switching completetion date

exasperated_2

is it a big deal? if it is two days or so from original? will anyone panic? will anything fall through? we have an incompetent mortgage broker who has ballsed up some paperwork. supposed to complete tomorrow but looks like friday or next week may be more realistic. should i panic more than i am? please help me breath normally. thank you

silvercar

depends whether you have exchanged or not. If you've not yet exchanged then everyone in the chain just needs to agree a completion date. If you have already exchanged, then the completion date is fixed and any change will result in costs.

exasperated_2

all contracts are signed, deposits made

Doozergirl

You need to establish whether you have exchanged. If you have exchanged then your completion(moving) date will be set and your solicitor is going to have bills landing on the doorstep.

Signing contratcs and sending deposits may just mean that you are nearly ready to exchange, inwhich case you will just end up with grumpy people in your chain. It may not delay the final moving date.

Me_Myself_2

Contracts signed, does not mean that you have exchanged. You need to check whether the sols have exchanged officially.

Ohter people might have booked removals etc. so that might cause a problem.

Good luck

MM

exasperated_2

Solicitors have exchanged the signed contracts - everything is done and dusted except the draw down, which is part of the hold up due to the ballsed up paperwork by the broker (which appears to be sorted today, hopefully).

- does anyone else but me get easily confused by the terms, exchange, complete and close?????

Me_Myself_2

Yes! What's close?

barnaby-bear

exasperated wrote: »

Solicitors have exchanged the signed contracts - everything is done and dusted except the draw down, which is part of the hold up due to the ballsed up paperwork by the broker (which appears to be sorted today, hopefully).

- does anyone else but me get easily confused by the terms, exchange, complete and close?????

If you fail to complete but have exchanged you are liable for all the solicitors fees, the interest on the mortgages, the removal rescheduling costs, the temporary accommodation costs etc FOR the entire chain, so if someone at the top is buying a £1million pad you'll get a seriously big bill, even if small chain of cheap houses it's likely to be a few thousand. You need to find out where the mistake was, if you instructed solicitor and mortgage co. correctly this shouldn't be happening and if they messed up they have liability insurance and obligations.

Me_Myself_2

Barnaby Bear - Don't terrify him. This is not necessarily the case at all.

barnaby-bear

Me_Myself wrote: »

Barnaby Bear - Don't terrify him. This is not necessarily the case at all.

Errr legally he would be liable if failed to complete. The contract and exchange of apportions liability.

silvercar

exasperated wrote: »

Solicitors have exchanged the signed contracts - everything is done and dusted except the draw down, which is part of the hold up due to the ballsed up paperwork by the broker (which appears to be sorted today, hopefully).

- does anyone else but me get easily confused by the terms, exchange, complete and close?????

Sounds like you haven't actually exchanged. The paperwork may have been passed around but, without the deposit money to go with it, you haven't formally exchanged.

A solicitor would not let you actually exchange without the deposit money in hand. Don't worry, solicitors earn their money by keeping everything in control.