Final stage house selling

curtis122

We have been in a very long and stressful house selling journey, fell through once and sold again and now have had several times 'exchange will be next week' and 3 different completion dates. I just want it all over.

We have never sold a house before so the whole process is new, can someone explain a bit more about the step we are at as we are still worrying something is going to stop all this again.

We have all agreed a completion date at the end of March, we have been told that the solicitors are now contacting the lenders and ordering their funds for the end of March completion date.

What are they exactly doing now as I've read online that lenders tend to send the funds the day before if not on completion day. Are they just basically going to the lenders and saying 'get ready' for the end of March?

At this point is it just getting a 'Yes we will be ready' from the lenders in the whole chain and then we can Exchange? Can exchange not happen before they have heard back from the lenders?

subjecttocontract

When did you exchange contracts/ when are you going to exchange contracts ?

curtis122

Nothing has been set yet for an exchange date, only all agreed on a completion date currently. The EA was aiming for exchange to be done by the end of last week but that never happened.

This is partly why I'm asking the question, is setting the exchange date dependant on the lenders getting back to the solicitors or can it still happen anyway.

The EA dropped an email last thing Friday to give us an update on the solicitors/lenders having to now speak to each other, so can't speak to them till next week so we now have the weekend 'again' to wait (hating weekends currently)

We thought once everyone had agreed a completion date we can then exchange.

user1977

There shouldn't normally be a need to chat with the lenders unless some complication has been encountered - if they've issued a mortgage offer then they just sit back and wait for the solicitors to press the button telling them what date they need the money. But post-Covid, solicitors seem to be unnecessarily cautious and want a "are you really sure you still want to lend these people the money" pre-exchange/completion check.

curtis122

We are thinking this is just a 'telling them what date they need the money' so they are ready.

Albermarle

https://forums.moneysavingexpert.com/discussion/comment/81923683#Comment_81923683

I do not think a solicitor is going to commit to a completion date/send the money date with a lender until contracts have been exchanged. As you know there can be delays.

Unless maybe the exchange and completion were on the same day, or very close.

curtis122

The EA is pushing for the Exchange to happen as soon as, the completion has been agreed by the chain for the end of March.

This is why I'm on here to try and understand the process we are at given we have not exchanged yet as I thought we would exchange once we had agreed a completion date so thought it odd we then got told about the solicitors now contacting the lenders.

itsthelittlethings

From memory exchange can be delayed by tying up any loose ends. It will happen when it does, you’re nearly there!

subjecttocontract

There seems to be a move towards simultaneous exchange and completion. I have always tried to avoid that scenario when I've bought & sold although it's more difficult to avoid with a long chain.

The downside with simultaneous exchange & completion is that it can all fall through the day before completion as none of the parties is financially committed.

Good luck.

gwynlas

Prior to Covid it was common to exchange four weeks prior to completion so if you can exchange Tuesday 17 it will give you two weeks to Tuesdaty 31 March. Any later than that and you are falling into easter weekend.

I would be chasing up solicitors tomorrow

jimi_man

https://forums.moneysavingexpert.com/discussion/comment/81923689#Comment_81923689

Normally the completion date is agreed first.

In our case, having just done it, the solicitors came back to us once all the enquiries were completed from both sides and told us to liaise with the EA (and their opposite number) and agree a suitable completion date. Then report back to the solicitors with this date who will then agree a date to exchange contracts. We wanted two weeks between the two but ended up with a week (selling) and ten days (buying). Unfortunately that mean five days in a Purple Palace and furniture in storage but such is life.