Exchange date - do we need to do anything/be available?

btcp

It looks like our exchange date is approaching, and as all solicitors are extremely busy this month I am hesitant to send them multiple questions... So what is actually happening on the date of exchange - do we need to do anything/ be available? We sent back all signed documents for sale/purchase (contracts, forms), no one asked us about any deposit or money transfer... I know I need to get an insurance, but hopefully it's a 5 min task as I have quotes. Anything else we should be doing or preparing to do?   

SameOldRoundabout

They’ll need proof of insurance emailed over before the day, to start on the day. They will also call you on the morning to seek authority to exchange. That’s about it. 

ele_91

Proof of insurance sometimes asked for although depends on solicitor in my experience, some have asked some haven’t. Turn your phone on as you’ll need to give authority as will any other buyers if there are any eg husband/wife has to do this separately and that’s it.

The cynic in me says be prepared for it not to happen on the day you expect and be prepared for a few frustrated days! 

ele_91

Oh and if you are the bottom of the chain they will need your deposit to exchange usually 10%! I’m surprised they haven’t asked for this, I would clarify ASAP with them as it will hold things up.

MaryNB

Make sure you know how you are transferring the deposit. Do you need to set up a CHAPS payment or can you do it via Faster Payments? Due to my bank's daily online FP limit I had to transfer my deposit in two parts over two days. 

btcp

I am not on the bottom of the chain, was hoping the deposit from my buyer will transfer up

GDB2222

btcp said:

I am not on the bottom of the chain, was hoping the deposit from my buyer will transfer up

You don’t have to top it up to 10%?

btcp

GDB2222 said:

btcp said:

I am not on the bottom of the chain, was hoping the deposit from my buyer will transfer up

You don’t have to top it up to 10%?

No one asked me to 

AlexMac

I've never been asked to do owt after reading the report from and passing the signed paperwork back to the solicitor and instructing them to go ahead .. in fact I dont even ever recall being asked for a top up deposit in my last half dozen purchases,  even though I've usually traded up.   And as my lender,  the Nationwide,  throws in insurance from exchange as a freebie, I've done s0d 4all.  I'm sure yours will be equally seamless.   Just dont get  caught by a "push" fraud if you acusually have to transfer any cash! (Google it)

fiveacre

To add, as a data point, I exchanged today without a phone call - authority by this email. Hoorah for technology!

olgadapolga

ele_91 said:

The cynic in me says be prepared for it not to happen on the day you expect and be prepared for a few frustrated days! 

Indeed. We were buying an empty property, so just the vendor and ourselves to consider but it still took three days to actually exchange as the vendor's solicitor couldn't contact him to get permission to exchange. Our solicitor rang us on each of those three days to ask for our permission. Got there eventually though.