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Minimum notice for exchanging?
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WLITC
Posts: 1,029 Forumite


I am in the process of buying a new build shared ownership property. Originally housing association (HA) documents suggested likely exchange date of 12 April, but that's clearly not happening as the HA sales person emailed Thu advising completion of the development was now likely mid-May (originally mid-April) and they won't be able to confirm a completion date until they have handover from the developers and have received all the building regulation documents.
That's fine but my only concerns is around how quickly they can instruct my solicitor to exchange and complete once they decide they are ready. I am claiming the bonus from a Help to Buy ISA and my solicitor has advised they don't apply for it until they have a completion date. What I don't want to happen is that the HA turn around one day next month and say we have to exchange within a day /48 hrs and then complete in 10 working days of that as it apparently takes several days for the government to pay the HTB ISA bonus.
I am probably overly worrying (what I do best) , but could their solicitors insist on exchanging at little or no notice, or would it be common to get several day notice ton when they want to exchange and at the same time they'd likely confirm the completion date?
That's fine but my only concerns is around how quickly they can instruct my solicitor to exchange and complete once they decide they are ready. I am claiming the bonus from a Help to Buy ISA and my solicitor has advised they don't apply for it until they have a completion date. What I don't want to happen is that the HA turn around one day next month and say we have to exchange within a day /48 hrs and then complete in 10 working days of that as it apparently takes several days for the government to pay the HTB ISA bonus.
I am probably overly worrying (what I do best) , but could their solicitors insist on exchanging at little or no notice, or would it be common to get several day notice ton when they want to exchange and at the same time they'd likely confirm the completion date?
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Comments
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Typically it is around a week.
Your solicitor will know what to do, dont worry.I am a Mortgage AdviserYou should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0 -
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