Does completion statement mean we have exchanged?

J66998821

Hi, sorry if this sounds really silly but we have a question about buying our house and potentially completing on Thursday.

We have signed the contracts and transfer document and sent them back. A firm date was set. We got redemption certificate from current lender. We have set up buildings insurance etc. And on Friday afternoon we received completion statements for both the property we are selling and the one we are buying. 

Does this mean we have exchanged? I feel like we have? But our solicitor never used the words ‘you have now exchanged’. We can’t get hold of them until Tuesday due to the bank holiday  so a bit last minute for moving on Thursday.

It’s fine if we have exchanged. I’m just trying to be certain that we are ‘definitely’ moving after hearing so many horror stories lately? 

Frankly our solicitors have been missing in action for the past couple of months and we haven’t got a clue what’s going on. Any help you can give me to decipher this would be brilliant. Thanks 

user1977

J66998821 said:

our solicitor never used the words ‘you have now exchanged’. 

If you had exchanged then they'd have told you that you've exchanged. They haven't, so it's safe to assume that you haven't.

Completion statements can be prepared based on a proposed completion date (and in practice they normally would be, so that you know before exchange that you can actually afford to). The fact a statement exists does not mean you've exchanged.

Flugelhorn

Sounds like you might but really the solicitor will tell you that you have exchanged, by e-mail or phone call and they should check with you on the day that you are happy to go ahead with the purchase 

J66998821

Thanks everyone, eek, fingers crossed 

TheJP

Did your solicitor email/ring to ask for authorisation to exchange?

Tiglet2

Solicitors have to contact you for your authority to exchange on the day they do exchange.  If you have not given "authority", you haven't exchanged. 

Completion statements will show you the amounts of monies going in and out for your transaction, as well as detailing how much needs to be paid to them before completion.  These statements are prepared in advance so that you have enough time to pay them any shortfalls.  If they do not have enough monies on account on completion day, you will not complete.