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Exchange

124

Comments

  • davidmcn
    davidmcn Posts: 23,596 Forumite
    Part of the Furniture 10,000 Posts Name Dropper
    Sassybot wrote: »
    They have come back saying they requested the funds yesterday.

    We've not exchanged contracts and completion isn't until the 23rd Feb. If the funds are transferred to the seller on completion, then it seems odd to request so far in advance - especially when we will pay interest on it
    You pay interest from (at earliest) when the funds are actually sent to your solicitor. They may have sent the request but they have (almost certainly) asked for the funds to be sent to them just before completion.
  • Sassybot
    Sassybot Posts: 80 Forumite
    Tenth Anniversary 10 Posts Name Dropper Combo Breaker
    davidmcn wrote: »
    You pay interest from (at earliest) when the funds are actually sent to your solicitor. They may have sent the request but they have (almost certainly) asked for the funds to be sent to them just before completion.

    Oh right so they can request them for a certain date or around a certain date ie before the 23rd Feb? That is totally fine.

    Is it standard/normal for them to be requested before completion? I've decided to take the positive on this in that my solicitors are fairly certain that the sellers will go through and not back out :p

    Can't wait for it to be tomorrow evening so I can have a big drink :D
  • davidmcn
    davidmcn Posts: 23,596 Forumite
    Part of the Furniture 10,000 Posts Name Dropper
    Sassybot wrote: »
    Is it standard/normal for them to be requested before completion?
    Well, it's essential for them to be requested before completion. It's also quite common for them to be requested before exchange.
  • Sassybot
    Sassybot Posts: 80 Forumite
    Tenth Anniversary 10 Posts Name Dropper Combo Breaker
    Sorry, I did mean exchange :p
  • Sassybot
    Sassybot Posts: 80 Forumite
    Tenth Anniversary 10 Posts Name Dropper Combo Breaker
    Email this morning from solicitors saying they've spoken to the seller's solicitor and they should be in a position to exchange today and they're just getting authority from the seller. She said she will chase them up after lunch if she's not heard anything.

    Did not need a colleague telling me horror stories about how on exchange day three of her previous house sales have gone south :p
  • davidmcn
    davidmcn Posts: 23,596 Forumite
    Part of the Furniture 10,000 Posts Name Dropper
    Sassybot wrote: »
    Email this morning from solicitors saying they've spoken to the seller's solicitor and they should be in a position to exchange today and they're just getting authority from the seller. She said she will chase them up after lunch if she's not heard anything.

    Did not need a colleague telling me horror stories about how on exchange day three of her previous house sales have gone south :p
    I think you're still mixing up exchange and completion...
  • Sassybot
    Sassybot Posts: 80 Forumite
    Tenth Anniversary 10 Posts Name Dropper Combo Breaker
    davidmcn wrote: »
    I think you're still mixing up exchange and completion...

    How am I? Today they are trying to exchange the contracts
  • hazyjo
    hazyjo Posts: 15,475 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    The OP prob means buyers have pulled out on the day of exchange before.


    I also know a few in that boat - not trying to scare you OP lol! :D
    2024 wins: *must start comping again!*
  • davidmcn
    davidmcn Posts: 23,596 Forumite
    Part of the Furniture 10,000 Posts Name Dropper
    Sassybot wrote: »
    How am I? Today they are trying to exchange the contracts
    Oh sorry - thinking of another thread.
  • Sassybot
    Sassybot Posts: 80 Forumite
    Tenth Anniversary 10 Posts Name Dropper Combo Breaker
    hazyjo wrote: »
    I also know a few in that boat - not trying to scare you OP lol! :D

    It's alright, as long as we know either way - it's the uncertainty that's driving me nuts :D
This discussion has been closed.
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