The NEW waiting to exchange thread...

watermelonspring

I was hoping to exchange and complete before my post grad exam was due. But now it looks like I have the joy of simultaneous exam and house stress and the loss of £1500 for an exam I’m probably going to fail 😂😭

TrudieinLondon

How does the etiquette work for deciding completion date? I am selling my property and buying another so it's me in the middle of two transactions. My estate agent is asking me to specify a completion date but solicitor says I shouldnt agree to anything until he has received a request for exchange. Removal firm says I need a more concrete idea of completion before they can book me in (and anyway they havent got availability on the date suggestion). Should I just wait or should I be being more proactive? Solicitor said as I am the one in the middle I wont have as much say on dates.

badger09

mlb95 said:

mlb95 said:

Morning, I too am hoping to exchange today 🤞 Solicitor has just rang to ask for authority to do so and is now speaking to the vendors solicitor to ensure she has vacated the property and happy to exchange. As they didn't want a COVID clause but also didn't want a simultaneous exchange/completion, so she has to leave in case she needs to self isolate between now and completion 🤷 Hopefully completing on Friday ...

We have exchanged 🎉 , completing on Friday 🤞 . Hope everyone else who was hoping for the same today has also 🙂 

Really pleased for you. And glad I can uncross my fingers, toes etc

badger09

watermelonspring said:

I was hoping to exchange and complete before my post grad exam was due. But now it looks like I have the joy of simultaneous exam and house stress and the loss of £1500 for an exam I’m probably going to fail 😂😭

I knew there would be someone under more stress than me! Sorry its you, & hope all goes well.

badger09

TrudieinLondon said:

How does the etiquette work for deciding completion date? I am selling my property and buying another so it's me in the middle of two transactions. My estate agent is asking me to specify a completion date but solicitor says I shouldnt agree to anything until he has received a request for exchange. Removal firm says I need a more concrete idea of completion before they can book me in (and anyway they havent got availability on the date suggestion). Should I just wait or should I be being more proactive? Solicitor said as I am the one in the middle I wont have as much say on dates.

Like most of the rest of the selling/buying process, its a matter for negotiation. If someone has a 'hard' deadline such as mortgage expiry, that might take priority. Otherwise its usual to suggest your preferred date, then probably quickest if EA checks up & down the chain to see if that's acceptable to everyone, rather than wait for solicitors to do it. Obviously, if you're in personal contact with your vendor & purchaser, that makes it even easier to reach consensus

Tiglet2

TrudieinLondon said:

How does the etiquette work for deciding completion date? I am selling my property and buying another so it's me in the middle of two transactions. My estate agent is asking me to specify a completion date but solicitor says I shouldnt agree to anything until he has received a request for exchange. Removal firm says I need a more concrete idea of completion before they can book me in (and anyway they havent got availability on the date suggestion). Should I just wait or should I be being more proactive? Solicitor said as I am the one in the middle I wont have as much say on dates.

To add to badger09's reply above, not only do you all have to agree on a date, that date must also be attainable by the solicitors representing you and the others in the chain.  If their work is not complete, you won't exchange/complete until they are ready.

TrudieinLondon

Thanks for the answers, I havent done this for a long time so dont want to make a mistake that leaves me scrabbling around for someone to move me. I was thinking the solicitor was in the best position to let me know when I can book removals but Estate Agent seemed to be saying if I agree to the specific date it was all go.

thaddy

oniongirl said:

Things people said to me on Friday that did not make me feel great, 22nd January edition:
My estate agent: "If we don't have a date by then, then something is REALLY wrong", when I mentioned our broker says we need to apply for an extension on the 1st Feb at the latest because this has been going on since July.
My conveyancer: "I'm surprised you're still carrying on", when asked if there was an end in sight.

@oniongirl this sounds similar to our situation. Our mortgage offer is expiring in two weeks and there are still outstanding enquiries which the vendor says are not quick answers. Really hoping to have some positive news this week. Our lender only offers a 15 day extension but I won't hold my breath with the pace that everything has gone so far. Congratulations to those who have managed to exchange and complete...your updates somewhat give me a glimmer of hope! 

mlb95

JessJ23425 said:

mlb95 said:

mlb95 said:

Morning, I too am hoping to exchange today 🤞 Solicitor has just rang to ask for authority to do so and is now speaking to the vendors solicitor to ensure she has vacated the property and happy to exchange. As they didn't want a COVID clause but also didn't want a simultaneous exchange/completion, so she has to leave in case she needs to self isolate between now and completion 🤷 Hopefully completing on Friday ...

We have exchanged 🎉 , completing on Friday 🤞 . Hope everyone else who was hoping for the same today has also 🙂 

Congrats!
Getting me worried.. we're also supposed to be competing on Friday, had the completion statement through today and confirmation of mortgage release on Thursday but we're still not exchanged and solicitor has sent another query today (hopefully a straightforward reply will seal it!) 

Oh gosh they are cutting it fine aren't they ! An enquiry to you or your solicitor sent the enquiry?  🤞 Yours gets sorted tomorrow 

Doodlebugs

FTB_Help said:

Oh !!!!!!! I guess the good thing was they've told you now rather than at the last minute.

Im still working on my purchase that my tenants will be leaving end of Feb, not heard of any changes, so im still clutching on the hopes of exchanging on the 1st week of March

Absolutely, I would have been gutted if they’d only told us the week they were planning on leaving. Taking it as a positive sign that they’re being considerate and keeping us all updated. I appreciate it’s not easy for them to be moving out during a lockdown! 

Should be doable as long as the EA get their end of tenancy check done quickly. Will you look to exchange and complete on the same day?