Exchange before completion.

p00hsticks

Thrugelmir said:

Snookie12cat said:

Is it standard to do these separately with time in between?

 With a preference for Fridays so that theres the weekend to settle in. 

Although there are reasons to avoid Fridays if you can - it;s the busiest day for solicitors etc simply because it's popular for the reason you give, but if anything goes wrong on the day the solicitor / mortage provider etc isn't going to be around to sort things out until the following Monday.

Rosa_Damascena

Insist on a clear separation unless you enjoy stress. You need some wriggle room to absorb the unexpected.

onylon

My conveyancer was also pushing hard for same day exchange/completion even though I told her clearly and repeatedly that I wanted at least a week between to organise my move. I believe she was overwhelmed with cases and thought that by doing it this way she could put our case aside for a few weeks.

Thrugelmir

Flugelhorn said:

Never used to be like this but some solicitors have got into the habit of simultaneous E&C 

That was due to the pandemic and the very real possibility of completion not being effected. 

Thrugelmir

Snookie12cat said:

user1977 said:

What has she actually said? Maybe you're misinterpreting things. Is everybody ready to exchange now (and agreed a completion date)?

Thanks - Its only me and the seller in the chain and the seller and I have agreed a completion date between ourselves and just need the solicitors to finalise it. 

Solicitors will work towards propsed dates. They cannot guarantee them though. 

Snookie12cat

onylon said:

My conveyancer was also pushing hard for same day exchange/completion even though I told her clearly and repeatedly that I wanted at least a week between to organise my move. I believe she was overwhelmed with cases and thought that by doing it this way she could put our case aside for a few weeks.

I think this is mine - now she is just ignoring me. I have no idea what is going on and when we will exchange now.

Snookie12cat

Thrugelmir said:

Snookie12cat said:

user1977 said:

What has she actually said? Maybe you're misinterpreting things. Is everybody ready to exchange now (and agreed a completion date)?

Thanks - Its only me and the seller in the chain and the seller and I have agreed a completion date between ourselves and just need the solicitors to finalise it. 

Solicitors will work towards propsed dates. They cannot guarantee them though. 

There is no reason they cant guarantee it, if they actually do what they are paid for. Every single thing is done. They just need to exchange the contracts. 

Thrugelmir

Snookie12cat said:

Thrugelmir said:

Snookie12cat said:

user1977 said:

What has she actually said? Maybe you're misinterpreting things. Is everybody ready to exchange now (and agreed a completion date)?

Thanks - Its only me and the seller in the chain and the seller and I have agreed a completion date between ourselves and just need the solicitors to finalise it. 

Solicitors will work towards propsed dates. They cannot guarantee them though. 

There is no reason they cant guarantee it, if they actually do what they are paid for. Every single thing is done. They just need to exchange the contracts. 

Yeah right. Does someone tell you how to do your job even though they've no idea what's involved ? As I doubt it. 

Thrugelmir

eddddy said:

FWIW, a website which claims to have managed thousands of chains in 2019 says the average time from exchange to completion was 7 days.

(But it gives no further clues about the breakdown of that number.)


Here's its full breakdown:

View My Chain has whole of market visibility of key milestones and has shared the average times it takes to achieve them for 1000s of chains managed through its platform in 2019:

Legal Timeline:

Milestone 1 - SSTC to Searches ordered: 23 days

Milestone 2 – Searches ordered to Searches Returned: 10.2 days (UK average)

Milestone 3 – Searches Returned to Enquiries satisfied: 31 days

Milestone 4 – Enquiries Satisfied to Ready to Exchange: 7 days

Milestone 5 – Ready to Exchange to Exchange: 8 days

Milestone 6 – Exchange to Completion: 7 days

 

Financial Timeline:

Milestone 1 – SSTC to Mortgage Application: 17 days

Milestone 2 – Mortgage Application to Mortgage offered: 21 days

Link: https://news.viewmychain.com/blog/how-long-does-it-actually-take-to-complete-a-sale

Property transactions often involve multiple parties. Lining all the ducks up in a row would be challenging without a window of time. 

No41edwardianhouse

Thrugelmir said:

Snookie12cat said:

user1977 said:

What has she actually said? Maybe you're misinterpreting things. Is everybody ready to exchange now (and agreed a completion date)?

Thanks - Its only me and the seller in the chain and the seller and I have agreed a completion date between ourselves and just need the solicitors to finalise it. 

Solicitors will work towards propsed dates. They cannot guarantee them though. 

We are at this stage! Not heard a dot since I emailed our solicitor- seriously, how long does it take for these things to be confirmed.

We are requesting 4 weeks between exchange and completion…