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What to expect tomorrow - exchange/completion in a chain
nervousftbs
Posts: 34 Forumite
We are due to exchange and complete tomorrow, we are the beginning of a chain of 4. I know for completion is just goes up the chain so our money gets transferred first etc but what happens for exchange, does it have to go all the way up the chain and then back down again before money starts being transferred or will our solicitor and our vendor's solicitor go through the contracts to exchange and then transfer the money there and then and then the other solicitors will repeat the process up the chain? Just trying to envision how all of this is going to happen before 5pm on a Friday of a bank holiday weekend! The same day exchange and completion was unexpected as we were supposed to exchange on Monday but couldn't due to a redemption statement in the chain so I have told our sellers not to panic about being out of the house at a set time as we are coming from rental and have a couple of weeks but it would still be good to know what to expect in terms of timings - I am definitely not sleeping tonight! Thanks!
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Exchange will effectively be skipped.The full amount will be passed up the chain with each buyer adding in whatever mortgage borrowing they are adding.As you are at the bottom of the chain, your payment will be transferred first, so as soon as your sellers receive it (and you've been told, you can move in.The people at the top will have to wait longer for the money to reach them.0
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That's good to know, thanks! I really hope it all goes well0
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You really dont need to be worrying about this, it's all in the hands of he solicitors. It will happen, friday before bank holiday or not. You cant plan it - we broke our chain 6 weeks ago and our purchase went through last Friday but with just one transaction it still took til 3:15pm for it to go through (yes - crazy!!). Just wait for your phone call and happy new home!!!0
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I thought the advice was not to exchange and complete on a Friday due to the delay over the weekend if something doesn’t go to plan.
OP, good luck. Keep us updated!Officially a homeowner 🥳🥳
September Grocery Challenge: £146.60/£200
October Grocery Challenge: £175 (rough estimate)/£175
November Grocery Challenge: £77.96/£1500 -
Yes the advice is to try and avoid Fridays but we were beholden to the rest of the chain so just went with it! We've booked the removals for next week so we've got a few days wiggle room, it's the rest of chain I feel sorry for, I could not imagine having to move out in a few hours, i've given myself 3 weeks!0
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Just to update - all done! Gave the verbal confirmation to exchange at 9:15 and we completed at 12pm! Thanks all for the advice!4
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Officially a homeowner 🥳🥳
September Grocery Challenge: £146.60/£200
October Grocery Challenge: £175 (rough estimate)/£175
November Grocery Challenge: £77.96/£1500 -
whoo whoop whoop!!! CongratulationsMortgage started August 2020 £69,700
Mortgage ends Aug 2050 MFW: Aug 2027
Current Balance: £58,678
MFW2020 #156 £723.13
MFW2021 #26 £1184.71
MFW2022 #11 £197.87
MFW2023 £785
MFW 2024 £528.15Determined to make it!0
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