Islamic mortgage - exchange and complete same day?

Bluey27

canaldumidi said:

What do you want? Same day exchange/Compleion? A one week gap? Two weeks?

Have you informed /instructed your solicitor accordingly? You are just as entitiled to insist on your preference as your sellers.If there's a conflict, then it's down to negotiation and one side and/or the orher compromising.

I think we would like at least a few days between so we know everybody is committed before we arrange the removals and vacate the house.

Our solicitor replied to us yesterday and wasnt aware that it was a simultaneous exchange and completion so we've asked her to go back and ask why this is a requirement. It sounds like our buyers solicitor isn't communicating any of this to our solicitor (but did to our estate agent?!).

Bluey27

TripleH said:

Is the Islamic mortgage on the property you're buying or being used to buy your property?

Is the issue around redemption of the mortgage?

So the Islamic mortgage is being used by the person who is buying our house. They are a first time buyer so no redemption on their side 

TripleH

Cheers, if it was your seller I wondered if there were repayment rules that prompted this.

If they're a FTB, your buyer may misunderstand the rules or it could be the norm. when their family bought. I'd talk to your solicitor to discuss this with theirs. Think you need to push your solicitor to be proactive on this and chase them until they clarify the position.

If it is a Sharia mortgage, you'd expect their solicitor 'should' know the rules behind exchange and completion.

canaldumidi

Bluey27 said:

canaldumidi said:

What do you want? Same day exchange/Compleion? A one week gap? Two weeks?

Have you informed /instructed your solicitor accordingly? You are just as entitiled to insist on your preference as your sellers.If there's a conflict, then it's down to negotiation and one side and/or the orher compromising.

I think we would like at least a few days between so we know everybody is committed before we arrange the removals and vacate the house.

Our solicitor replied to us yesterday and wasnt aware that it was a simultaneous exchange and completion so we've asked her to go back and ask why this is a requirement. It sounds like our buyers solicitor isn't communicating any of this to our solicitor (but did to our estate agent?!).

Yes but did you instruct your solicitor of this?

mattyprice4004

When preparing to sell we did notify the agent we'd not be prepared to accept offers from anyone with an AIP from an Islamic mortgage company - past dealing with them were incredibly frustrating, and it's not an experience I wish to repeat. 

Bluey27

canaldumidi said:

Bluey27 said:

canaldumidi said:

What do you want? Same day exchange/Compleion? A one week gap? Two weeks?

Have you informed /instructed your solicitor accordingly? You are just as entitiled to insist on your preference as your sellers.If there's a conflict, then it's down to negotiation and one side and/or the orher compromising.

I think we would like at least a few days between so we know everybody is committed before we arrange the removals and vacate the house.

Our solicitor replied to us yesterday and wasnt aware that it was a simultaneous exchange and completion so we've asked her to go back and ask why this is a requirement. It sounds like our buyers solicitor isn't communicating any of this to our solicitor (but did to our estate agent?!).

Yes but did you instruct your solicitor of this?

In fairness, no we did not. We had agreed a completion date put forward and the solicitor said that she would chase down the exchange date once all parties were ready.

Our current house was a new build when purchased which went very smoothly and so this is all new to us.

I suppose we naively didn't even think of exchange and completion on the same day being on the table (and it turns our our solicitor didn't know either). 

In hindsight we probably should have been more direct about what we want and were relying on the solicitor to ask us these questions when it got to that stage. We know for next time if we ever move again!

Flugelhorn

if you haven't exchanged there is still time to say you want a few days between exchange and completion

silvercar

mattyprice4004 said:

When preparing to sell we did notify the agent we'd not be prepared to accept offers from anyone with an AIP from an Islamic mortgage company - past dealing with them were incredibly frustrating, and it's not an experience I wish to repeat. 

The agent wouldn't know what sort of mortgage, if any, the buyers would be using at the point they took an offer on a property.