The NEW waiting to exchange thread...

kasqueak

Another day of anxiety and no movement here. 

The buyer of my place stated it must be done by 30th Sept back at the beginning of August. It’s now the 24th and the solicitor of the house I’m buying still isn’t ready for the exchange! Absolutely banging my head on the wall about this as my solicitor said they need 5 days between exchange and completion....well that ship has sailed. Really anxious this is all going to collapse now at the 11th hour after many many months 😞😭

The solicitors are all so blahsey about everything! Arghhhhh!!!

Flugelhorn

padlilly115 said:

So it looks like we are entering into the final-ish stages but not sure how it all works to be honest.  We are FTB, just had a call from the estate agents saying that the top of the chain is aiming for exchange on the 9th October.  What exactly will this entail?  I assume we agree a completion date before that? And pay the deposit and sign contracts before?  Hadn't thought about the details until this point and now I am panicking a little bit!

Whole chain exchanges at the same time - completion date is agreed up and down the chain beforehand, solicitor checks on the exchange day that you are still OK before exchanging. Deposit must be in solicitors account before hand and paperwork signed and ready.  Have a word with them about arranging to sign the papers soon so they are ready (but won't be dated until exchange happens)

Carl2510

Won’t be long before I exchange contracts on a new build property due to be built Feb/March next year. I’ve given my 10% deposit to the solicitor just waiting to set up a meeting with the sales rep.

padlilly115

Flugelhorn said:

padlilly115 said:

So it looks like we are entering into the final-ish stages but not sure how it all works to be honest.  We are FTB, just had a call from the estate agents saying that the top of the chain is aiming for exchange on the 9th October.  What exactly will this entail?  I assume we agree a completion date before that? And pay the deposit and sign contracts before?  Hadn't thought about the details until this point and now I am panicking a little bit!

Whole chain exchanges at the same time - completion date is agreed up and down the chain beforehand, solicitor checks on the exchange day that you are still OK before exchanging. Deposit must be in solicitors account before hand and paperwork signed and ready.  Have a word with them about arranging to sign the papers soon so they are ready (but won't be dated until exchange happens)

This is super helpful, thank you!  Will contact my solicitor about docs

KRen2020

We are FTBs and have already signed our contracts in advance. Been told by solicitors we are just waiting on search results coming back which they sent off last week and them receiving the mortgage approval. We are hoping for an exchange date in the next couple of weeks and then a completion date around the 20th October... is this realistic or not?

Process90

KRen2020 said:

We are FTBs and have already signed our contracts in advance. Been told by solicitors we are just waiting on search results coming back which they sent off last week and them receiving the mortgage approval. We are hoping for an exchange date in the next couple of weeks and then a completion date around the 20th October... is this realistic or not?

Signed contracts in advance without the searches being back or a mortgage agreed?

That's unusual!

KRen2020

Yeah. They sent them and asked us to sign ready for when time comes for exchange so there is no delay in that sense.

Missy79

Process90 said:

KRen2020 said:

We are FTBs and have already signed our contracts in advance. Been told by solicitors we are just waiting on search results coming back which they sent off last week and them receiving the mortgage approval. We are hoping for an exchange date in the next couple of weeks and then a completion date around the 20th October... is this realistic or not?

Signed contracts in advance without the searches being back or a mortgage agreed?

That's unusual!

The contract was also one of the first things that I received on the purchase of 2 different properties. They just keep it on hand until required. Assuming it doesn't need amending at any stage it means there are no delays at the end, especially as it needs an ink signature and posting.

KRen2020

Our sellers are already packed and waiting on their own solicitors and our searchs/mortgage which should all be sent over by end of next week. They have said they are ready to go as soon as they get the go ahead so hoping it is sooner rather than later!

Process90

I get the receiving the 'draft contract' bit as our solicitor requested and received the draft contract straight away.

Personally, we wouldn't dream of actually signing the formal contract until both the mortgage offer is received and searches are back.