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Exchange Help
gream0604
Posts: 28 Forumite
We were supposed to exchange last Thursday with a completion date of Friday. It is being delayed by our buyers solicitors because they are saying that they have to wait for confirmation of funds release from Nationwide.
They sent in the Certificate of Transfer on Wednesday last week, but I don't understand what they are waiting for now before we exchange? They are telling my solicitor that that they are waiting for confirmation of funds release, but my understanding was that once the COT is sent then exchange can happen?
Am I right in thinking that is what the process is?
They sent in the Certificate of Transfer on Wednesday last week, but I don't understand what they are waiting for now before we exchange? They are telling my solicitor that that they are waiting for confirmation of funds release, but my understanding was that once the COT is sent then exchange can happen?
Am I right in thinking that is what the process is?
0
Comments
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We were supposed to exchange last Thursday with a completion date of Friday. It is being delayed by our buyers solicitors because they are saying that they have to wait for confirmation of funds release from Nationwide.
They sent in the Certificate of Transfer on Wednesday last week, but I don't understand what they are waiting for now before we exchange? They are telling my solicitor that that they are waiting for confirmation of funds release, but my understanding was that once the COT is sent then exchange can happen?
Am I right in thinking that is what the process is?
What does it matter, without the confirmation of funds, you can't complete - and given your completion date is set the day after exchange, there is no benefit to you at this point to hurry exchange if they haven't got confirmation of funds.
If your exchange/completion date were not so close together, it might not have mattered they hadn't got confirmation of funds yet.0 -
Exchange takes place as soon as all parties have completed the work required.
The work is still not completed, therefore you can't exchange until it is.
There is no such thing as "supposed to exchange last Thursday". That is just a preference agreed by interested parties but is always subject to the work being completed by the solicitors and therefore ready.0
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