The NEW waiting to exchange thread...

Zetlandroad

What happens once both sides are ready to exchange, ie contracts and deposit received, enquiries closed and a completion date agreed? Do the solicitors agree a date and time for the exchange, and call in advance for authorisation?

charlotteo1988

I’m losing the will to live!! Just hit a brick wall!! AGAIN!! The seller has just informed me his sister who also owns half the house is on holiday until next Friday so cannot sign any of the forms until she is back. 

So nothing will be sent until at least 21st jan 

badger09

Zetlandroad said:

What happens once both sides are ready to exchange, ie contracts and deposit received, enquiries closed and a completion date agreed? Do the solicitors agree a date and time for the exchange, and call in advance for authorisation?

Usually, the date for exchange as well as completion has been agreed by all in the chain. Solicitors will all contact their clients on the morning of proposed exchange day to confirm approval (unless client has given prior instruction that this is not needed) Then solicitor at bottom of chain will send deposit to 1st vendor, whose solicitor passes it on up. 

Once all that's done, each solicitor will contact client to tell them exchange has happened. If it doesn't  - for whatever reason, it will usually be tried again the following day, unless someone has changed their mind or something is missing. 

Moneybear

Still unsure on dates but February is hopefully looking likely. I'm booking 25th off of work just in case! If not I'm going to have to reapply for my mortgage again and pay a higher interest rate which will be annoying. 

sabsob

Moneybear said:

Still unsure on dates but February is hopefully looking likely. I'm booking 25th off of work just in case! If not I'm going to have to reapply for my mortgage again and pay a higher interest rate which will be annoying. 

Our mortgage offer runs out at the end of Feb...I so hope we can get everything done before we have to re-apply!

Zetlandroad

badger09 said:

Zetlandroad said:

What happens once both sides are ready to exchange, ie contracts and deposit received, enquiries closed and a completion date agreed? Do the solicitors agree a date and time for the exchange, and call in advance for authorisation?

Usually, the date for exchange as well as completion has been agreed by all in the chain. Solicitors will all contact their clients on the morning of proposed exchange day to confirm approval (unless client has given prior instruction that this is not needed) Then solicitor at bottom of chain will send deposit to 1st vendor, whose solicitor passes it on up. 

Once all that's done, each solicitor will contact client to tell them exchange has happened. If it doesn't  - for whatever reason, it will usually be tried again the following day, unless someone has changed their mind or something is missing. 

Thank you

Laurelii

Laurelii said:

Laurelii said:

Chooru said:

We exchanged today! I have to say, I thought it was never going to happen. Will complete early January! 

09/09/2021 Offer accepted
20/09/2021 Mortgage lender/ bank valuation came back
06/10/2021 Our sellers offer on a house got accepted
16/11/2021 Solicitor searches came back
22/11/2021 Mortgage offer issued 
20/11/2021 Email from our solicitors stating our sellers seller is 'significantly behind'
27/12/2021 Asked how our seller xmas was while asking about their seller. She stated 'as far as she knows' their seller is moving into rented accommodation. 
31/12/2021 > 2022 Hopefully after the new year things start moving!!!!! 

our is taking ridiculously long! our mortgage offer expires 27th Feb 2022 and i have asked our mortage advisor if there is a possibilty in extending and she said that a new mortgage offer would have to be issued. UGH. 

04/09/2022   Called the EA yday for some updates about the chain. They said the sellers are waiting on a few more enquiries from the people they're buying from. EA said our sellers seller is going into rented and that exchange/ completion should be end of Jan 2022!!! EA said they will contact me at the end of the week or next with updates. Things are looking promising << 04/01/2022

07/01/2022 The EA said to our sellers "The buyers solicitor has now answered all enquiries and have contacted your solicitor to                     confirm receipt" - EA said the sale of our property is ready to go
10/01/2022 Me and my partner agreed to put the our 2 months notice in on 20/01/2022 meaning we would be out of the flat by                         20th March 2022
11/01/2022 Got served a section 21 notice from the landlord stating we need to be out of the flat by 13th March 2022
11/01/2022 Sellers solicitor has asked their onward purchase a few things paperwork wise, once these come back were ready to                     go
12/01/2022 We signed some paper work ready for exchange and was told we're looking at January 28th for completion!! I asked                     the seller if this date would be ok with them and they said yes, its all down to their onward purchase if they agree this                     date also! ( fingers crossed) 
13/01/2022 Started packing most of our clothes, XMAS stuff in boxes and emptying drawers!
14/01/2022 Seller said they're dropping paperwork off at their solicitors today 

Zetlandroad

Once the bottom of the chain has approved exchange, how long does it normally take for confirmation to come back, in a short chain?

badger09

Zetlandroad said:

Once the bottom of the chain has approved exchange, how long does it normally take for confirmation to come back, in a short chain?

Couple of hours? That's assuming solicitor(s) further up the chain, and their clients, are all immediately contactable

ccbrowning

Zetlandroad said:

Once the bottom of the chain has approved exchange, how long does it normally take for confirmation to come back, in a short chain?

Waiting 3 days now here, so it's totally random!