Attended exchanges - What's the deal?

Buyer_K

Hello all!

Has anyone on here had any experience with attended exchange?
Who pays? Do both purchaser and seller have to stump up the extra cash for an appropriately competent solicitor?

How would this work with a buyer that has a mortgage?

It does feel awfully like nearly no solicitors offer this service and I wonder why.
I've searched around on the forums for info on this but it's thin on the ground here.

da_rule

Personal exchange is very rare and can overly complicate matters, especially in a chain. Why do you want it?

Buyer_K

da_rule wrote: »

Personal exchange is very rare and can overly complicate matters, especially in a chain. Why do you want it?

Before I get back to you on that question can I just make sure we're both talking about the same thing?


https://www.fridaysmove.com/property-law-glossary/attended-exchange-contract/7486

aliby21

I hadn't heard of this so I googled. Surely it is only going to be possible with a cash buyer, and no chain? And a cash buyer that is prepared to forego all the usual checks? So it is going to be pretty uncommon so not surprising not very many solicitors will be doing it.

da_rule

Yes, personal exchange is an element of, what is in essence, one day completion/exchange.

In terms of who picks the cost up, generally (unless it’s a modern method of auction property) each side pays their own costs. However, if one side is ‘forcing’ the other to use this method then you may be able to argue that they should pick the bill up (or at least the difference between normal and this method of exchange).

The biggest problem with this method is that you also need a search agent, who can undertake the required searches and report on their findings before the deadline for exchange (unless you’re a cash buyer and don’t have to satisfy a mortgage lender).

Is this something you are considering doing?

Buyer_K

I am actually considering it, yes. Or at least I would if it were possible.



I'm reapplying for a mortgage after the previous one expired and I'm interested in changing solicitors anyway. I have searches and respective reports done already and I'd be interested in taking on an expedited process, as time is a resource I'm more interested in saving than money.

Buyer_K

BTW the property is no chain and I'm not selling.

da_rule

You’d need to consider whether the seller is also happy to go down this route as it’s pushing additional costs on them (unless you’re going to pick up their legal bill too). Also, there are operational issues in that you have to essentially write the day off to answer queries, sign paperwork etc.

If everything is ready to go, would it not be easier to just aim for a 1-2 exchange with completion the following week (or even the next day)?

Buyer_K

What is a 1-2 exchange?
Presumably it still requires the traditional process of passing enquiries between solicitors via post? I’d be keen to avoid going even further down that route, having seen where it’s gotten me.