The NEW waiting to exchange thread...

Irishpearce26

Anty21 said:

Irishpearce26 said:

parkingadvice1212 said:

Anty21 said:

Had word this weekend that we should be at point of exchange this week - trying not to get our hopes up as we believed we were here mid Jan and it is dragging! Up against all sorts of deadlines so desperately hoping it will all come together before this time next week 🤞🏻

Good luck, hope you get some positive news tomorrow.
After weeks of dragging it out I've been told everyone has settled on a completion date of the 15th which would mean we would have to exchange next week by thursday latest.. it'll be interesting to see if they can get a move on now!

Why do you need to exchange 11 days before completion? You can do both on the same day.

We have been asked by the rest of chain to have 2 weeks in-between, I think it is down to each chain to decide what is appropriate for their circumstances. Our vendors, and their ongoing purchase both have valid reasons for the 2 weeks & I actually wouldn’t want to exchange and complete on the same day, but would prefer 1 week between the 2 dates.

Yes i agree, having that milestone ticked off is a comforting feeling. Was interested to hear others experiences as to minimum time in between exchange and completion. We complete on Wednesday but haven't exchanged yet, luckily no chain above and the chain below me has been broken so no worries (touches wood and crosses fingers).

Caz_Mnaz

My sol refuses to do anything less than 2 weeks between, he says it just makes sure everyone is sorted /funds have been drawn etc. Each chain is different I guess! 

Anty21

Irishpearce26 said:

Anty21 said:

Irishpearce26 said:

parkingadvice1212 said:

Anty21 said:

Had word this weekend that we should be at point of exchange this week - trying not to get our hopes up as we believed we were here mid Jan and it is dragging! Up against all sorts of deadlines so desperately hoping it will all come together before this time next week 🤞🏻

Good luck, hope you get some positive news tomorrow.
After weeks of dragging it out I've been told everyone has settled on a completion date of the 15th which would mean we would have to exchange next week by thursday latest.. it'll be interesting to see if they can get a move on now!

Why do you need to exchange 11 days before completion? You can do both on the same day.

We have been asked by the rest of chain to have 2 weeks in-between, I think it is down to each chain to decide what is appropriate for their circumstances. Our vendors, and their ongoing purchase both have valid reasons for the 2 weeks & I actually wouldn’t want to exchange and complete on the same day, but would prefer 1 week between the 2 dates.

Yes i agree, having that milestone ticked off is a comforting feeling. Was interested to hear others experiences as to minimum time in between exchange and completion. We complete on Wednesday but haven't exchanged yet, luckily no chain above and the chain below me has been broken so no worries (touches wood and crosses fingers).

Good Luck!! I don’t think my nerves are up to doing both on the same day this time, although when selling my partners property to buy our first home together, I think we did exchange & complete simultaneously (though I have blocked the whole experience as I was 6 months pregnant & had a total meltdown on the EA about not having a nursery ready for my baby & threatened to pull out after the dates had been moved several times by very picky buyers 😂 ) 

hope all goes smoothly for you this week and by this time next week you are enjoying your new home 

Irishpearce26

Anty21 said:

Irishpearce26 said:

Anty21 said:

Irishpearce26 said:

parkingadvice1212 said:

Anty21 said:

Had word this weekend that we should be at point of exchange this week - trying not to get our hopes up as we believed we were here mid Jan and it is dragging! Up against all sorts of deadlines so desperately hoping it will all come together before this time next week 🤞🏻

Good luck, hope you get some positive news tomorrow.
After weeks of dragging it out I've been told everyone has settled on a completion date of the 15th which would mean we would have to exchange next week by thursday latest.. it'll be interesting to see if they can get a move on now!

Why do you need to exchange 11 days before completion? You can do both on the same day.

We have been asked by the rest of chain to have 2 weeks in-between, I think it is down to each chain to decide what is appropriate for their circumstances. Our vendors, and their ongoing purchase both have valid reasons for the 2 weeks & I actually wouldn’t want to exchange and complete on the same day, but would prefer 1 week between the 2 dates.

Yes i agree, having that milestone ticked off is a comforting feeling. Was interested to hear others experiences as to minimum time in between exchange and completion. We complete on Wednesday but haven't exchanged yet, luckily no chain above and the chain below me has been broken so no worries (touches wood and crosses fingers).

Good Luck!! I don’t think my nerves are up to doing both on the same day this time, although when selling my partners property to buy our first home together, I think we did exchange & complete simultaneously (though I have blocked the whole experience as I was 6 months pregnant & had a total meltdown on the EA about not having a nursery ready for my baby & threatened to pull out after the dates had been moved several times by very picky buyers 😂 ) 

hope all goes smoothly for you this week and by this time next week you are enjoying your new home 

Fair play for moving 6 months pregnant! I would have been happy exchanging last week, think my sol wanted conformation from my lender on drawing down funds timeline etc. Luckily my chain isn't complicated otherwise yes i would be a tad nervous. I guess with exchange/completion on the same day it avoids any unexpected cheeky price reductions which I've heard have happened in between exchange and completion as people think they can pressure you into a couple of grand off. 

Removals all booked and some new furniture arriving the next day so hope it all goes ahead otherwise ill be pitching a new bed in the garden.

Caz_Mnaz

I thought the purchase price was sealed in the contract though.... Or you would have to redo the contracts!? Our buyer had her buyer come in the day before due to exchange with a ridiculous reduction so she told him to jog on.... Which I admire her for but also left us all in a bit of a pickle when he then pulled out😂

Irishpearce26

Caz_Mnaz said:

I thought the purchase price was sealed in the contract though.... Or you would have to redo the contracts!? Our buyer had her buyer come in the day before due to exchange with a ridiculous reduction so she told him to jog on.... Which I admire her for but also left us all in a bit of a pickle when he then pulled out😂

Sorry i typed that wrong (im tired from packing) I meant exchanging before avoids any last minute reductions. Ah man that's a bit stressful, how much did it push everything back?

parkingadvice1212

Irishpearce26 said:

Gentoo365 said:

Irishpearce26 said:

parkingadvice1212 said:

Anty21 said:

Had word this weekend that we should be at point of exchange this week - trying not to get our hopes up as we believed we were here mid Jan and it is dragging! Up against all sorts of deadlines so desperately hoping it will all come together before this time next week 🤞🏻

Good luck, hope you get some positive news tomorrow.
After weeks of dragging it out I've been told everyone has settled on a completion date of the 15th which would mean we would have to exchange next week by thursday latest.. it'll be interesting to see if they can get a move on now!

Why do you need to exchange 11 days before completion? You can do both on the same day.

Some people want certainty before arranging removals and various other things.
If you choose to exchange on completion date then it is the same has having no contract, anyone can drop out.

I understand the concerns around COVID, but if that caused a delay, at least you have exchanged so completion is just delayed, not cancelled.

I get why its best to exchange early but he is stating they need to exchange at the latest 11 days beforehand so just interested as to why. 

Anyone can drop out after exchange they are duty bound to compensate which is a certain percentage of the deposit.

Mortgage company needs 7 working days to release funds 

Slithery

parkingadvice1212 said:

Irishpearce26 said:

Gentoo365 said:

Irishpearce26 said:

parkingadvice1212 said:

Anty21 said:

Had word this weekend that we should be at point of exchange this week - trying not to get our hopes up as we believed we were here mid Jan and it is dragging! Up against all sorts of deadlines so desperately hoping it will all come together before this time next week 🤞🏻

Good luck, hope you get some positive news tomorrow.
After weeks of dragging it out I've been told everyone has settled on a completion date of the 15th which would mean we would have to exchange next week by thursday latest.. it'll be interesting to see if they can get a move on now!

Why do you need to exchange 11 days before completion? You can do both on the same day.

Some people want certainty before arranging removals and various other things.
If you choose to exchange on completion date then it is the same has having no contract, anyone can drop out.

I understand the concerns around COVID, but if that caused a delay, at least you have exchanged so completion is just delayed, not cancelled.

I get why its best to exchange early but he is stating they need to exchange at the latest 11 days beforehand so just interested as to why. 

Anyone can drop out after exchange they are duty bound to compensate which is a certain percentage of the deposit.

Mortgage company needs 7 working days to release funds 

You can request funds before exchange. If everything falls through for some reason they just get sent back again.

Lostthegame

We’ve arrived back at Monday so here’s to hoping we all get some good news this week!

Caz_Mnaz

Irishpearce26 said:

Caz_Mnaz said:

I thought the purchase price was sealed in the contract though.... Or you would have to redo the contracts!? Our buyer had her buyer come in the day before due to exchange with a ridiculous reduction so she told him to jog on.... Which I admire her for but also left us all in a bit of a pickle when he then pulled out😂

Sorry i typed that wrong (im tired from packing) I meant exchanging before avoids any last minute reductions. Ah man that's a bit stressful, how much did it push everything back?

We should completed early Feb.... Although we got a new chain super quick they're seemingly in no hurry and have only just got surveys booked. Getting a bit tense as my seller wants to talk dates and is understandably not impressed with the hold up. Looking like April /may. (quite relieved we aren't pushing for end of march as removals a nightmare!!)