Advice on contracts

tiredoflife

Evening. Hoping someone can offer some advice as I've not don't this before!

We accepted an offer on our house in March and had an offer accepted on the property we want to buy on the 3rd April. Since this date we have received the draft contract from our solicitors for the sale of our house. I have just returned it with some extra things they wanted, such as double glazing certificate and boiler certificate etc. It asked me to sign the contract but not date it, is this the contract that is used to "exchange?"

Going back to the property we are buying, it's been a nearly a month and we haven't heard anything. The solicitor has received the memorandum of sale from the EA, but nothing else. I finally managed to speak to the EA today and she said the vendors case has been taken over by another solicitor in the same company but have no further news ( she did seem to indicate that they were slow). So, I don't even know if they have sent the vendor anything yet to fill in.

My worry is, the sale of our house is about 3-4 weeks ahead of the one we are buying. Do I exchange on the house we are selling and then exchange on the one I'm buying? Or is it all done on the same day? I'm worried we will exchange on the house we sell but not on the one we move into until a while after, or does it all have to happen together.

Sorry for my garbled message, I hope this makes sense and someone can advise.

eddddy

tiredoflife wrote: »

Do I exchange on the house we are selling and then exchange on the one I'm buying? Or is it all done on the same day? I'm worried we will exchange on the house we sell but not on the one we move into until a while after, or does it all have to happen together.

Exchange of contracts will happen on the same day at the same time for both properties - the one you are selling and the one you are buying.

It is 'guaranteed' that you will either exchange both contracts, or neither contract. You won't end up with just one contract exchanged (unless you specifically tell your solicitor to do that).

sulphate

Everyone in the chain will need to exchange on the same day, unless someone breaks the chain by finding somewhere else to live in the interim (i.e. Moving into rented or with family etc)

tiredoflife

Ah ok. Great, thanks for the info.

G_M

Just to add

tiredoflife wrote: »

.......we have received the draft contract from our solicitors .......It asked me to sign the contract but not date it, is this the contract that is used to "exchange?"

.....

Yes.

By signing it now, your solicitor can file it away ready for exchange of contracts. But he won't actually exchange it till you, and everyone else, is ready.

You can still change your mind if you wish and instruct your solicitor to ignore/destroy the contract.