Delay on Exchange

Hoenir

JadeD27 said:

To our knowledge, The sellers are purchasing a new build that is ready to move into. 

That's more than likely the delay then. Your vendors are most likely awaiting the notice to complete from the developer. All of a sudden will become a rush. 

JadeD27

propertyrental said:

Makes me wonder where/how you found the solicitor and whether they are a high street branch or cheap conveyancing warehouse....

Has your solicitor actually told you they (you) are ready to Exchange? If not, have you asked? If they say no not ready, have they told you what is outstanding? If not, jave you asked? Discussing the actual exchange date (and completion date) is not possible till you know the above.

Likewise have you found out, either from your solicitor, the EA, or even the sellers, the same questions: Ready for Exchange? If not what is outstanding?

The EA recommended the Solicitor, and upon researching, the company appeared reputable.

Regarding the Exchange readiness, our solicitor confirmed that we are prepared, and there are no outstanding issues on our end. Despite daily emails seeking updates, the solicitor initially requested permission to exchange on our behalf, and we agreed. However, subsequent messages consistently indicated that the sellers were not ready. This pattern has persisted for weeks. The latest update received today, forwarded from the sellers' solicitor, states, "We have reported to our client and hold signed documents, but await to hear from the lender with their reply." 

Hopefully we have some sort of realistic view of the timeline soon.

housebuyer143

The seller isn't ready then, chasing your solicitor daily isn't going to change that but will get you some "unprofessional" replies. 
Contact the agent and get them to speak to the sellers and find out what is up. Appears that your sellers are getting a mortgage now? 

chanz4

JadeD27 said:

propertyrental said:

Makes me wonder where/how you found the solicitor and whether they are a high street branch or cheap conveyancing warehouse....

Has your solicitor actually told you they (you) are ready to Exchange? If not, have you asked? If they say no not ready, have they told you what is outstanding? If not, jave you asked? Discussing the actual exchange date (and completion date) is not possible till you know the above.

Likewise have you found out, either from your solicitor, the EA, or even the sellers, the same questions: Ready for Exchange? If not what is outstanding?

The EA recommended the Solicitor, and upon researching, the company appeared reputable.

Regarding the Exchange readiness, our solicitor confirmed that we are prepared, and there are no outstanding issues on our end. Despite daily emails seeking updates, the solicitor initially requested permission to exchange on our behalf, and we agreed. However, subsequent messages consistently indicated that the sellers were not ready. This pattern has persisted for weeks. The latest update received today, forwarded from the sellers' solicitor, states, "We have reported to our client and hold signed documents, but await to hear from the lender with their reply." 

Hopefully we have some sort of realistic view of the timeline soon.

sounds like their mortgage is questioning something

MultiFuelBurner

JadeD27 said:

propertyrental said:

Makes me wonder where/how you found the solicitor and whether they are a high street branch or cheap conveyancing warehouse....

Has your solicitor actually told you they (you) are ready to Exchange? If not, have you asked? If they say no not ready, have they told you what is outstanding? If not, jave you asked? Discussing the actual exchange date (and completion date) is not possible till you know the above.

Likewise have you found out, either from your solicitor, the EA, or even the sellers, the same questions: Ready for Exchange? If not what is outstanding?

The EA recommended the Solicitor, and upon researching, the company appeared reputable.

Regarding the Exchange readiness, our solicitor confirmed that we are prepared, and there are no outstanding issues on our end. Despite daily emails seeking updates, the solicitor initially requested permission to exchange on our behalf, and we agreed. However, subsequent messages consistently indicated that the sellers were not ready. This pattern has persisted for weeks. The latest update received today, forwarded from the sellers' solicitor, states, "We have reported to our client and hold signed documents, but await to hear from the lender with their reply." 

Hopefully we have some sort of realistic view of the timeline soon.

There was a post here not long ago where someone offered as a cash buyer so they were ready to go, then they questioned using all their savings and mid purchase decided to get a mortgage.

It's up to your solicitor to get to the bottom of this and update you so be firm with them to find out exactly what the hold ups and issues are. Just saying you are good at your end isn't really helpful.

JadeD27

Thank you everyone for the advice. We resulted to threatening to pull out if we didn't have an update, and then got a phone call an hour later to say they're now borrowing money from family rather than having a mortgage . We are exchanging today, and completion will be done next week.

EssexHebridean

This thread really underlines two issues - firstly, using the solicitors recommended by the EA, and the second, EA's giving the impression that they are in some form of control around exchange of contracts (or indeed anything else on the legal side of things!). I'm pleased to hear that your situation is sorted OP, but for others coming to the thread in the first place, please beware of both these issues! It can often be fine to use EA recommendations for solicitors, but some robust questioning as to the nature of the relationship and the financial aspects is always a good plan. Any recco fees that are payable these days should be declared openly, but I suspect they are still not always, by all firms. The firm I work for is regularly recommended by various local firms, but it's always on the basis of no referral fees being paid at all - they recommend us because they are confident that we are good at what we do, not because it gets them any reward.