Sign Contract First and Confirm Exchange Completion date

G_M

ric1982 wrote: »

Is it ok to ask for my solicitor to agree on exchange and completion date first and sign the contract just before exchange?

Yes of course you can ask.
Indeed you can insist (though your solicitor will probably try to pursuade you otherwise.


Imagine:


* you've not signed.
* all 8 people in the chain reach the point where they are ready
* all 8 solicitors ring round each other to agree a) a Completion date, and b) to Exchange this afternoon

* your solicitor rings you and asks you to go in today to sign
* you are at work. Or visiting your mum in hospital. Or on a long weekend in Paris. Or whatever.
* you tell your solicitor you can't get in till tomorrow afternoon
* your solicitor rings all 7 other solicitors (well, he rings one, who rings the next, who rings the next....) to change the Exchange date
* the other 7 buyers/sellers all go ape-sh*t because you are holding things up. One of them has a hissy fit and says "No - exchange today or not at all!"
* another one ( who like you has not signed) says "I can't sign tomorrow - it must be today"


The chain collapses and you all lose your new homes.


Compare:
* all 8 people have signed weks ago
* all 8 solicitors agree Completion date, and immediately Exchange
Sorted!

Margot123

ric1982 wrote: »

Mind sharing why did it took that long?

My solicitor was under the impression the buyers were close to exchange, but then had information that they couldn't raise enough funds. Complaint made by my solicitor. The senior partner at the buyers' solicitor's firm took over.

Buyers' original solicitor had made a hash of things with regard to their funds. I had to wait for them to raise the extra through family loans etc.

I was selling an empty property so didn't put me in too much of a predicament.

GSDPenny

In case the OP is not aware, the solicitor won't exchange without calling you just before to confirm you're 100% ready to go ahead.

So no benefit whatsoever to delaying signing, but plenty of potential for delay if you don't.

hb2

We moved into this flat last year, more than 6 months after we accepted an offer on our previous house. We signed contracts fairly early in the process. Then, on the day we were due to exchange, we discovered that our vendors 1) Hadn't signed their contract and 2) Were not answering their phones. This was just before the Easter bank holiday, so everything then had to wait until the middle of the next week.

The reason things took a while in the first place was because our vendors hadn't found anywhere they wanted to buy. We and our buyers were ready to go months earlier. We got so peed off that we made an ultimatum (and meant it) 'Exchange by lunchtime tomorrow, or we walk away' and we got a call at around midday to authorise exchange.