Exchange

G_M

Sassybot wrote: »

According to our solicitor there is nothing outstanding other than actually doing the exchange.

there is nothing outstanding from his point of view. ie nothing more he needs to do, etc.

but the other side may not be ready to exchange. Or the mortgage lender may not be ready.

He cannot exchange on his own.

Just to play devil's advocate, what if your seller has just received interest in the property from someone else who is indicatting they'll pay £20K more than you? So seller instructs his solicior not to Exchange, while that discussion goes on. You & your solicitor would havee no way of knowing of this, just that exchange is not happening quite yet......

Cheeky_Monkey

Sassybot wrote: »

According to our solicitor there is nothing outstanding other than actually doing the exchange.

For all I know it might have happened as they have a naughty habit of not updating us for a few days.

That's unlikely. Your solicitor has to inform you when exchange has taken place as you are required to insure the property from that date.

JennyP

You could also talk to your landlord. I'm a landlord and if a tenant came to me with this, I would try and be accommodating. A recent tenant went three weeks before the end of her tenancy. She was really good at showing potential new tenants round and found someone for the date she wanted to go. I refunded her three weeks rent but wasn't out of pocket as the new person moved in. Everyone happy!!

Margot123

JennyP wrote: »

You could also talk to your landlord. I'm a landlord and if a tenant came to me with this, I would try and be accommodating. A recent tenant went three weeks before the end of her tenancy. She was really good at showing potential new tenants round and found someone for the date she wanted to go. I refunded her three weeks rent but wasn't out of pocket as the new person moved in. Everyone happy!!

I did this with one of my tenants; they had been there 3 years, kept the place clean and tidy ,and always paid on time.
Not all landlords are greedy. You can always ask if they'll be flexible.

Sassybot

Our landlord has already said they would be unable to negotiate termination of the tenancy - we asked before we agreed a completion date.

Could someone confirm what happens at exchange? I'm even more confused than I was as I've just spoken to the EA and he has said that at exchange the full mortgage is transferred which is why it will only happen a week before completion. I thought the mortgage funds went across on completion day, which is why it can sometimes be delayed.

The EA is also advising us that everyone gives notice even though the seller can still back out. That sounds freaking insane.

Beginning to seriously regret even thinking about owning a house as this is not an enjoyable experience.

*sulking*

JennyP

Sassybot wrote: »

Our landlord has already said they would be unable to negotiate termination of the tenancy - we asked before we agreed a completion date.

Could someone confirm what happens at exchange? I'm even more confused than I was as I've just spoken to the EA and he has said that at exchange the full mortgage is transferred which is why it will only happen a week before completion. I thought the mortgage funds went across on completion day, which is why it can sometimes be delayed.

The EA is also advising us that everyone gives notice even though the seller can still back out. That sounds freaking insane.

Beginning to seriously regret even thinking about owning a house as this is not an enjoyable experience.

*sulking*

I can't advise on exchange but keep calm. Have bought quite a few properties, both to live in and to let out. I am a born worrier and find the whole thing stressful. But it's always worth it in the end. Honestly.

Surrey_EA

Sassybot wrote: »

Could someone confirm what happens at exchange? I'm even more confused than I was as I've just spoken to the EA and he has said that at exchange the full mortgage is transferred which is why it will only happen a week before completion. I thought the mortgage funds went across on completion day, which is why it can sometimes be delayed.

They are talking rubbish.

The solicitor requests the mortgage funds from the lender after exchange to be ready for completion, most lenders require a minimum of 5 working days to ensure funds are available.

Exchange might happen 8 weeks before completion, or even longer, or 8 days, or perhaps a shorter period. Essentially it is whatever it is agreed between the various parties involved in the process.

Sassybot wrote: »

The EA is also advising us that everyone gives notice even though the seller can still back out. That sounds freaking insane.

It is advisable to not give notice until such time as exchange takes place, for obvious reasons. This may result in an overlap where you still have a rental property after you've completed on the purchase.

Sassybot

Surrey_EA wrote: »

They are talking rubbish.

I thought as much. What terrible advice!

All we wanted to know was were we would stand legally with our estate agents (the ones we rent from) if the exchange doesn't happen before the 4th Feb. Seeing as they are estate agents themselves and do rentals I was hoping they might offer something useful, not give me a panic attack.

Out,_Vile_Jelly

I didn't give rental notice until completion. I know I could quite sensibly have done so at exchange, but I was a FTB and nervous.

It actually made the move much less stressful; I could do it in stages and get some basic DIY sorted before any of my stuff was there. I also had plenty of time to clear and clean the rental property to ensure my deposit was returned in full. I had budgeted for the overlapping rent and mortgage payments as I thought the chances of the dates working out perfectly were slim.

hazyjo

Sassybot wrote: »

Beginning to seriously regret even thinking about owning a house as this is not an enjoyable experience.

*sulking*

To be fair, it's pretty common knowledge that buying a property is one of the most stressful things you can do. Up there with divorce, new job, death of a loved one, etc. Were you expecting it to be fun? :eek:

Twenty days between exchange and completion is quite a lot in modern times. Four weeks used to be more traditional, but now it's rarely more than a week or two. I suppose that's why nobody is sensing the urgency.

I definitely wouldn't give notice before exchange. Appreciate that puts you in a bit of a Catch-22 situation!

Good luck!