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House buying is fun!
Shambler
Posts: 767 Forumite
:rolleyes:
Hi,
We have been going through the purchase of a particular property for what seems like ages, hopefully it is coming to completion soon
Yesterday we signed the contract even though details had not been filled in on the forms since my solicitor has a lot of work on and she said she would call after filling the forms in and confirm I wanted to exchange.
I got a call from the vendor’s EA today telling me that the vendor wanted to exchange contracts on the 10th and that the EA had not been able to contact my solicitor and wanted to know how things are progressing.
My solicitor also called today and said ‘she doesn’t have time to answer every call’ i.e. meaning she hadn’t replied to the vendors EA...I'm not sure she is obliged to anyway?
She said that because we have a 100% mortgage and no deposit the vendor’s solicitors now want to exchange and complete on the same day.
What worries me is that my solicitor said that the mortgage lender may require 5 days to release funds and I am not sure how it is going to work i.e. will the lender release funds before the exchange of contracts happens? If not then how can we exchange and complete on the same day?
I’m also not sure why the vendor does not appear to know that their solicitor has requested exchange and complete on the same day next week, haven’t their solicitors told them?
Just seems like people are not communicating as well as they should, I'll be calling my solicitor and the EA tomorrow.
I need some reassurance that it will all be OK, and/or a stiff drink! :rotfl:
Hi,
We have been going through the purchase of a particular property for what seems like ages, hopefully it is coming to completion soon
Yesterday we signed the contract even though details had not been filled in on the forms since my solicitor has a lot of work on and she said she would call after filling the forms in and confirm I wanted to exchange.
I got a call from the vendor’s EA today telling me that the vendor wanted to exchange contracts on the 10th and that the EA had not been able to contact my solicitor and wanted to know how things are progressing.
My solicitor also called today and said ‘she doesn’t have time to answer every call’ i.e. meaning she hadn’t replied to the vendors EA...I'm not sure she is obliged to anyway?
She said that because we have a 100% mortgage and no deposit the vendor’s solicitors now want to exchange and complete on the same day.
What worries me is that my solicitor said that the mortgage lender may require 5 days to release funds and I am not sure how it is going to work i.e. will the lender release funds before the exchange of contracts happens? If not then how can we exchange and complete on the same day?
I’m also not sure why the vendor does not appear to know that their solicitor has requested exchange and complete on the same day next week, haven’t their solicitors told them?
Just seems like people are not communicating as well as they should, I'll be calling my solicitor and the EA tomorrow.
I need some reassurance that it will all be OK, and/or a stiff drink! :rotfl:
0
Comments
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I'd quite happily give you a stiff drink if I could!
I'm sure it will be fine; there's always a little bit of tooing and froing towards the end. Whether or not people are not communicating as they should, they are certainly communicating as they do!
Exchange and completion will be very normal with a 100% mortgage and your sol will have no problem drawing down the money. They can start he process a few days in advance without exchange, that's fine. Everything that is supposed to be in heaven is already here on earth.
0
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