At what point will solicitors set exchange/completion date?

tightasagnats

I'm waiting....waiting....

Buying a house - all searches done, questions answered, contract signed.....

Selling my flat, lost a buyer, found a new one, FTB, valuation and survey done....they are waiting for formal mortgage offer which shd be early next week if all is well. They are on the ball so far and keen to move as their tenancy is up in Sept.

Assuming the searches are underway, or about to be (and our local authority are quick, few days for searches) - when will solicitor set exchange date, and how far in advance is that usually? I know completion is 2-4 weeks approx after that.

Thank you. It's been going on since March, so even though I know it can take ages, it'd be nice to have an idea of what needs to be in place before they set the date and what might delay it that I haven't mentioned.

eddddy

It's the buyers and sellers who agree exchange and completion dates - although you can't exchange until all the solicitors have finished their stuff.

Completion date will depend on when people can book time off work, get somebody to look after the kids, aren't away on holiday etc.

Then people often like 2 or 4 weeks between exchange and completion to get packed, sort out a removal firm etc.

If it's a long chain - with lots of people involved - there may be a lot of arguing, because everyone wants a different date.

Slithery

You can only set a date for exchange when all of the paperwork is completed to everyone's satisfaction.

Completion date is agreed when contracts are exchanged.

G_M

Exchange date is not fixed until it actually happens. Solicitors might advise their clients of estimated date (eg end of this week - but that can easily change.

Completion date is fixed at the same time as Exchange. It is written into the contract so once the contract is exchanged it is fixed.

Completion can be the same day, a week later, a month later, or whatever date the various people involved all agree.

Johnhowell

Solicitors will never make suggestions...


I recommend you work out which date would suit you to move (Completion). Bring that date forward by a week or two because it will be pushed back by one of the other parties.


Write (e-mail) your solicitor with this date as Completion and a date one week (or 2-4 weeks as suggest above) before for Exchange.


Your solicitor will forward these suggested dates to the other party's solicitor. Hopefully, this will make people start thinking. As I said first, it is not the solicitors job to suggest dates but will explain why certain dates cannot work due to unfinished paperwork, etc.


Are there outstanding queries?


Be the one to break the stalemate...


Good luck.

tightasagnats

Many thanks folks. There isn't a long chain, so that's good:

FTB -> me -> vacant house with no onward chain, no kids, no holidays.

I'll do that (email suggested date) thanks for advice. I bought 11 years ago and can't remember what happened.

eddddy

tightasagnats wrote: »

Many thanks folks. There isn't a long chain, so that's good:

FTB -> me -> vacant house with no onward chain, no kids, no holidays.

I'll do that (email suggested date) thanks for advice. I bought 11 years ago and can't remember what happened.

Or even quicker - if you're in contact with the FTB and your seller - contact them directly by phone or email and say....

"I'd like to to exchange on xx/xx/2017 and complete on xx/xx/2017 - is that OK with you?"

And once everyone's agreed, say...

"OK - I'll tell my solicitor the dates, can you tell yours as well?"

That could save a lot of time and hassle.

G_M

eddddy wrote: »

Or even quicker - if you're in contact with the FTB and your seller - contact them directly by phone or email and say....

"I'd like to to exchange on xx/xx/2017 and complete on xx/xx/2017 - is that OK with you?"

And once everyone's agreed, say...

"OK - I'll tell my solicitor the dates, can you tell yours as well?"

That could save a lot of time and hassle.

That's good advice provided you bear in mind that just because all 3 clients have 'agreed' a date, and told their solicitors, does not mean that date will be achieved.

The solcitors still have to do their jobs, wait for search results etc, and any one of 53 things could mean the hoped-for exchange date is missed.

tightasagnats

Yes, good points, and I'm not in contact directly with seller, although my EA is, and is very good, and it's the same EA as my purchase. Good advice. I'll wait for his formal mortgage offer which shd be next week, and then suggest a date. Queries etc may well arise from his solictors after searches etc so I know it could be delayed.