Exchange getting knocked back

firsttimebuyer29rp

Hi everyone,

Just looking to vent a bit and also understand if this is normal or not. 

We’re FTB in a 4 property chain. We were supposed to exchange last Friday, then get an email at 5pm to say they couldn’t do it in time. 

We were then supposed to exchange today (Monday) and at 4pm get a similar email that it couldn’t be done in time. 

So it’s planned for tomorrow now. 

Am I right to be getting frustrated here? I don’t understand the exact exchange process but just finding it really difficult to understand why it’s been pushed back a day twice now. 

eddddy

Exchange of contracts happens when all the solicitors working on the chain have all the info they need, all the documents they need, and have done everything they need to do.

So, for example, it might be that one of the 4 solicitors is waiting for a document or a key piece of information - and they expected to get it on Friday, but it didn't arrive. Then they expected to get it on Monday, but it still didn't arrive.

Bigphil1474

It's frustrating. Nothing you can do about it. Accept the things you cannot change. They'll get there in the end.

gwynlas

Have you agreed a completion date?

Exchange delays are a pain but you have been given days rather than weeks so hopefully it will happen today.

Myci85

Very normal, but also very frustrating when you're in the situation and there's no communication about what is delaying things. For us it was the fact one of the executors of the probate house our vendors were buying was not local, so they hadn't factored in that they would need to receive the contracts by post to sign and then post back. 

firsttimebuyer29rp

The completion date is set for 3 weeks time so that date hasn’t changed and arguably there’s still plenty of time to exchange. 

I guess I’m more frustrated at our specific situation as we’ve now missed our rent notice deadline (which was yesterday, which had been kindly pushed back from Friday by our landlord - but that was really pushing it) 

So potentially if all goes through today it’s been a day that’s caused us to need to pay another month’s rent. 

Just really frustrating, especially not understanding the full process! 

Really appreciate the replies everyone!

Voyager2002

firsttimebuyer29rp said:

The completion date is set for 3 weeks time so that date hasn’t changed and arguably there’s still plenty of time to exchange. 

I guess I’m more frustrated at our specific situation as we’ve now missed our rent notice deadline (which was yesterday, which had been kindly pushed back from Friday by our landlord - but that was really pushing it) 

So potentially if all goes through today it’s been a day that’s caused us to need to pay another month’s rent. 

Just really frustrating, especially not understanding the full process! 

Really appreciate the replies everyone!

These things happen.

Maybe you could renegotiate the date for completion (and that, after all, is what determines when you stop paying rent).

Myci85

Is there any chance your landlord might agree to accept one month's notice from the point of you giving it, rather than in line with rent due date? We were lucky our landlady was happy to be flexible like that, and having a few weeks overlap was soooo helpful come moving, as we were able to spend a week decorating etc the new place before moving in, then had a few weeks to clean and sort out the rental before handing back. Definitely worth the extra cost of the overlapping rent. 

saajan_12

firsttimebuyer29rp said:

The completion date is set for 3 weeks time so that date hasn’t changed and arguably there’s still plenty of time to exchange. 

I guess I’m more frustrated at our specific situation as we’ve now missed our rent notice deadline (which was yesterday, which had been kindly pushed back from Friday by our landlord - but that was really pushing it) 

So potentially if all goes through today it’s been a day that’s caused us to need to pay another month’s rent. 

If you can (reluctantly) afford the overlap in rent and mortgage, then maybe that's the answer to get this over with.

If not or if you don't want to, then you could
a) try to negotiate with the LL to serve notice today / when exchange happens, and leave within 1 month. If that goes beyond your rent periods, then rent could be pro rata for those days. The LL still gets a full months heads up in order to readvertise. 
b) Push completion back further, by up to 1 month to reduce the overlap. However that may come with push back from the rest of the chain, including a small but real risk it blows up. 

Albermarle

You could try and negotiate that the completion date stays as 3 weeks from last Friday ( the first planned date for exchange).
That might even suit some other people in the chain, as they may have been planning around that date.

MysteryMe

Assuming finances allow, being able to still live in your rental will make decorating and any remedials far easier in your property with no furniture etc inside.