Completion/Exchange Day Frustrations

Kad_Williams

Today is the day I, the vendor and respective solicitors agreed to try and exchange in a no-chain purchase/sale. The lenders funds are on their way as of yesterday afternoon and I've agreed I'm happy with all reports/enquiry responses and retention clause. But I've had no contact from my solicitor today and the Estate Agent has told me that the vendor's solicitor has not heard from them either.

What do you guys think is the right way to take this? Should I leave them all to it knowing that neither exchange or completion might happen? Would it be ok or acceptable for my solicitor to pass today's 'deadline' without pre-warning me or letting me know what happened and why? Should I expect them to be focussing on my case today or will they just exchange "when they get to it" even if that's, say, next week?

I gotta say - it's starting to feel like my solicitor is simply too busy to push this sale through.

m0bov

If your Sol has agreed to Exchange today, then normally by now you would have been asked "Do you wish to Exchange?", then a short while later " We have exchanged". Did they call you to ask the first question?

There is no harm checking in and asking them if they still intend on doing it today.

AdrianC

Remember, your solicitor isn't just acting for you. They're also acting for your lender. They need to be happy to exchange, as well as you and the vendor being happy.

Are you exchanging and completing on the same day? If so, then without the lender's money actually being available in your solicitor's client account, there's nothing happening.

pinkteapot

Phone your solicitor and ask what’s happening.

ClaireHead

We exchanged last week and had an email from our solicitor asking us to call them to confirm that we were happy to exchange. You have to give verbal authority on the day it is happening.

If you're not sure whether it is going to happen or not give them a call or drop them an email - I've turned into every solicitors worst nightmare trying to get everything done in time to complete tomorrow with 2 buy to lets and a purchase

Kad_Williams

Thanks for your responses.

If your Sol has agreed to Exchange today, then normally by now you would have been asked "Do you wish to Exchange?", then a short while later " We have exchanged". Did they call you to ask the first question?

There is no harm checking in and asking them if they still intend on doing it today.

I've not been called to ask the first question, no.

Remember, your solicitor isn't just acting for you. They're also acting for your lender. They need to be happy to exchange, as well as you and the vendor being happy.

Are you exchanging and completing on the same day? If so, then without the lender's money actually being available in your solicitor's client account, there's nothing happening.

I appreciate that these points are germane to the situation but they not exactly what is at issue here. It's rather that nothing seems to be happening and no one (including those who might be best placed to understand the complexities you mention) seems to know why, also that my solicitor appears to be MIA (I have called, I will try again of course). I'm expecting them to not contact me - I'm quite ready to find out tomorrow what those reasons are. I'm just interested as to whether that's normal, to be expected - that solicitors would miss these without any fanfare.



In this case I wonder what the objective is of putting forward a date. Maybe just an idea give a heads up that it's probably gonna/probably not gonna happen? Yesterday they were ready.

AdrianC

Kad_Williams wrote: »

I appreciate that these points are germane to the situation but they not exactly what is at issue here. It's rather that nothing seems to be happening and no one (including those who might be best placed to understand the complexities you mention) seems to know why, also that my solicitor appears to be MIA (I have called, I will try again of course). I'm expecting them to not contact me - I'm quite ready to find out tomorrow what those reasons are. I'm just interested as to whether that's normal, to be expected - that solicitors would miss these without any fanfare.

Not quite- you simply don't know whether they're the cause of the delay.

kingstreet

Completion has a date.

Exchange of contracts is simply the first convenient point after all the paperwork is in and correct and the deposit has been handed over. Once a potential completion date has been agreed, then the solicitors can move to exchange of contracts.

Usually, the parties will be asked if they are happy to exchange and the "bottom" solicitor releases his contract to the next solicitor for a set time and so on.

The confirmation then comes back down the chain that exchange has taken place and the completion date then becomes legally binding.

Establish from solicitor (get secretary if named individual not available) at what point proceedings currently stand.

Kad_Williams

Purchase exchanged and completed today.

Managed to get through to solicitor who explained they were awaiting an undertaking regarding a deed of variation. Completed about 2 hours later.

Too late to transport all my belongings over the new flat now. Well... not too late as much as a bit inconveniently late and dark. That can wait till till tomorrow.

Thank goodness! It's been a long 10 months and I'm TIREDT.

Now to search for a "What to do now thread"

Thanks all.

AdrianC

Kad_Williams wrote: »

Managed to get through to solicitor who explained they were awaiting an undertaking regarding a deed of variation.

So there y'go - it was due to external factors all along...

Thank goodness! It's been a long 10 months and I'm TIREDT.

Now to search for a "What to do now thread"

1. Take bare minimum round, put feet up, and open bottle of something celebratory!

G_M

Kad_Williams wrote: »

Now to search for a "What to do now thread"

Thanks all.

Good grief! You've had 10 months and not thought to look ahead a bit? The biggest decision and financial / personal decision of your life (yes, bigger than marriage as marriages can be easily reversed!) and you've not read a book on the topic?


https://www.amazon.co.uk/Buying-Selling-Home-Dummies-Melanie/dp/0470994487/ref=sr_1_1?keywords=buying+a+house+for+dummies&qid=1576702102&sr=8-1