Has a buyer technically exchanged once they have signed everything?

FIRSTTIMER

Or is there an exchange date set? I am sending all the forms to my solicitor signed, but do I still time to withdraw until an actual date is set or is it as soon as forms are returned?

martindow

Signing the forms does not commit you. It is normal for solicitors to hold the signed contracts until everything is in place. You and the seller will then be contacted on the agreed day to check that you want to do the exchange, the solicitors add the date and the exchange happens.

However, if you want to pull out it is best to do this as soon as possible so that everyone in the chain knows where they are. What has provoked your question?

G_M

No.

Your solicitor will hold the signed documents till everyone is ready to Exchange contracts.

he will probobly contact you before Exchanging to confirm you still wish to proceed.

but he has to have the signed documents from you in his possession before he can Exchange.

PasturesNew

G_M wrote: »

No.

Your solicitor will hold the signed documents till everyone is ready to Exchange contracts.

he will probobly contact you before Exchanging to confirm you still wish to proceed.

but he has to have the signed documents from you in his possession before he can Exchange.

This is correct.


You sign and the paper sits in the solicitor's drawer.
The other fella signs and the paper sits in his solicitor's drawer.
One solicitor phones the other and enquires "You got yours signed then?" and if they both have then they each phone their client and say "About to do this, are you sure?" and you say "Yes".

Solicitors then phone each other up and say "Did your fella say yes?" "Yes" - "OK, we've done it then" and they hang up, get the contracts out of their drawer and post them off to each other.

Linton

No - you sign well in advance of exchange so that everything is ready for the exchange process. This is just a phone call between the solicitors. It is only at this point you are committed to the sale/purchase.

I suggest you dont sign unless you are absolutely certain. Otherwise you could cause a lot of upset.

eddddy

FIRSTTIMER wrote: »

...but do I still time to withdraw until an actual date is set...

Is there a specific reason/risk that might cause you to withdraw (apart from the usual conveyancing related stuff like title, searches, mortgage etc)?

If so, you may (or may not) want to make your solicitor aware that exchange will be dependant on some external factors. It might help the process go more smoothly.

societys_child

This might help explain the OP's question:
:https://forums.moneysavingexpert.com/discussion/5563560

It's all a bit cryptic . . .

AnotherJoe

PasturesNew wrote: »

This is correct.


You sign and the paper sits in the solicitor's drawer.
The other fella signs and the paper sits in his solicitor's drawer.
One solicitor phones the other and enquires "You got yours signed then?" and if they both have then they each phone their client and say "About to do this, are you sure?" and you say "Yes".

Solicitors then phone each other up and say "Did your fella say yes?" "Yes" - "OK, we've done it then" and they hang up, get the contracts out of their drawer and post them off to each other.

I've read a few accounts here where they didn't ask but just went ahead. So I agree in most cases they will ask, but if you want to back out you need to be proactive and call the solicitor and say "dont exchange just yet I need to sort X out".

MobileSaver

AnotherJoe wrote: »

if you want to back out you need to be proactive and call the solicitor and say "dont exchange just yet I need to sort X out".

+1

In my last three property purchases my solicitor has just assumed I still wanted to Exchange on the basis that I signed the paperwork in the first place. If the OP is concerned then they need to tell their solicitor in advance (and in writing!) not to Exchange without explicit confirmation on the day.

PasturesNew

AnotherJoe wrote: »

I've read a few accounts here where they didn't ask but just went ahead. So I agree in most cases they will ask, but if you want to back out you need to be proactive and call the solicitor and say "dont exchange just yet I need to sort X out".

It's probably a difference between certainty and delays.

When I was selling a house the buyer had some delays, so the original intended exchange date passed and so the solicitor was just double-checking I still wanted to exchange when he randomly phoned me 4 days after that date.

Maybe if the seller'd just exchanged on the "date everybody was working towards in the first instance" then I might not have received that call as it was expected on that date.