Remortgage didn't complete?

Grf4ul3

Hello

I was due to exchange contracts today; the buyer and my solicitor were both in touch this morning and we all agreed a completion date. I bought a bottle of fizz and put it in the fridge. Then there was complete radio silence from the buyer and their solicitor until a few minutes ago, when the buyer's solicitor advised that they were not ready to exchange today because the buyer's remortgage had not completed.  But they hoped they could exchange early next week. In all honesty, I don't understand what this means and my response has been to feel tremendously worried.

It's been a tense several months selling my property - and I am now terrified about the prospect of the sale falling through and to have to remarket in the current climate..

I am hoping someone with a bit more experience can tell me how normal it is for a remortgage not to complete on the date it was expected and whether there is anything else I should read into the situation? 

many many thanks in advance!

housebuyer143

Grf4ul3 said:

Hello

I was due to exchange contracts today; the buyer and my solicitor were both in touch this morning and we all agreed a completion date. I bought a bottle of fizz and put it in the fridge. Then there was complete radio silence from the buyer and their solicitor until a few minutes ago, when the buyer's solicitor advised that they were not ready to exchange today because the buyer's remortgage had not completed.  But they hoped they could exchange early next week. In all honesty, I don't understand what this means and my response has been to feel tremendously worried.

It's been a tense several months selling my property - and I am now terrified about the prospect of the sale falling through and to have to remarket in the current climate..

I am hoping someone with a bit more experience can tell me how normal it is for a remortgage not to complete on the date it was expected and whether there is anything else I should read into the situation? 

many many thanks in advance!

Potentially the person dealing with the remortgage didn't get the funds released in time. 
Exchange tends to be a guide and you will be surprised how many do not go through the first time. 

It's natural to worry, but it will note than likely be okay and exchange next week as they suggest. Keep strong, you are almost at the end

Grf4ul3

housebuyer143 said:

Grf4ul3 said:

Hello

I was due to exchange contracts today; the buyer and my solicitor were both in touch this morning and we all agreed a completion date. I bought a bottle of fizz and put it in the fridge. Then there was complete radio silence from the buyer and their solicitor until a few minutes ago, when the buyer's solicitor advised that they were not ready to exchange today because the buyer's remortgage had not completed.  But they hoped they could exchange early next week. In all honesty, I don't understand what this means and my response has been to feel tremendously worried.

It's been a tense several months selling my property - and I am now terrified about the prospect of the sale falling through and to have to remarket in the current climate..

I am hoping someone with a bit more experience can tell me how normal it is for a remortgage not to complete on the date it was expected and whether there is anything else I should read into the situation? 

many many thanks in advance!

Potentially the person dealing with the remortgage didn't get the funds released in time. 
Exchange tends to be a guide and you will be surprised how many do not go through the first time. 

It's natural to worry, but it will note than likely be okay and exchange next week as they suggest. Keep strong, you are almost at the end

Thank you! Could it also just be that the buyers solicitor prioritised completions over exchanges, given it's a Friday? The buyers solicitor has generally been slow and to be honest that would be the least worrying reason!!

housebuyer143

Grf4ul3 said:

housebuyer143 said:

Grf4ul3 said:

Hello

I was due to exchange contracts today; the buyer and my solicitor were both in touch this morning and we all agreed a completion date. I bought a bottle of fizz and put it in the fridge. Then there was complete radio silence from the buyer and their solicitor until a few minutes ago, when the buyer's solicitor advised that they were not ready to exchange today because the buyer's remortgage had not completed.  But they hoped they could exchange early next week. In all honesty, I don't understand what this means and my response has been to feel tremendously worried.

It's been a tense several months selling my property - and I am now terrified about the prospect of the sale falling through and to have to remarket in the current climate..

I am hoping someone with a bit more experience can tell me how normal it is for a remortgage not to complete on the date it was expected and whether there is anything else I should read into the situation? 

many many thanks in advance!

Potentially the person dealing with the remortgage didn't get the funds released in time. 
Exchange tends to be a guide and you will be surprised how many do not go through the first time. 

It's natural to worry, but it will note than likely be okay and exchange next week as they suggest. Keep strong, you are almost at the end

Thank you! Could it also just be that the buyers solicitor prioritised completions over exchanges, given it's a Friday? The buyers solicitor has generally been slow and to be honest that would be the least worrying reason!!

It could be a number of reasons. Recently some solicitors have been waiting for funds to be ordered and recieved before they exchange and then doing them in the same day. Of course they won't tell you that is what they are doing. 

My recent sale did just that. We agreed a completion date but wouldn't exchange until the day before. 

When has completion been agreed/aiming for? Chances are they will still get it all done for that date, even if it's all rushed at the end. 

Grf4ul3

housebuyer143 said:

Grf4ul3 said:

housebuyer143 said:

Grf4ul3 said:

Hello

I was due to exchange contracts today; the buyer and my solicitor were both in touch this morning and we all agreed a completion date. I bought a bottle of fizz and put it in the fridge. Then there was complete radio silence from the buyer and their solicitor until a few minutes ago, when the buyer's solicitor advised that they were not ready to exchange today because the buyer's remortgage had not completed.  But they hoped they could exchange early next week. In all honesty, I don't understand what this means and my response has been to feel tremendously worried.

It's been a tense several months selling my property - and I am now terrified about the prospect of the sale falling through and to have to remarket in the current climate..

I am hoping someone with a bit more experience can tell me how normal it is for a remortgage not to complete on the date it was expected and whether there is anything else I should read into the situation? 

many many thanks in advance!

Potentially the person dealing with the remortgage didn't get the funds released in time. 
Exchange tends to be a guide and you will be surprised how many do not go through the first time. 

It's natural to worry, but it will note than likely be okay and exchange next week as they suggest. Keep strong, you are almost at the end

Thank you! Could it also just be that the buyers solicitor prioritised completions over exchanges, given it's a Friday? The buyers solicitor has generally been slow and to be honest that would be the least worrying reason!!

It could be a number of reasons. Recently some solicitors have been waiting for funds to be ordered and recieved before they exchange and then doing them in the same day. Of course they won't tell you that is what they are doing. 

My recent sale did just that. We agreed a completion date but wouldn't exchange until the day before. 

When has completion been agreed/aiming for? Chances are they will still get it all done for that date, even if it's all rushed at the end. 

Thank you! 

Completion was meant to be a week on Monday but I need at least 7 days notice in order to arrange a parking suspension, and then the buyer only wants to complete on a Monday or Friday... so I imagine it will get bushed back to a week on Friday now, assuming there are no issues?

I don't know why I keep referring to "issues" when my solicitor says he doesn't believe there is an issue!!!