First time buyer slightly confused!

sczoo30

Hi all,

We are first time buyers and due to compete on 17th September, I’ve booked the movers, time off work and already arranged for home insurance from the exchange date the solicitor told us (should have been 6th of this month) 

I’m not normally one to pester as I know solicitors are busy with x amount of other clients, but I really just want to get this exchange date sooner rather than later. 

My solicitor explained that they have up until completion date to compete an exchange?! 

Is there anything we can do to at least understand why the exchange date hasn’t happened yet, We’ve already transferred our money to the solicitor in readiness for the 6th. 

Any help would be appreciated! 😊 

davilown

Given it’s already the 8th, you’ve not passed any monies on, you’re definitely not exchanging until middle of next week

searchlight123

the trouble is that until you actually exchange, a completion date cannot be written in stone. many things can happen prior to exchange that can delay or depending on the reason for delay, completely scupper the sale.

sczoo30

davilown said:

Given it’s already the 8th, you’ve not passed any monies on, you’re definitely not exchanging until middle of next week

Hi, money been sent to our solicitor they’ve had this since Wednesday (1st) - does this change anything? There’s only 9 days before we are due to complete so getting very stressful now! 😞 

Tiglet2

Sounds as though all parties have agreed the completion date.  That means that most of the work has been finalised and the completion date can be met. 

However, there are usually a few strands of the process left to do for one or more parties in the chain.  Until those 'strands' are sorted out, they cannot exchange.  It might just be one of the solicitors waiting for a redemption statement from the lender, or an ISA closing statement to arrive etc. 

So, no reason to change the completion date, but no exchange until that redemption statement/ISA closing statement is received. 

Then, all the solicitors involved need to be contactable on the same day to effect the exchange.  On top of that all the clients (buyers/sellers) need to provide their authority to proceed also on the same day.  If one party cannot be contacted, exchange does not happen.

Effectively, the solicitors can attempt to exchange on any day right up until the completion day (providing lenders have released funds and deposits all in).  Exchange "dates" are not set.

The good news is that you are nearly there, the bad news is that there may be one or two niggly things outstanding.

sczoo30

tonygold said:

the trouble is that until you actually exchange, a completion date cannot be written in stone. many things can happen prior to exchange that can delay or depending on the reason for delay, completely scupper the sale.

Yes I did read about this, I hate house buying 😂 I think we are in a good position (hopefully) as the seller isn’t in a chain nor are we, and we’ve visited the property about 3 weeks ago and both parties happy also seen the seller was already packing stuff up to so that’s a good sign or I’d like to think. The exchange date has been agreed by me and the seller and our solicitors and theirs have been made aware of the dates to not sure if that helps 

davilown

sczoo30 said:

davilown said:

Given it’s already the 8th, you’ve not passed any monies on, you’re definitely not exchanging until middle of next week

Hi, money been sent to our solicitor they’ve had this since Wednesday (1st) - does this change anything? There’s only 9 days before we are due to complete so getting very stressful now! 😞 

My bad - sorry I skim read. Okay then there’s no reason why you can’t exchange. 

I would badger the EA to get the vendor to exchange as you’re ready to go. Obviously there may be timing issues with the rest of the chain to content with.
fingers crossed you’ll get there soon!

sczoo30

Tiglet2 said:

Sounds as though all parties have agreed the completion date.  That means that most of the work has been finalised and the completion date can be met. 

However, there are usually a few strands of the process left to do for one or more parties in the chain.  Until those 'strands' are sorted out, they cannot exchange.  It might just be one of the solicitors waiting for a redemption statement from the lender, or an ISA closing statement to arrive etc. 

So, no reason to change the completion date, but no exchange until that redemption statement/ISA closing statement is received. 

Then, all the solicitors involved need to be contactable on the same day to effect the exchange.  On top of that all the clients (buyers/sellers) need to provide their authority to proceed also on the same day.  If one party cannot be contacted, exchange does not happen.

Effectively, the solicitors can attempt to exchange on any day right up until the completion day (providing lenders have released funds and deposits all in).  Exchange "dates" are not set.

The good news is that you are nearly there, the bad news is that there may be one or two niggly things outstanding.

This is very reassuring thank you 😊, yes I think from our point of view and the sellers we are all on the same page sort of speak. 

I see, is it worth my following up with my solicitor and ask the reason for the holdup? I did email them on the proposed exchange date 6th and they said they are waiting for sellers solicitors to agree the date, seems like my solicitors all ready to go and have funds too, they’ve also send our mortgage company a ROT I think it’s called? So they can have the funds ready for completion.

Yes my solicitor said this, I sure hope not I’m stressed as it is with moving and packing etc haha! You’ve at least put my mind at rest thank you 😊 

Tiglet2

A COT - Certificate of Title is sent to the lender to confirm that the title has been checked and the COT is the notification to the lender that they can release the mortgage monies to the solicitor.

Sounds like your solicitor is ready but needs confirmation from the other solicitor that they are ready too.  You can't 'propose' an exchange date - that's not how it works.  Exchange will only happen when all parties are ready and contactible.  Once you exchange, you are committed and solicitors will not commit until they can.  Up until they do so, the completion date (while agreed by all parties) is not yet set.

Sunsaru

I wouldn't worry too much.

When I bought in March we set a completion date (the 19th) about 3 weeks prior. We exchanged on the 18th. So long as everyone is working towards that date then just sit tight and enjoy the ride...

Thrugelmir

davilown said:

sczoo30 said:

davilown said:

Given it’s already the 8th, you’ve not passed any monies on, you’re definitely not exchanging until middle of next week

Hi, money been sent to our solicitor they’ve had this since Wednesday (1st) - does this change anything? There’s only 9 days before we are due to complete so getting very stressful now! 😞 

My bad - sorry I skim read. Okay then there’s no reason why you can’t exchange. 

The whole chain needs to be in a position to exchange contracts.