how long before exchange?

brooklyn07

Hi All


I'm sorry if this is another how long is a piece of string question and it's been done to death - I've looked through the waiting to exchange section and can't really find what I'm looking for.


I'm in the process of buying a house - I'm technically a FTB so no chain behind me - the people I'm buying off are buying a vacant house so no chain infront.


I have received mortgage deed and sent back signed, all searches have been done no queries to raise and property info form has come back with all fixtures and fittings etc - no queries to raise.


I was just wondering realistically how long should i expect exchange to be now? I daren't contact my solicitor as they charge me everytime i call and i don't want to seem like I'm chasing things up as I'm quite happy to wait as it gives me a chance to save up a bit more.


The sellers have told me previously they don't have a date they want to complete by and its just "whenever it happens" but when i mentioned i assumed i would be in there before xmas they said don't rely on it as these things can take months....


Is there anything left to do now other than sign the contract when i receive it? Is end of November going to be likely or do you think it would be December?


Sorry if this is a stupid question i just like to plan ahead!

SuperSaver123

Have you received mortgage offer? It doesnt say. You said you signed mortgage deed but sometimes solicitors do it in readiness for mortgage offer (our case).

Have you paid deposit money to solicitors?

Has the solicitor received contract from vendor's solicitor?

These are the only things I can think of to hold you from exchange and of course your and vendor's agreement.

brooklyn07

SuperSaver123 wrote: »

Have you received mortgage offer? It doesnt say. You said you signed mortgage deed but sometimes solicitors do it in readiness for mortgage offer (our case).

Have you paid deposit money to solicitors?

Has the solicitor received contract from vendor's solicitor?

These are the only things I can think of to hold you from exchange and of course your and vendor's agreement.

Thanks - yes i received the mortgage offer and sent the signed deed back to solicitor after they received a copy of the offer.


No money has been paid to solicitor and yes the solicitor was waiting for contract before completing searches but searches have now been done so assume they have received it...

BlaEm

Unfortunately just because your sellers are buying somewhere vacant doesn't mean that there won't be any delays with their own purchase - examples, they have queries to raise, or their own seller's may have a date in mind, or may be selling their vacant property to buy somewhere else i.e. there is a longer chain in front of you that you aren't aware of.

If none of the above and all the paperwork on all sides is in place then it could be a few days or weeks (from when you actually sign the contract).

Also, the closer it gets to Christmas the more reluctant people seem to be to move, especially if they have families - "when i mentioned i assumed i would be in there before xmas they said don't rely on it as these things can take months...." - maybe they are looking to complete in January for whatever personal reason?

brooklyn07

oh that's good I'd love to exchange after Christmas to be honest! Ok so when the solicitor sends me the contract do they have to wait until I've sent it back before they finalise a date or does that all get sorted before the contract is sent to me?

Yorkie1

You sign the contract and return it to your solicitor. They hold it until everyone is ready to exchange and a completion date is fixed. Your solicitor does a final check with you that you want to proceed and that the proposed completion date is OK with you.

Then, the solicitors ring each other up and confirm that you've exchanged. They fill in the completion date and, on that completion date, the properties legally change hands.

You can exchange before Christmas and have a completion date set for after Christmas if that suits. The completion date is a negotiated date which everyone is happy with. You may all have a date in mind which you'd prefer, but until exchange it is not set in stone.