Completion date agreed but solicitor reluctant to exchange?

baxdad1

Hi looking for a little bit of advice.

We have an agreed completion date for Tuesday next week.

I have just sent over our deposit to my solicitor and have asked when we plan on exchanging contracts. My solicitor has replied saying that we can exchange contracts but our mortgage advance won’t be received until Friday/Tuesday (with the bank holiday on Monday).

And that normally they like to have the mortgage advance in place before they exchange, due to if the mortgage advance doesn't arrive then we would be charged interest for every day we can't complete.

This to me sounds like they are wanting to exchange AND complete on Tuesday. Is this normal? Or is she alerting me to a worst case scenario to cover her own back? I was under the impression that exchanging of contracts usually happens before completion day.

And should I be worried that I have already booked a removal company for next Tuesday?

Thrugelmir

baxdad1 wrote: »

We have an agreed completion date for Tuesday next week.

Normally the completion date is set upon exchange of contracts. Anything could happen up until that point.

SavingSteve

The solicitor is looking for a confirmed date the mortgage advance will arrive. It's usually done via CHAPS so this 'could be Friday or Tuesday' thing is highly unusual. She should know, or can find out. Once that date is 100% known then no reason not to exchange, it seems like she's uncertain of the date. Ask her why that's the case.

baxdad1

Thanks for the quick replies. Pretty much confirmed my thoughts on the matter. I have emailed her for some clarification on the matter. :-)

minimike2

Mortgage lenders would usually ask for 5 days notice for funds release - It is probably to do with that. It usually doesn't take that long at all but the notice is asked for just in case. I suspect this will have something to do with it.