The NEW waiting to exchange thread...

mutley74

JoJo1978 wrote: »

Mutley74 exchange and completion require sols so only take place mon-fri. Do you mean Friday so would move in over the weekend after you complete.

Neither of you need to do anything on exchange day itself apart from a quick call/email to solicitor to say ok to go ahead.

Completion doesn't need to happen straight away and you can negotiate a mutually convenient time before exchange that suits both of your schedules.

I can understand someone's desire to get to the point of exchange quickly though because that's when the deal becomes a lot more certain to complete.

I meant the day seller wants to do completion i.e. move out and handover keys. He wants this done at a weekend that I cannot do, he was told this when I submitted my offer on the property.

Katapolt

There isn't really a chain, as the house were buying is vacant and the vendor just wants it to all move as quickly as possible, as the original sale fell through in may!

All our searches are back, and as far as im aware there isnt anything else outstanding other than the mortgage confirmation. How long should it take to get the solicitors to draw up the draft contracts? Sorry i know im probably asking questions that are impossible to answer, im jut not sure if it actually can take ages for them to do, or if they can get the draft to me in like a week haha.

JoJo1978

Ah ok Mutley74, that's annoying if was agreed.

Did you agree this verbally through the estate agent or was it a written condition of your offer that has been transcribed onto the sales memorandum and draft contract?

Unless it's part of the draft contract wording I don't think you have any comeback, other than to find a later date that suits you both.

JoJo1978

Katapolt - It won't take them that long, it's sort of like a template. They need to have got the title details and the property fixtures and fittings form needs to be filled out by the seller and inclusions/exclusions agreed by the parties.

You'll have the mortgage deed stuff to sign too so tbh they may just be waiting for that paperwork so you can sign everything needed in one go.

Surrey_EA

Katapolt wrote: »

There isn't really a chain, as the house were buying is vacant and the vendor just wants it to all move as quickly as possible, as the original sale fell through in may!

All our searches are back, and as far as im aware there isnt anything else outstanding other than the mortgage confirmation. How long should it take to get the solicitors to draw up the draft contracts? Sorry i know im probably asking questions that are impossible to answer, im jut not sure if it actually can take ages for them to do, or if they can get the draft to me in like a week haha.

The draft contract would already have been produced. What you need to know is whether the form of the contract has been agreed between your solicitor and the one acting for the seller. If it has then your solicitor should be able to send you the contract document for signing.

Please note that signing the contract and exchanging contracts are two different things. You can sign the contract several weeks before contracts are exchanged, or in other cases signing the contract and exchanging contracts takes place on the same day.

It would be normal for the buyers solicitor to raise enquiries with the sellers solicitor following receiving the search results. Essentially this is a load of questions asking for more specific information in relation to the property. Have enquiries been raised, and has your solicitor received satisfactory responses?

Surrey_EA

mutley74 wrote: »

I meant the day seller wants to do completion i.e. move out and handover keys. He wants this done at a weekend that I cannot do, he was told this when I submitted my offer on the property.

It is impossible for completion to take place on a weekend.

Due to the need to transfer money through the banking system, completion must happen Monday - Friday.

Katapolt

Surrey_EA wrote: »

The draft contract would already have been produced. What you need to know is whether the form of the contract has been agreed between your solicitor and the one acting for the seller. If it has then your solicitor should be able to send you the contract document for signing.

Please note that signing the contract and exchanging contracts are two different things. You can sign the contract several weeks before contracts are exchanged, or in other cases signing the contract and exchanging contracts takes place on the same day.

It would be normal for the buyers solicitor to raise enquiries with the sellers solicitor following receiving the search results. Essentially this is a load of questions asking for more specific information in relation to the property. Have enquiries been raised, and has your solicitor received satisfactory responses?

As far as im aware everything the solicitor needs has come back, its just this mortgage bit theyre waiting on. I understand theyre seperate, at the moment im just clinging onto any bit that makes it feel like were a step closer!

clairesilverspar

Turns out we're waiting on one more enquiry to come back and the windows, and my solicitor is suggesting asking for completion on the 30th! That's only a week away, so I doubt that will happen as I think she just wants to hurry up the other side, and she only just sent us the deed, but still...she clearly thinks its possible if she's suggesting. I'm hoping it will all happen quickly - but not sure.


I asked the office administrator for the supervising partner's contact details and my solicitor came back with a full response within an hour. Amazing coincidence...

archersluck

Absolutely thrilled with the stamp duty changes! We were scrambling around for the last few hundred pound with nothing in reserve for moving vans, new appliances etc and now we're in a really good position.

Meant to exchange tomorrow, need to go to the bank today to transfer funds as it's over the online banking limit but I need the solicitor to confirm the new amount. Surely can't be difficult, the old amount requested minus the stamp duty... will chase again in a couple of hours.

I've taken a photo of my bank account with the most money I'm ever likely to have in it :rotfl:

JoJo1978

Archersluck what fabulous timing!!! Frame that photo lol!!!