Pre Christmas exchange

c9roline

Hi all, 

we are approaching final stages of our purchase and sale. No chain either side.

The seller has requested that we exchange before Christmas however there are still some outstanding enquiries so everyone is trying to get them resolved in order to exchange.

our solicitor has advised that the last day for completions is next Friday 18th but we asked if exchange could take place the week after, if necessary. He hasn’t answered both times we have asked this question.

does anyone know if it’s possible that exchange can happen on the week leading up to Christmas? 

Thanks!

AskAsk

i think it can, but no one may be working during that week.

davidmcn

It can happen absolutely any time, it's more the practicalities of whether everybody involved is actually working on the same day or not, which is going to be less likely that week.

ccfc1972

We are pushing to exchange before Christmas. I had this reply from my solicitor today...
"Due to our firm’s policy, we will not exchange contracts before Christmas as that would put you into a too high risk."
Does that make sense to anyone?

joe90mitch

ccfc1972 said:

We are pushing to exchange before Christmas. I had this reply from my solicitor today...
"Due to our firm’s policy, we will not exchange contracts before Christmas as that would put you into a too high risk."
Does that make sense to anyone?

I'd assume they know/think you'd only be able to complete after Christmas. Has this been discussed, e.g. have you agreed to completion in January? If so, I think they're meaning the risk is high because there would be at least 2 weeks between exchange and completion and, from what I understand, conveyancers are nervous about "longer" exchange to completion periods during COVID uncertainty.

Thrugelmir

When is completion being targetted for? 

ccfc1972

joe90mitch said:

ccfc1972 said:

We are pushing to exchange before Christmas. I had this reply from my solicitor today...
"Due to our firm’s policy, we will not exchange contracts before Christmas as that would put you into a too high risk."
Does that make sense to anyone?

I'd assume they know/think you'd only be able to complete after Christmas. Has this been discussed, e.g. have you agreed to completion in January? If so, I think they're meaning the risk is high because there would be at least 2 weeks between exchange and completion and, from what I understand, conveyancers are nervous about "longer" exchange to completion periods during COVID uncertainty.

Thanks Joe. We haven't "agreed" as such but they have said we are on track to complete in mid Jan. Our buyers mortgage offer expires on the 26th Jan and they can't extend it, so we definitely need to have our sale done and dusted by then, which shouldn't be a problem. The issue is whether we can get our purchase over the line at the same time.
Is there always "at least 2 weeks" between exchange and completion? Why is this?

Thrugelmir

Solicitors shut down for the Xmas holidays until the New Year that's the major issue. The time will lost whatever. 

joe90mitch

ccfc1972 said:

Is there always "at least 2 weeks" between exchange and completion? Why is this?

No, not at all. I think a lot of exchanges are happening days before completion at the moment, ours is. It can even be the same day.

I was just meaning in your case they might be saying there's a risk because you're asking to exchange prior to christmas, but complete in January - i.e. the minimum time that this scenario could happen is 2 weeks long as I think most conveyancers won't be doing much from the 18th onwards.

ccfc1972

joe90mitch said:

ccfc1972 said:

Is there always "at least 2 weeks" between exchange and completion? Why is this?

No, not at all. I think a lot of exchanges are happening days before completion at the moment, ours is. It can even be the same day.

I was just meaning in your case they might be saying there's a risk because you're asking to exchange prior to christmas, but complete in January - i.e. the minimum time that this scenario could happen is 2 weeks long as I think most conveyancers won't be doing much from the 18th onwards.

Ah I see...no we would be happy to exchange before Christmas and complete on Boxing day, if it were possible 😊

Slithery

ccfc1972 said:
Is there always "at least 2 weeks" between exchange and completion? Why is this?

There can legally be any amount of time between exchange and completion. Before this year 2 weeks was common but due to covid most solicitors are now suggesting same-day exchange and completion as it reduces the risk of something happening that will cause the transaction to fall through (another lockdown, redundancy, illness etc). They are being very sensible advising you not to exchange before Christmas, especially with the expected spike in cases due to households mixing over the festive period.