just expected a 10% deposit but now refuse to exchange until remortgage monies are with them). Buyer is using"in-house" conveyancing for her remortgage.
We are buying repo house and already gone over deadline which so far the bank have been good about.
Agreed with buyer 19 July move date (about 3 weeks ago).
Been told today that it will be 5-10 working days before remortg monies are with her purchase sol.
This could take us to 19 july. So potentially could be looking at doing exchange and completion on same day. My new mortgage is with accord. Does anyone know how long they take to release monies once sol has requested them?
Can anyone come up with anything else we can try and do to speed along and keep bank happy (plus ive sorted out childcare and help with removals so could do with sticking with19 July). We are always chasing the remortg stuff but nothing so far.
Do i have to tell my sol that it maybe exchange and completion on same day?
Any other advice?
Thanks..im getting desperate here! and just cant think of any other way
Have also posted this on mortgage board.

freebo_2

Although many people exchange & complete same day it's risky IMHO.

For a start anyone can pull out at any time or hold the chain to ransom by demanding a price reduction etc. Since I had a chain fall apart on exchange day (thankfully completion was set for 2 weeks later, and it came good in the end), I'll do my best to avoid exchange & completion on the same day next time I move.

Best of luck

space_rider

I`ve done it before but there wasn`t a chain. I was buying a part exchange house and the mortgage company were happy to release the funds in order for me to exchange and complete same day.

Dummie_2

I've done this and it caused me nothing but stress! Our buyer kept delaying the date even though we had verbally agreed on it and I worried constantly that he would pull out of the deal as he had made only a minimal deposit so had nothing to loose.

I would stongly advise against this. HTH.

silvercar

brock-cruse wrote:

My buyer is doing a let to buy on her current house to buy mine and is remortgaging her current house.
She failed to notify her purchasing sol her purchasing solicitor is your solicitor! about this until a week before exchange (they just expected a 10% deposit but you could tell your solicitor you will accept a token amount but now refuse to exchange until remortgage monies sensible for their own solicitor to wait until they have the mortgage offer but a bit pointless to draw down the money earlier than necessary are with them). Buyer is using"in-house" "in-house" on a let to but? or do you mean the solicitor in your estate agents?conveyancing for her remortgage.

If they are doing a let to buy to buy your home, it reasonable to thin that they will proceed, but I wonder if they are hoping to arrange a sale instead. Some of the comments don't quite ring true as I've highlighted above.

We bought out the bottom of our chain and everyone became very co-operative, so I woulhd have thought a LTB would make these easier.

brock-cruse

Hi silver
sorry for confusion
She has 2 solicitors...one acting for the purchase of her house (our house) and another doing her remortgage of her current house (the buy to let). The one acting for her remortgage is in house in that she is using the sol attached to the remortg co ..i think free legal costs?
The bank acting for the repo house at top of change is willing to accept 10k which my buyer has got for exchnage however the sols doing her purchase refuse to do it without the mortgage funds from the remortgage.ie 40K that is going towards paying for her new house. I suppose its because my buyer has 2 sets of sols is the reason why its got so confusing!

silvercar

Bottom line is that it is resonable to assume she wants to go ahead if she is doing the remortgage.

The one acting for her remortgage is in house in that she is using the sol attached to the remortg co ..i think free legal costs?

Makes perfect sense.

however the sols doing her purchase refuse to do it without the mortgage funds from the remortgage.ie 40K that is going towards paying for her new house.

They are protecting her, making sure she gets the remortgage, before allowing her to commit to purchasing your house. Its probably not that they want the money released but that they want to know she has both the mortgage offer on your place and the remortgage deal in writing before she exchanges contracts.

Not alot you can do. I bet accepting a smaller deposit wouldn't help you because it is all the mortgage offers that need to be in place rather than the money.

Tell your solicitor what is happening and that you could be looking to exchange and complete on the same day.

brock-cruse

Thanks and will do!