How long does the exchange contract process take?

headachesrus

Yes, just a phone call.

If it still hasn't happened today I suspect someone in the chain isn't ready. Ring the estate agent and get them to check up the chain to see what the hold up is.

birminghamuniv

I've just heard that one seller at top of the chain has not returned the paperwork to his solicitor. I am not quite sure what the paperwork is but we all were told to be ready in the last two days.

headachesrus

Keep hassling the estate agents to get it moving. Paperwork could be anything from signed contract to initial instruction letter!

Mocha61

My daughter exchanged contracts yesterday, she had email around 1pm to say her solicitor had put in a call to start the exchange, by 3pm she had message to say they had completed, very short chain.

rosie383

How did it all happen before mobile phones?Did people have to wait around a landline to get word that exchange was about to happen, then done? Or was it done by post? I can't remember back to when I bought my first house. It was so long ago I don't remember any of this process!

birminghamuniv

As far as I know, they (solicitors) will do it by recorded phone calls. Paperwork will be posted right after that but it is all done by the phone.

birminghamuniv

Update: contracts exchanged today at the third attempt

headachesrus

Woo hoo! Well done, good luck with the move.

Exchange used to be carried out physically. If the solicitors were local to each other they would meet in their office and hand the contracts over, same with the signed conveyance/transfer and deeds on completion. If the sale wasn't local they would have to appoint another firm to act as agents to carry out the exchange on their behalf.

At some point a Law was passed (should remember the details of it but can't, hence why I don't practice anymore lol) that allowed sols to exchange by phone, according to various formulae. There are a lot of undertakings given by solicitors to each other, which is why there is so much legal work done prior to exchange that the client never gets to see.