Contracts not Signed

MynameisMichaelCane

"When you've moved house, how far in advance did you have everything signed up?"
I can't remember. I have never sold a house and the only house I have bought is the one I live in.

martindow

In England the signing of contracts often happens weeks in advance of everybody being ready but is undated.  The solicitors hold the contracts, when they are happy that all is in order they are 'exchanged' and that date written in.  Everyone is then committed to going ahead.  The initial signing does not commit anyone to buying or selling hence the possibility of people pulling out or gazumping remains until exchange.

MynameisMichaelCane

I have just read this news headline.

"House buying is to be modernised to prevent thousands of transactions from falling through, the Government has announced."

Part of the article says:

"Around one million property transactions take place each year – however an estimated 300,000 fall through.

This can be for a number of reasons such as financial problems but is sometimes due to issues revealed late in the conveyancing process."

Lets hope the changes do indeed make the process easier and less stressful.

MakitaToolGirl

Thanks for posting this information.  It is interesting.
Our conveyancing solicitor has not replied to my emails for 3 weeks.  The buyers' solicitor has not responded to ours for 4 weeks.   These solicitors need to be better regulated for "faster" conveyancing. They sit, do a bit of work when they feel like, because they know they get their fee in the end, their speed does not matter.  

MynameisMichaelCane

An update: I have just had a message from my friend to say that the moving date has been put back for 3/4 weeks by the buyer. I don't know if contracts have been signed yet. It reinforces my feeling that the current system is a complete nonsense and I'm very glad that the government are looking at changing it. 

[Deleted User]

If changes are made then they'll have a minimal impact. The entire process needs to be scrapped, but it won't be because it is artificially extended in order to provide work for those involved. If a little adjustment were made to record-keeping regarding individual houses, there's no reason a sale could not be initiated on the Monday and completed by the Wednesday. Instead, we're forced to endure months of replication, bureaucracy and obstruction followed by a frantic process on the day which could well leave you on the street corner with your belongings in a pile beside you.