The NEW waiting to exchange thread...

jaxkesa

Process90 said:

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.

Property information forms etc. will form part of the contract but there's no separate 'formal contract' to sign. 

KRen2020

jaxkesa said:

Process90 said:

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.

Property information forms etc. will form part of the contract but there's no separate 'formal contract' to sign. 

Yeah it was the draft contract with property info, new title etc and when we enquired with our solicitors they said it's to speed up the process of the actual exchange as the sellers want to move out asap. We have been told by our mortgage broker that the mortgage should be approved by end of next week (all information has been reviewed and they are satisfied with it all just sat in a pile waiting to be authorised) and the solicitors are expecting search results back shortly hence why they sent out the contract for us to sign in advance.

SophLou11

Been a silent lurker here but need some advice: we're FTBs, and are basically ready to exchange and complete. Our seller has said from the start that she would break chain and move in with a relative whenever we needed her to in order to make the sale go through quick.  Because of this, our sol then proposed a date for exchange and completion (25/09) and then as we'd been assured the whole way through that seller would break chain, we closed our HTB ISAs.  However, when our sol contacted the seller's sol, the seller then said she would not break chain as she couldn't move in with her relative as they were going on holiday to Greece, they wouldn't be back until 2nd Oct and then would have to quarantine for 2 weeks due to Covid, so earliest she could complete is 16th Oct.  Though frustrating, we're totally fine with this as it's obviously the safest thing to do for the seller.

However, the issue we now have is that we are currently in rented accommodation and need to give our notice by the 13th Oct, otherwise we will be paying for another month's rent into mid Dec when we are planning to move in to the house mid Nov.  We've said that we really need to exchange by 13th Oct to have peace of mind that we can give our notice in for our flat, but we don't care if completion is delayed a little bit. However the seller's sol has said they will be able to complete 16th Oct but they are refusing to exchange a few days earlier when we need them to, so we will have to be paying for another month's rent as a result.  I understand that many sols are keen to exchange and complete simultaneously at the moment due to covid, but I'm so frustrated that we have only asked for a few days earlier and this has been point blank refused.  We've been so patient and accommodating throughout this whole sale (we lost 5 weeks in the middle of the sale as the seller had to change to another sol because her first one was terrible), we have been promised chain would be broken constantly throughout which is now not the case, and we closed our HTB ISAs as a result, hence missing a month's saving. 

Is there anything that I can say to the seller/her sol to try to negotiate having exchange that few days earlier?  Sorry for the huge paragraph!

Hannimal

@SophLou11
Ah that sounds frustrating. I am afraid though that if they refuse there is little else you could do. If I were you in this situation I would either keep insisting on exchanging ASAP or I would try to push completion date to beginning of November to avoid having to pay mortgage in November (assuming yours goes on first of month) to ease the cost a little.

jaxkesa

Are people still exchanging and completing simultaneously? My solicitor charges extra for simultaneous exchange/completion as well as completing within 2 weeks of exchanging which is annoying.

2 weeks seems like a long time in the current climate.

shaunad93

I’m wondering the same as the above post (although I’d like it to be the case). My conveyancer is due to receive my LISA funds from Skipton on Wednesday. I’m hoping it’ll be a quick process and I’ll receive my completion statement the same day (although this might be wishful thinking) in hope for completion Friday. Is this realistic do you think or am I more likely to expect it for next week? 

28tsw

How far in advance can you start to prepare to exchange? 

We don’t plan simultaneous exchange/completion but everyone seems slow considering we are aiming to complete a week tomorrow. Sellers solicitor still to confirm the date even though seller confirmed direct to us last week. 

This is hell on earth 

Hannimal

I have exchanged almost a week ago, completing in a week. I really hope no one has to self isolate now...

kasqueak

My solicitor is asking for 5 working days between exchange and completion. 

Hoping for a date this week. The buyer of my house has been ready for ages. Need the solicitor of the sellers I’m buying off to pull their fingers out and get their paperwork signed! 

Sparklestar1127

Supposed to exchange today and complete Friday. Buyers solicitors have been a nightmare throughout. That’s an understatement. Solicitor tried to contact them to exchange all day today and they’ve cocked a deaf un’ the whole day. Finally sent an email tonight saying they weren’t aware of the date that was confirmed in writing last week. Couldn’t make it up at this point. Feeling incredibly nervous for Friday.