The NEW waiting to exchange thread...

hopeitwill

I will ask a dumb question again. How can exchange happen out of nowhere? Does it happen after the funds are cleared in seller's lawyer's client account? We're told exchange can happen anytime now, but I thought the exchange deposit had to arrive to the vendor's solicitor first?

birdmadgirl8

hopeitwill said:

I will ask a dumb question again. How can exchange happen out of nowhere? Does it happen after the funds are cleared in seller's lawyer's client account? We're told exchange can happen anytime now, but I thought the exchange deposit had to arrive to the vendor's solicitor first?

The 'out of nowhere' aspect of exchange tends to come from the fact that solicitors can be silent for weeks and then suddenly ask for your permission to exchange, plus the necessary funds, etc. If your solicitor is in regular contact it might not happen suddenly, as it has for some on this thread.

hopeitwill

Thank you @birdmadgirl8, my question then comes to, do the other side have to have the exchange deposit money in their account to say "exchange completed"?

birdmadgirl8

hopeitwill said:

Thank you @birdmadgirl8, my question then comes to, do the other side have to have the exchange deposit money in their account to say "exchange completed"?

I'm no expert on this, but it will depend on your chain. It's sometimes the case that funds at the bottom of the chain have to work up through the chain—often those in the middle of the chain will be relying on equity from their sale for the deposit. Conveyancing 'magic' can make this work, but all solicitors will need to be ready and prepared to push it through. Sometimes things get delayed—especially in long chains—and a solicitor at the top of the chain might not be available to exchange at the end of the day...and then everyone will have to try again the next day. Others on the thread might have fuller, or better advice though.

Looking back at your original question, it might be that your solicitor means that there is just minimal paperwork outstanding (somewhere in the chain) and they anticipate that this could be resolved (making exchange possible) 'any time now'.

It's quite cathartic writing about something that I'm pretty sure is never going to happen to me 

hopeitwill

birdmadgirl8 said:

hopeitwill said:

Thank you @birdmadgirl8, my question then comes to, do the other side have to have the exchange deposit money in their account to say "exchange completed"?

I'm no expert on this, but it will depend on your chain. It's sometimes the case that funds at the bottom of the chain have to work up through the chain—often those in the middle of the chain will be relying on equity from their sale for the deposit. Conveyancing 'magic' can make this work, but all solicitors will need to be ready and prepared to push it through. Sometimes things get delayed—especially in long chains—and a solicitor at the top of the chain might not be available to exchange at the end of the day...and then everyone will have to try again the next day. Others on the thread might have fuller, or better advice though.

Looking back at your original question, it might be that your solicitor means that there is just minimal paperwork outstanding (somewhere in the chain) and they anticipate that this could be resolved (making exchange possible) 'any time now'.

It's quite cathartic writing about something that I'm pretty sure is never going to happen to me 

Thank you so much again for your answer, it makes it much easier to understand for me. And I do hope it certainly happens for you in good time!
I have never realised how difficult it is to go through something like this until I started the process, and this is our second try in the last 8 months! The stress is sometimes unbearable!

birdmadgirl8

hopeitwill said:

Thank you so much again for your answer, it makes it much easier to understand for me. And I do hope it certainly happens for you in good time!
I have never realised how difficult it is to go through something like this until I started the process, and this is our second try in the last 8 months! The stress is sometimes unbearable!

Thank you! And, yes, the stress is ridiculous—we told ourselves at the outset that we should be prepared for things to go wrong, but I don't think I ever anticipated how gruelling the long silences/waits can be. Especially when all this effort could end in someone pulling out right up until the point of exchange (though I try not to dwell on that). This community does help me manage the stress a bit though. 

Wren14

Hello all, I was sent an email from my EA today to say that my buyers are signing the contract on Tuesday and then we can discuss completion dates, yay!
Swiftly followed by an email from my vendors saying they have only just received their Land Registry title for their ongoing purchase and searches were instructed in February, boo!
So my sale and my purchase are ready...I just have nowhere to move into yet! 

AnnexeRegular

Wren14 said:

Hello all, I was sent an email from my EA today to say that my buyers are signing the contract on Tuesday and then we can discuss completion dates, yay!
Swiftly followed by an email from my vendors saying they have only just received their Land Registry title for their ongoing purchase and searches were instructed in February, boo!
So my sale and my purchase are ready...I just have nowhere to move into yet! 

Unlucky   I've been told to wait at least another week before hearing anything related to the ongoing searches which feels like forever. In the meantime this deposit is burning a rather large hole in my bank account!

birdmadgirl8

AnnexeRegular said:

Wren14 said:

Hello all, I was sent an email from my EA today to say that my buyers are signing the contract on Tuesday and then we can discuss completion dates, yay!
Swiftly followed by an email from my vendors saying they have only just received their Land Registry title for their ongoing purchase and searches were instructed in February, boo!
So my sale and my purchase are ready...I just have nowhere to move into yet! 

Unlucky   I've been told to wait at least another week before hearing anything related to the ongoing searches which feels like forever. In the meantime this deposit is burning a rather large hole in my bank account!

I'm joining the unlucky club too - sorry to hear your news as well Annexe & Wren. Just spoke to vendors' estate agent and he reports that their solicitor's office is in full denial about having ignored calls and emails. Could not confirm when they will get to my solicitor's enquiries—we've only been waiting 6 weeks—nor could they reveal anything about status of searches on vendors' onward purchase. The conveyancer himself is not taking calls from anyone. Weeps at desk...

rubywhatashmoo

Sort of update today-got in touch with our solicitor to ask for an update of where we are with everything-apparently enquiries for our buyers are done but not requested yet for our purchase. We’ve had our school place offered for our 4 year old today but gone on a waiting list for the school closer to where we hope to be moving and crossed our fingers everything eventually falls into place!