The NEW waiting to exchange thread...

MickeyFTB

Twins said:

Hello all!   Little update from me and just want to get some views on the email I got from the EA and if this timescale was realistic.

So our seller has received the sales memo and EPC from their sellers solicitor.  Within that they are proposing an exchange date of 6th May.   I ideally wanted to push for end of April as our mortgage offer runs out on 12th May so would like an exchange end of April not early May.   

Do you think these timescales are realistic?   I do understand that is all depends on searches and responses to queries....but IF everything went to plan could we achieve an end of April exchange?

Also, how long after exchange does completion happen? I'm such a novice to this so would appreciate any *kind* comments as I have seen some aggressive comments being made to people assuming they should just know these things!!  

Please be kind people, it doesn't take much and if you can't be kind please just butt out!

Anyway, good luck to ALL those in the exchange process 

Hey! End of April is do-able IF everyone in the chain has had all searches and enquiries back and they’re happy to proceed!

Before exchange you need a few days for your lender to agree they can achieve the completion date and then you can exchange. 

You agree the completion date on exchange so in essence you can exchange one day and complete the next but you do run the risk that up until exchange anybody can pull out without any repercussions so you could be like us and be surrounded by boxes and cancelling removals. 

If you want end of April, you ideally want to be exchanging 1-2 weeks before that which means you need everyone’s enquiries/searches completed by mid-April and everyone needs to agree to it and the completion date.

Hope that makes sense!

Twins

MickeyFTB said:

Twins said:

Hello all!   Little update from me and just want to get some views on the email I got from the EA and if this timescale was realistic.

So our seller has received the sales memo and EPC from their sellers solicitor.  Within that they are proposing an exchange date of 6th May.   I ideally wanted to push for end of April as our mortgage offer runs out on 12th May so would like an exchange end of April not early May.   

Do you think these timescales are realistic?   I do understand that is all depends on searches and responses to queries....but IF everything went to plan could we achieve an end of April exchange?

Also, how long after exchange does completion happen? I'm such a novice to this so would appreciate any *kind* comments as I have seen some aggressive comments being made to people assuming they should just know these things!!  

Please be kind people, it doesn't take much and if you can't be kind please just butt out!

Anyway, good luck to ALL those in the exchange process 

Hey! End of April is do-able IF everyone in the chain has had all searches and enquiries back and they’re happy to proceed!

Before exchange you need a few days for your lender to agree they can achieve the completion date and then you can exchange. 

You agree the completion date on exchange so in essence you can exchange one day and complete the next but you do run the risk that up until exchange anybody can pull out without any repercussions so you could be like us and be surrounded by boxes and cancelling removals. 

If you want end of April, you ideally want to be exchanging 1-2 weeks before that which means you need everyone’s enquiries/searches completed by mid-April and everyone needs to agree to it and the completion date.

Hope that makes sense!

Ahhh perfect!  Thank you so much!  I pretty much thought that was the process but I haven't been in this situation before so wasn't 100% sure.   

Just the nail biting part now trying to get to exchange and then completion.

Appreciate your reply!  

Twins

harz99 said:

@Twins, it used to be that legal completion was 28 days after exchange, that has now changed over time and can, If all the ducks are in a row as they say, be achieved on the same day or the next day!

 Personally I am not in favour of doing so, I think a minimum of 7 days between the two events is far more sensible.

In any case though you should be asking your solicitor what they think, as they are best placed to know your circumstances and advise you. 

Yes, I agree I don't think the exchange and complete on same day/next day is good especially as we're in a chain so would appreciate a bit of breathing space but good to know!  Thank you!

indigomoon18

Looking for any advice (or just a bit of sympathy! ) 

We accepted an offer on our house in November. We're buying a house with no onward chain. We've been ready to exchange for three weeks now but our buyers solicitor is just messing everyone around, they either don't respond to phone calls or emails from my solicitor or have told the buyer a load of rubbish about just getting more enquiries back (my solicitor sent them three weeks ago.)

My buyer is a FTB and I've told my EA he needs to call her and really guide her/ tell her that she needs to be on her solicitor everyday until they get this done. Oh I've also googled her solicitor and they have shocking reviews and everyone saying they just don't respond. But is there anything else I can do?! I feel like I'm chasing my solicitor and AE daily but making no progress. Was meant to be a really simple chain. So stressful! 

MickeyFTB

indigomoon18 said:

Looking for any advice (or just a bit of sympathy! ) 

We accepted an offer on our house in November. We're buying a house with no onward chain. We've been ready to exchange for three weeks now but our buyers solicitor is just messing everyone around, they either don't respond to phone calls or emails from my solicitor or have told the buyer a load of rubbish about just getting more enquiries back (my solicitor sent them three weeks ago.)

My buyer is a FTB and I've told my EA he needs to call her and really guide her/ tell her that she needs to be on her solicitor everyday until they get this done. Oh I've also googled her solicitor and they have shocking reviews and everyone saying they just don't respond. But is there anything else I can do?! I feel like I'm chasing my solicitor and AE daily but making no progress. Was meant to be a really simple chain. So stressful! 

Have you spoken to your buyer, do you have their details to make contact? 

You could explain and they can use it with their solicitor to hurry them along considering they are paying them!

Also, the EA can make contact with their solicitor too as it’s in their interest to get the purchase through.

RandomGuy87

FTB here, we are buying a new build and had an exchange deadline with the developer for tomorrow (25th March).

That is obviously not going to be happening, the searches were due to be returned to the conveyancer yesterday and they would then forward these to the solicitor.

Should I ask the developer what happens now or approach the subject? We have kept in contact with them regularly and provided them with updates along the way.

I know people have said not to worry as the exchange deadline is never met but I can't help but feel anxious that it would be my luck for this to be the one occasion where they pull out/change the terms.

badger09

RandomGuy87 said:

FTB here, we are buying a new build and had an exchange deadline with the developer for tomorrow (25th March).

That is obviously not going to be happening, the searches were due to be returned to the conveyancer yesterday and they would then forward these to the solicitor.

Should I ask the developer what happens now or approach the subject? We have kept in contact with them regularly and provided them with updates along the way.

I know people have said not to worry as the exchange deadline is never met but I can't help but feel anxious that it would be my luck for this to be the one occasion where they pull out/change the terms.

First of all, try not to stress too much. Developers' 28 day exchange deadlines are very rarely met and as long as you are progressing the purchase as quickly as possible, they will be fine. Often, the delay is caused by their solicitor being slow anyway! I would just update the sales team and explain your conveyancer is waiting for the searches to be returned.

Good luck

TXC

Hoping for end of the second week of april here! Enquiries back and just one being taken further, sol has also asked other side what their preferred completing date is...all feeling very real!

Snookie12cat

I think we are going to exchange today with completion for tomorrow! Fingers crossed!

indigomoon18

MickeyFTB said:

indigomoon18 said:

Looking for any advice (or just a bit of sympathy! ) 

We accepted an offer on our house in November. We're buying a house with no onward chain. We've been ready to exchange for three weeks now but our buyers solicitor is just messing everyone around, they either don't respond to phone calls or emails from my solicitor or have told the buyer a load of rubbish about just getting more enquiries back (my solicitor sent them three weeks ago.)

My buyer is a FTB and I've told my EA he needs to call her and really guide her/ tell her that she needs to be on her solicitor everyday until they get this done. Oh I've also googled her solicitor and they have shocking reviews and everyone saying they just don't respond. But is there anything else I can do?! I feel like I'm chasing my solicitor and AE daily but making no progress. Was meant to be a really simple chain. So stressful! 

Have you spoken to your buyer, do you have their details to make contact? 

You could explain and they can use it with their solicitor to hurry them along considering they are paying them!

Also, the EA can make contact with their solicitor too as it’s in their interest to get the purchase through.

We aren't in direct contact with the buyer but our solicitor has now told them they need to put some pressure on their solicitor. My EA has tried to contact the solicitor directly but they just don't reply to his calls or emails!