Exchanging contracts with no completion date?

Mtl2015

Morning all,

My other halfs grandfathers house is in the process of being sold. His Dad rang and said that the contracts are "ready to go" (His words not mine). But said no completion date has been agreed.

Im slightly concerned by this but i dont want to press too much incase i just look like i'm being pushy (We will be receiving 25% of the money from the sale).

I am wondering if he is mistaken as i thought that you have to agree a completion date or at least a timeframe? I don't know i just feel weird about it.

The buyer is a buy to let buyer, no chain, property is vacant and ready to go. The buyer has also purchased several properties from the same agent so has a record for being reliable.

Other halfs brother seems to be under the impression it wont complete for a a few weeks - But if for example, the contracts were exchanged tomorrow, i see no reason why it would take weeks to complete when no one is actually moving (I am wondering if he is thinking from a normal sort of house move where everyone has to organise physically moving house hence the need for a few weeks between exchange and completion?) and the buyer is keen to have the sale done and dusted.

Any ideas?

Chanes

You can exchange and complete on the same day as I remember? Maybe that is what is happening? But a chat with a conveyancer should help, I would guess.

bouicca21

It's pretty well normal to sign the contract but leave it to the solicitor to date it and insert the completion date, once it has been agreed.

eddddy

Mtl2015 wrote: »

My other halfs grandfathers house is in the process of being sold. His Dad rang and said that the contracts are "ready to go" (His words not mine). But said no completion date has been agreed.

I suspect this means something like:

All the legal stuff has been done, buyer and seller are both happy to exchange - as soon as a completion date is agreed.

PasturesNew

It probably means:
- the contract is sitting at the solicitors, they are happy, I am happy
- I haven't signed it, waiting for a call from the solicitor to go in and do that
- once signed I'll discuss completion dates with the solicitor
- solicitor will then have the signed contract in their hand and be able to have the conversation with the other side before writing in the completion date
- solicitor will then phone me to confirm I still want to exchange, I'll say yes and will then know the date and the contract will be exchanged.

Hoploz

Yes it could just mean the selling end is all signed and ready to go, but there's may be the odd thing still outstanding on the buyer's end. Once all the paperwork is in place the solicitors will be in touch with seller and buyer to agree a date for completion, and once agreed the contracts will be exchanged.

Mtl2015

Thankyou all

Chanes wrote: »

You can exchange and complete on the same day as I remember? Maybe that is what is happening? But a chat with a conveyancer should help, I would guess.

Yes i assumed this would happen with the property being vacant and ready, no chain and no mortgage to organise. Do you not normally put the date on then or does it go on last?

G_M

'ready to go' is not a legal term. Nor is it a phrase used in the the conveyancing process.

Until you know what it means, we cannot comment other than guess. It could mean:

* I've done everything I think I need to do but have no idea what else my solicitor and/or the other side still need to do
* my solicitor asked/told me to sign the (undated) contract so I assume I'm 'ready to go' but have no idea what else in the prcess is pending
* my solicitor is a numskull/charleton who has Exchanged Contracts without my consent and without inserting a Competion date
* I'm not using a solicitor and am doing the conveyancing myself and really have no idea what I'm doing but nonetheless I'm ready to go
* something else

Mtl2015

G_M wrote: »

'ready to go' is not a legal term. Nor is it a phrase used in the the conveyancing process.

Until you know what it means, we cannot comment other than guess. It could mean:

* I've done everything I think I need to do but have no idea what else my solicitor and/or the other side still need to do
* my solicitor asked/told me to sign the (undated) contract so I assume I'm 'ready to go' but have no idea what else in the prcess is pending
* my solicitor is a numskull/charleton who has Exchanged Contracts without my consent and without inserting a Competion date
* I'm not using a solicitor and am doing the conveyancing myself and really have no idea what I'm doing but nonetheless I'm ready to go
* something else

I'm aware it's not a legalterm, hence i pointed out they were his words ad notmine.

He is using a solicitor though, definitely not DIYing it

G_M

Mtl2015 wrote: »

I'm aware it's not a legalterm, hence i pointed out they were his words ad notmine.

Indeed.

But until you know what he meant by it, we can but guess.

MJ12

It probably isn't me you are talking about, but your buyer sounds awfully like me. I am a BTL buyer, one of the owners of the house I am buying has passed away. The seller is the owners' daughter.
I am exchanging today for completion tomorrow. I asked my solicitor to wait until the funds have arrived before exchanging due to possible bank delays, but the funds have arrived, everything is good to go.

My property comes with tenants, so it probably isn't me you are talking about