Third attempt to exchange today .... is this normal?

Rebecca2590

So a bit of background we are in a chain of 4 properties. We are the bottom of the chain FTB and then our sellers (mortgage), then a 3rd property (cash buyer) and the 4th property is empty as owners moved to Australia,

So far this is week 9 so really quite quick and painless. We have been waiting 3 weeks to exchange as property 3 had outstanding enquiries on property 4 and they hadn't submitted searches at all until last week! Fortunately, after some angry phone calls, these were resolved Thursday last week and the chain was complete and ready to exchange.

They tried to do this on the Thursday, however, our sellers (property 2) did not have insurance in place. While this was not necessary to exchange their solicitor refused to unless their client was covered. Frustrated we were told Friday.

On Friday, they said they couldn't get authorisation from the 4th property (selling only) so were unable to exchange. We then had a very anxious weekend as at this point this was the first we'd heard of this client being in AUS!

This morning we received word from the agent and our solicitor property 4 has now authorised. At 10:25 am our solicitor said they had started the process of exchange for the THIRD time. 2 hours later... nothing and I'm getting very nervous.

Is this normal to try and attempt exchange this many times? Does it usually take this long (in terms of once exchange process has started?) Does this seem suspicious to anyone else? I've said to my fiance it seems like there's a new excuse each time! We are still due to complete Friday 6th December so this is very squeaky bum!

Has anyone else experienced this?

LandyAndy

Rebecca2590 wrote: »

This morning we received word from the agent and our solicitor property 4 has now authorised. At 10:25 am our solicitor said they had started the process of exchange. 3 hours later... nothing and I'm getting very nervous.

?

And yet you only posted your OP at 12.28.

Calm down.

The process has started, it may take a while. Come back and tell us when you get the news.

Rebecca2590

Ah I cannot add up! 2 hours later! I'll amend that now.

anselld

There is really no such thing as "attempting to exchange". Exchange can happen when everyone in the chain is ready. The longer the chain, the greater the chance of one party holding things up.

[Deleted User]

Its not uncommon. Especially in a chain. The solicitors should be checking each day that their clients are still happy to exchange so if someone is in a meeting, or doesnt have a phone signal etc etc then exchange wont happen.

Sometimes everyone can authorise exchange but it just gets too late in the day so they abandon and try again in the morning.

Its a frustrating process but it happens and I doubt its anything to be concerned about

Rebecca2590

Yes this has been the frustrating thing. We have had the authorisation phone call 3 times now (including today). As the 4th property is in AUS this doesn't really work out with them being 13 hours ahead - this is what happened Friday, no one could get hold of them. I just didn't know if it was normal for it to start and be abandoned like this with different reasons each time.

That's good to know that this does happen. It just seemed really unusual as we thought everyone said yes and it was a 30 second phone call. While I'm sure people have way more stressful things if it doesn't happen today then we need to find a new completion date which I know our sellers are being really particular about.

Hopefully today is third time lucky!

G_M

Yes it's common, but it an only happen when everyone is ready and agrees.


We frequently read here of buyers/sellers who have 'agreed' to exchange and/or complete on a specific date well in advance of it happening. This is nothing more than a hope. No date is guaranteed until after exchange has actually happened.

Rebecca2590

Everyone is ready and agreed and we hadn't actually set an exchange date. I'm not a person complaining we agreed an exchange date/completion and it didn't happen. I just wondered more once you've started that exchange. So your solicitor has called and said we are going to try do this today. Is it common to start over so many times.

I was surprised that in the authorisation call it is STILL that date of 6th December which leaves us just 3 days. Again not a problem and our solicitors have said they have already started process to expedite mortgage funds as much as they can. It's just surprising!

In short, question is only is it not odd to start the authorisation/contract release/actual process a number of times like this which has been answered by others above. I thought it may be a sign of people getting jippy. If it's a normal thing then I can relax a tiny bit.

AdrianC

Rebecca2590 wrote: »

We have been waiting 3 weeks to exchange as property 3 had outstanding enquiries on property 4 and they hadn't submitted searches at all until last week! Fortunately, after some angry phone calls, these were resolved Thursday last week and the chain was complete and ready to exchange.

For any of you to exchange, the whole chain has to be ready to exchange.

That link was not ready.

They tried to do this on the Thursday, however, our sellers (property 2) did not have insurance in place. While this was not necessary to exchange their solicitor refused to unless their client was covered. Frustrated we were told Friday.

So that link wasn't ready, either.

On Friday, they said they couldn't get authorisation from the 4th property (selling only) so were unable to exchange. We then had a very anxious weekend as at this point this was the first we'd heard of this client being in AUS!

Doesn't matter where they are. All they need to do is give their solicitor the go-ahead to exchange. So that's three links that weren't ready... Out of four.

This morning we received word from the agent and our solicitor property 4 has now authorised. At 10:25 am our solicitor said they had started the process of exchange for the THIRD time. 2 hours later... nothing and I'm getting very nervous.

All the solicitors need to speak to each other and say "Yep, we're definitely ready." Then it just... happens.

So who isn't answering the phone or their email?

I've said to my fiance it seems like there's a new excuse each time!

Yours is the only link that was ready at the start. One by one, they've each become ready. Now all of you are ready... and you're exchanging.

Rebecca2590

No this is being misunderstood, we were called Wednesday saying everyone has signed contracts, everyone is happy to go ahead, everyone has in principle said this completion date (though not set in stone I know until exchange) . Thursday comes and told everyone is ready to exchange we are doing it now - authorisation calls happened. During authorisation on property 2, she said she hadn't organised insurance. Everything stopped even though you can exchange without buildings insurance their solicitor wanted to make some big thing about it. So that was 'attempt 1' though apparently attempts don't exist but you get my meaning.

So everyone got their authorisation calls again Friday, AUS didn't answer so nothing could proceed. That's attempt no2.

Today everyone has authorised (we have been told both by our solicitor and the agent). So it's just the phone calls. So someone isn't answering their phone solicitor side.... it's only 30 seconds?! How is this taking so long? That's what I was looking for! I did say to my fiance something must still be wrong today because if they started at 1025am then it should be done by now.

Rebecca2590

UPDATE: We have an email confirming that, P4 and P3 have exchanged. P3 and P2 have exchanged. Our solicitor is with a client.... so when she's out I'm assuming she will exchange between us as P1 with our property and that's it? All exchanged.

Sorry to sound thick but never done this before!

(Agent emailing and calling us non-stop)