The NEW waiting to exchange thread...

Laurelii

Mahsroh said:

Laurelii said:

Moneybear said:

Thank you everyone. @RS2000 you were right it - just had my call now 

Given my authority to exchange. Fingers crossed we hear this afternoon it has happened! 

Hi, FTB Here.. I had n emailed reading "There isn’t a set time for exchange and you do not do anything. It is between solicitors. All we need from you, on the day when it is ready to exchange, is your authority to do so."

exchange with us will be happening any day now and I'm a little confused how it all works, i thought we had to go into the office to do this, is this not the case?  

Do they call me asking for authority to exchange and once I have agreed/ authorised I send them the money ?

Essentially yes, although it will likely be an e-mail rather than a call.

You will already have signed the Contracts ahead of time and your solicitors then keep them on file until they tell you they're ready to exchange and you give authority. They'll then go ahead and do it. No need for you to go in the office - i never met my solicitors or went to their offices in person. 

I didn't need to send any money this time as it was all in equity from our sale and tbh I can't remember what I did the previous time, but broadly speaking you'll send the funds around the same sort of time you give your authority, probably slight ahead of giving your authority as that's usually done on the same day you exchange, and they may want your money a day before to ensure a smooth exchange.

so for example they could email today asking for authority to exchange Friday and ask me to transfer the money today ready for a smooth transaction Friday ? 

so sorry for sounding a bit stupid im extremely new to all of this 

Loges1966

Can’t wait to exchange as well. I called up estate today, they said once seller solicitor received redemption statement, next will be exchange. Just in the waiting game now 

Mahsroh

Laurelii said:

Mahsroh said:

Laurelii said:

Moneybear said:

Thank you everyone. @RS2000 you were right it - just had my call now 

Given my authority to exchange. Fingers crossed we hear this afternoon it has happened! 

Hi, FTB Here.. I had n emailed reading "There isn’t a set time for exchange and you do not do anything. It is between solicitors. All we need from you, on the day when it is ready to exchange, is your authority to do so."

exchange with us will be happening any day now and I'm a little confused how it all works, i thought we had to go into the office to do this, is this not the case?  

Do they call me asking for authority to exchange and once I have agreed/ authorised I send them the money ?

Essentially yes, although it will likely be an e-mail rather than a call.

You will already have signed the Contracts ahead of time and your solicitors then keep them on file until they tell you they're ready to exchange and you give authority. They'll then go ahead and do it. No need for you to go in the office - i never met my solicitors or went to their offices in person. 

I didn't need to send any money this time as it was all in equity from our sale and tbh I can't remember what I did the previous time, but broadly speaking you'll send the funds around the same sort of time you give your authority, probably slight ahead of giving your authority as that's usually done on the same day you exchange, and they may want your money a day before to ensure a smooth exchange.

so for example they could email today asking for authority to exchange Friday and ask me to transfer the money today ready for a smooth transaction Friday ? 

so sorry for sounding a bit stupid im extremely new to all of this 

In simple terms, yes, although I think it's more likely they would contact you now asking you to transfer the funds on Thursday (in readiness for Friday) then on Friday once everything is in place (including funds) they would ask for your authority and exchange on the same day. 

Laurelii

Mahsroh said:

Laurelii said:

Mahsroh said:

Laurelii said:

Moneybear said:

Thank you everyone. @RS2000 you were right it - just had my call now 

Given my authority to exchange. Fingers crossed we hear this afternoon it has happened! 

Hi, FTB Here.. I had n emailed reading "There isn’t a set time for exchange and you do not do anything. It is between solicitors. All we need from you, on the day when it is ready to exchange, is your authority to do so."

exchange with us will be happening any day now and I'm a little confused how it all works, i thought we had to go into the office to do this, is this not the case?  

Do they call me asking for authority to exchange and once I have agreed/ authorised I send them the money ?

Essentially yes, although it will likely be an e-mail rather than a call.

You will already have signed the Contracts ahead of time and your solicitors then keep them on file until they tell you they're ready to exchange and you give authority. They'll then go ahead and do it. No need for you to go in the office - i never met my solicitors or went to their offices in person. 

I didn't need to send any money this time as it was all in equity from our sale and tbh I can't remember what I did the previous time, but broadly speaking you'll send the funds around the same sort of time you give your authority, probably slight ahead of giving your authority as that's usually done on the same day you exchange, and they may want your money a day before to ensure a smooth exchange.

so for example they could email today asking for authority to exchange Friday and ask me to transfer the money today ready for a smooth transaction Friday ? 

so sorry for sounding a bit stupid im extremely new to all of this 

In simple terms, yes, although I think it's more likely they would contact you now asking you to transfer the funds on Thursday (in readiness for Friday) then on Friday once everything is in place (including funds) they would ask for your authority and exchange on the same day. 

thank you!!

boldaslove

Laurelii said:

so for example they could email today asking for authority to exchange Friday and ask me to transfer the money today ready for a smooth transaction Friday ? 

so sorry for sounding a bit stupid im extremely new to all of this 

We’re due to exchange/complete on Friday and we’re transferring the money today. I’d ring your Solicitor and ask them to clarify. We have a COVID case in our house now so we’ve asked if we can do the transfer ASAP just in case one/both of us is unlucky enough to catch it   from what I gather we could normally leave it till further in the week if we didn’t have that additional complication.

We’ve now had our completion statement through after the seller finally came back with the missing info - so fingers crossed we are on track for Friday now!

MaiTai

Laurelii says

Hi, FTB Here.. I had n emailed reading "There isn’t a set time for exchange and you do not do anything. It is between solicitors. All we need from you, on the day when it is ready to exchange, is your authority to do so."

exchange with us will be happening any day now and I'm a little confused how it all works, i thought we had to go into the office to do this, is this not the case?  

Do they call me asking for authority to exchange and once I have agreed/ authorised I send them the money ?

Your deposit needs to be cleared into your solicitors client account prior to exchange in readiness for the funds to be passed up the chain.

Double,triple then double check again the bank details provided by your legal representative before transferring funds and that such details are issued from a reliable source (never from an e-mail).Any reservations about transferring large amounts then transfer a nominal small amount and confirm receipt prior to sending the balance.

Once this is confirmed authority will be sought from both yourself and your partner that you are willing to proceed and you understand the legalities involved.

charlotteo1988

🥳🥳🥳🥳🥳🥳🥳🥳

contract pack is with my solicitor!!!! Hasn’t been sent to me yet so hopefully she’s just doing her report to go with it. Finally we can start moving forward. (Even if it is at snail pace, it’s something at least) 

firstbuyer

Signed our sale contracts today!!

ok 21st feb looking more likely now and these last few weeks are going painfully slow!!

Moneybear

@Laurelii I gave my authority to exchange over the phone only. I'm also FTB so not sure if some places require you to go in. I sent my deposit funds over to my solicitor last week so they've had it waiting. 

I have just got off of the phone confirming I have now exchanged with completion THIS FRIDAY! 
I can't believe how quickly this has happened. I had no idea I would be exchanging this week let alone completion. My lender have agreed to send funds in time which has really helped. I am so excited. I need to set up my home insurance and have a little celebration. 

sabsob

We have signed the contract pack and sent it to solicitor...awaiting dates...the plot thickens.