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

AdrianC

Rebecca2590 wrote: »

No this is being misunderstood, we were called Wednesday saying everyone has signed contracts, everyone is happy to go ahead,

Lovely, an' all. But that doesn't mean all the solicitors and lenders are actually ready.

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.

It takes five minutes to organise buildings insurance online. So the ball was back in the buyer's court, because they hadn't done one of the prerequisites, so weren't ready.

Remember, the solicitor acts on behalf of the lender, too. Exchange doesn't happen unless and until the lender's boxes are all ticked. One of those may very well be insurance.

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

If that buyer had given the OK before the first attempt, it'd have still stood.

Rebecca2590

Good news! We have FINALLY exchanged! It just seems it was a case of the solicitors not being available to take calls.

Silly question but nothing can happen now right? Without significant costs to whoever pulls out/doesn't complete?

Thank you for everyone's advice and comfort!

pinkteapot

Relax It’s incredibly rare for something to go wrong between exchange and completion or on completion day. Most likely thing to happen is completion happens late morning and your seller hasn’t finished moving out so you don’t actually get the keys till later in the day. If you don’t need to move in on completion day (as there’s no chain below you), then don’t!

Thrugelmir

Rebecca2590 wrote: »

It just seems it was a case of the solicitors not being available to take calls.

Be a concern if they weren't busy working on other clients affairs.

Albala

Oof- I feel your pain. Promises that exchange will happen are worth pretty much nothing. We've had this on/off stuff going on now day after day for over a week; -it increasingly looks like that there was actually zero possibility of it happening on any of those days, but possibly somewhere someone was being 'economical with the actualite'- or also possibly, pulling everyone's legs to delay things to suit themselves.

hb2

On the day we were supposed to exchange (we had the phone call from our conveyancer) we discovered that one of the vendors hadn't actually even signed the contract. Nor were they answering the phone.

On completion day, they buttered off without handing over the keys and, again, weren't answering the phone to their solicitor.

That's 2.5 years ago now and is just a distant memory. OP, I wish you every happiness when you eventually get into your new home!