Signing contracts/exchange

Washingmachine_2

Hi if everyone in the chain has signed their contracts and we've agreed a completion date is there anything else that could stop exchange?

macman

Until you've actually exchanged, anyone can stop the process any time they like, simply because they change their minds. There could also be illness, death, inability to raise the deposit...any number of factors can delay or halt the exchange.

Washingmachine_2

Thanks macman, I understand that any one of us can change our mind but I mean as far as the legal process goes if we have all signed and agreed a date is there any other legal work to be done? So I guess what I'm asking is can I call my solicitor and chase without looking like an idiot we have all signed (small chain).

Surrey_EA

There could be any number of things. Best thing is to call your solicitor and ask.

eddddy

Washingmachine wrote: »

So I guess what I'm asking is can I call my solicitor and chase without looking like an idiot we have all signed (small chain).

Just ask your solicitor whether he/she is aware of any outstanding issues in the chain. If not, when does he/she anticipate exchanging contracts. (And is the proposed completion date achievable?)

G_M

Most people sign the contracts and leave them ready in their solicior's possession way ahead of the conveyancing process being finished.

It is simply one job out of the way. The solicitor will not Exchange till all work is done. The client could equally sign the contract and file it in his own top drawer ready for Exchange - it means nothing. It's just easier for the solicitor to store it than the client.

So although all those people in the chain have 'signed' it does not mean they or their soliciors have completed the searches, finished the surveys, got their mortgages confirmed etc etc.

Many things can go wrong....

Washingmachine_2

Thanks we are exchanging tomorrow all being well