Who sets the dates and when?

minxystar

Who sets the dates for exchange and completeion and when is this typically done?

The dates for exchange and completion on my chain was arranged at the beginning of Aug for Oct 5th & Oct 12th respectively. Everyone involved was informed and no-one had any issues with this date.

However, this week, 2 days before we are due to exchange I find out my buyer solicitors are no-where near ready! Now I'm a bit puzzled (and annoyed) as to why this wasn't mentioned earlier and when new dates might be agreed.

Any comments or advice would be very welcome.

Doozergirl

I can't say why you weren't told but unfortunately conveyancing doesn't really work in the way that people think it does or expect it to.

Solicitors have a lot of information from many different outside parties to tie together and if the convayancing isn't done by the preferred exchange date, it simply isn't done. It's often out of any one person's control.

I would speak to your solicitor and EA and ask them both to check that everyone is ready up the chain from you and then to obtain for you an exact list of what your buyers are waiting for and an estimated, realistic exchange date from their solicitor.

Richard_Webster

The dates for exchange and completion on my chain was arranged at the beginning of Aug for Oct 5th & Oct 12th respectively. Everyone involved was informed and no-one had any issues with this date.

Some estate agents (who ought to know better) try to push things along by inventing suggested dates a couple of months beforehand. People may well "agree" them because they don''t know any better and just assume that it will all happen.

The "exchange date" is a bit of a nonsense. Occasionally one party in a chain sets a deadline and threatens horrible things that will happen if exchange doesn't happen by his date. If people believe that these horrible things will happen they will rush around trying to make it happen.

Usually that isn't the case and exchange takes place when the last person is ready. If they were ready before the magic date suggested there would be no reason why they couldn't exchange sooner.

The reason we have the problems we have is to do with the lack of communication up and down conveyancing chains and the fact that most people involved don't move that often and therefore do not know the kinds of things that can go wrong and tend to accept what other people say as true without asking them where they get it form!

The Land Registry have been working away at an electronic chain matrix to go some way to dealing with these issues. The government would have spent their money more wisely in supporting and funding this rather than the whole unfortunate HIP exercise with its newly created HIP provider industry!