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How long does the exchange contract process take?
birminghamuniv
Posts: 47 Forumite
Anyone knows? I meant the event itself. Is it in the same day when the solicitor asks for authority to exchange contract or it could be the following day to have it actually exchanged? Thanks.
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Comments
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It depends how long the chain is. Exchange is basically a phone call between the two solicitors. If more than two of you in the chain it will be a series of calls up the chain and back down again (or vice versa). The whole chain has to be ready or it won't happen.Light Bulb Moment: October 2011
Debts: Cabot [STRIKE]£3289[/STRIKE] £0 :jLink 1 [STRIKE]£4050[/STRIKE] £0 Monument [STRIKE]£2907[/STRIKE] £0 Link 2 [STRIKE]£1083[/STRIKE] £0Overdraft [STRIKE]£3450[/STRIKE] £0 :beer:
Mortgage balance Mar 15 £16,927.68 / £14,3,8100 -
It is unlikely to go to the next day, the sol will usually ask for authority again the next day.Light Bulb Moment: October 2011
Debts: Cabot [STRIKE]£3289[/STRIKE] £0 :jLink 1 [STRIKE]£4050[/STRIKE] £0 Monument [STRIKE]£2907[/STRIKE] £0 Link 2 [STRIKE]£1083[/STRIKE] £0Overdraft [STRIKE]£3450[/STRIKE] £0 :beer:
Mortgage balance Mar 15 £16,927.68 / £14,3,8100 -
Thanks headachesrus! So does it mean if it cannot take place on the day, the solicitors will call for authority again the next day? For example if the solicitor called for authority yesterday but the contract has not been exchanged yet, do they have to call for authority again? I suppose the call for authority must be on the same day the contract actually exchanged - is this correct?0
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I suppose all are different. I was a licensed conveyancer although I haven't practiced for a number of years. I would ring for authority each morning as things may have changed overnight.Light Bulb Moment: October 2011
Debts: Cabot [STRIKE]£3289[/STRIKE] £0 :jLink 1 [STRIKE]£4050[/STRIKE] £0 Monument [STRIKE]£2907[/STRIKE] £0 Link 2 [STRIKE]£1083[/STRIKE] £0Overdraft [STRIKE]£3450[/STRIKE] £0 :beer:
Mortgage balance Mar 15 £16,927.68 / £14,3,8100 -
Thank you !0
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Please could others let me know how long did it take in your case?0
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How has it gone? Exchange today for you I hope.Light Bulb Moment: October 2011
Debts: Cabot [STRIKE]£3289[/STRIKE] £0 :jLink 1 [STRIKE]£4050[/STRIKE] £0 Monument [STRIKE]£2907[/STRIKE] £0 Link 2 [STRIKE]£1083[/STRIKE] £0Overdraft [STRIKE]£3450[/STRIKE] £0 :beer:
Mortgage balance Mar 15 £16,927.68 / £14,3,8100 -
My solicitor rang me again for confirmation the next morning after exchange failed the day before due to the other solicitor going home ill.
I then twiddled my thumbs staring at my phone for I think nearly two hours. There was no chain on either side! So either it's a really long document or somebody went and had a cup of tea and/or a meeting or something..0 -
We did the same procedure today but nothing has happened until now.0
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The length of the document is irrelevant. It will already have been read and agreed.My solicitor rang me again for confirmation the next morning after exchange failed the day before due to the other solicitor going home ill.
I then twiddled my thumbs staring at my phone for I think nearly two hours. There was no chain on either side! So either it's a really long document or somebody went and had a cup of tea and/or a meeting or something..
It is the length of the phone call that matters:
" Hi. It's Joe here. How are you? Is your mother feeling better? How are the kids? I saw Suzie last week but she was looking tired - is she OK? Now, this sale - 52 Acacia Avenue - are we good to go? Oh, before I forget, we're having a dinner party next month, 15th, are you free? Yes? That's great, ! etc etc0
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