Will exchange go smoothly?

mw123

Good evening all,

I have found this forum very helpful so far and have been using it from the very start of my mortgage application.

We are now set to exchange and complete on Monday. There are three of us involved in our chain with two of us buying and the top moving into a friends to help complete the chain. All had been going smoothly until last week when the top of the chain decided it was all to quick and she couldn't move. That delayed completion from Friday until Monday. Anyway we decided to complete on Monday and after some last minute issues the solicitors tried to exchange on Friday but low and behold top of the chain decided that a redemption fee was wrong. I had VM left just after five from my solicitor to say this. I tried to call back straight away but they were closed. I since have had a call to say that the other solicitors had spoken and decided the figure was correct so should all be ready to exchange on Monday.

My question after all my rambeing is do you think it will run fairly smoothly on Monday or does this just sound as though there are going to be even more problems. I don't really know what to expect so any advice would be really appreciated. Think I'm just looking for a bit of reassurance as my solicitors haven't exactly been the most helpful with their comunication.

Thanks,
Matt.

mrginge

No one has a clue what will happen on monday.
Stop fretting and pour a glass of wine.

G_M

mw123 wrote: »

My question after all my rambeing is do you think it will run fairly smoothly on Monday or does this just sound as though there are going to be even more problems. t.

What on earth do you expect us to say?

"There there, don't worry. It will all go smoothly and you can sleep easy all weekend."

Maybe it will and maybe it won't. None of us are soothsayers.....

All I can say with certainty is that Exchanging/Completing on same day is always more stressful than planning ahead and having a gap between them.

mw123

Ok so is there any common issues that can come up at this point? I haven't done this before so not entirely sure what to expect. All I know is I have been left hanging over the weekend. Maybe a bit of help from someone with experience of this. Not asking much!

LandyAndy

mw123 wrote: »

Maybe a bit of help from someone with experience of this. Not asking much!

Asking much more than you seem to realise.

As said above. Have glass of wine. Wait until Monday.

mrginge

So my advice is not good enough for you then?

LandyAndy

Your vendor could decline to exchange. Your lender could withdraw their mortgage offer. The house could burn down. the vendor could die.

In reality, you will exchange and complete and be the proud owner in 48 hours from now

Sleep well.

mw123

Not you mrginge. My appologies.

mw123

Thanks. I guess it is a very vague question with no real answer. Will just have to wait and find out!!

G_M

your solicitor might get flu and stay at home.
vendor might change their mind and refuse to sell.
vendor might decide they want another £10K.
vendor's father's mistress might blackmail father who asks vendor to lend him money.
Buyer might lose their job and receive letter on Monday.
buyer's partner might announce he/she's leaving him/her.
buyer's mortgage lender might change their policy. or do a final credit search & find buyer is a poor risk. or have an admin c**k-up and fail to send the cash. or... or...

there are 236 possible things that can go wrong.

mw123

Thanks GM your help is very much appreciated.