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Exchange day- around when does it happen on the day?
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How can you know that?
What if all parties agreed it would happen on a particular day and the Solicitors agreed? Surely that is 'supposed' to happen?
The last time I moved we exchanged at 5:25pm. We were advised by our solicitor that they had sent the deposit money to the venders solicitor and that they had a set amount of time to "claim" the deposit funds. If they didn't do that the money would be sent back to our solicitor and exchange would not happen that day.0 -
Mine happened today at 12Received £2,626.00 in PPI -2013:j
Received £1400 charges - 2006:j0 -
So I sent my solicitor an email before lunch and he replied to say that apparently reviewing my file there are few enquiries which were never answered! Why only now he's realised this is beyond me. He had over a week to fine tooth comb whilst waiting for vendor to sign contracts on their side.
I replied back to his email asking why now this has come to light but got an out of office - he isn't back till 3! So much for exchange day.:mad:
Poop happens!0 -
Once every solicitor in the chain has every piece of paper back, with all the is dotted and ts crossed they will ask their clients for their preferred completion dates.
Once the completion date is agreed by every party in the chain, contracts can then be exchanged.
AIUI, the solicitor at the bottom of the chain "releases" his contract to the next solicitor in the chain, and on, for x hours. This passes up the chain, then back down again as each solicitor confirms exchange to the one below.
Only a completion date is actually agreed. Exchange date becomes exchange date because contracts were exchanged on that date. It isn't a date to be "aimed for" it's just the natural point everything is ready...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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