Does everyone in the chain exchnage on the same day?

Laurelii

I know everyone in the chain has to complete on tbe same day but does everyone in the chain have to exchange on the same day?? 

Also what is the latest time in the day we can exchange??

We are at the bottom of the chain 

babyblade41

Depends if those in the chain are reliant on their sale to purchase .

My buyer exchanged and moved into air bnb and exchanged with us 4 weeks later 

babyblade41

Depends if those in the chain are reliant on their sale to purchase .

My buyer exchanged and moved into air bnb and exchanged with us 4 weeks later 

babyblade41

Depends if those in the chain are reliant on their sale to purchase .

My buyer exchanged and moved into air bnb and exchanged with us 4 weeks later 

canaldumidi

Almost certainly. Otherwise there's a risk one of them drops out and someone in the middle of the chain will be homeless on Completion day!

Most conveyancers stop work at 5.00 or 5.30 pm......

eddddy

Laurelii said:

I know everyone in the chain has to complete on tbe same day but does everyone in the chain have to exchange on the same day?? 

Realistically, nobody in the chain would take the risk of exchanging on a different day - if they had to complete on the same day.


For example, 

• If somebody exchanged on their purchase, but not on their sale - the sale might then fall through. As a result, they'd probably not be able to complete their purchase, and get sued for tens of thousands of pounds.

• If somebody exchanged on their sale but not their purchase - the purchase might fall through. Then they'd be left homeless on completion day.

michelle09

eddddy said:

Laurelii said:

I know everyone in the chain has to complete on tbe same day but does everyone in the chain have to exchange on the same day?? 

Realistically, nobody in the chain would take the risk of exchanging on a different day - if they had to complete on the same day.


For example, 

• If somebody exchanged on their purchase, but not on their sale - the sale might then fall through. As a result, they'd probably not be able to complete their purchase, and get sued for tens of thousands of pounds.

• If somebody exchanged on their sale but not their purchase - the purchase might fall through. Then they'd be left homeless on completion day.

We did on this house. Our buyers gave us a 48 hour deadline to exchange and our sellers were messing us about. 

Spoke to our buyers direct, exchanged with four weeks to completion and then phoned the sellers EA and told them they had to meet that day or withdraw. 

Though we are in the minority and I was prepared to lose our onward purchase if needed. Thankfully the sellers did sort things out.

We were in a ridiculously tiny minority though. 

theartfullodger

The are no rules.

AFAIK there is no legal definition of "chain" , just for a start.  (Prove me wrong?).