Update on exchange/completion

choccy1972

Sent my replies back to enquiries on 23/11 and solicitor advised me to ask for exchange 2 weeks before completion on 18/12 which is this Friday. Phoned for an update last Friday but nothing back from buyers solicitor.

I know solicitor won't have dealt with my query straight away but I it realistic to expect exchange this Friday? Doesn't physical paperwork have to be signed off?

Also buyers solicitor had previously suggested simultaneous exchange/completion on 4/12.

Just confused that things are very close and there is no urgency. I know I'm not the only client and they're very busy.  If we can't agree an exchange date I'm going to have to withdraw from the sale. Anybody have any idea what to do? Thanks.

eddddy

It would be much more efficient to agree target exchange and completion dates with the buyer via the estate agent (or directly with the buyer).

The estate agent can make some phone calls back and forth (and maybe negotiate a compromise, if required) - it might only take 30 mins.  Then both parties can tell their solicitors the dates you both want to aim for. (Subject to the solicitors getting the legal stuff done in time etc.)

That'll be much faster than waiting for a long email sequence from you, to your solicitor, to the buyer's solicitor, to the buyer - then all the way back again.

Tiglet2

It sounds like everyone is in agreement that 18th December is the proposed completion date, providing everyone is ready (I'm assuming here that everyone has discussed this date, or is it just your preferred date?).  What cannot be decided is when everyone is ready to exchange.  The physical paperwork for everyone in the chain does need to be finalised and signed off before exchange takes place.  Solicitors will be working towards the 18th and will schedule their work to fit in with this.  Whether that means you can exchange this Friday or next week, or the following week, doesn't alter the completion date.  It adds some stress to you as you could be organising removals, packing etc with little breathing space, but until everyone/everything is finalised, exchange won't happen.  Just to add, "scheduling an exchange date" doesn't happen.

choccy1972

Thank you both for your advice and explaining things for me.