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Exchanging/completion
mcdelarich
Posts: 103 Forumite
Can someone tell me exactly what these processes envolve? My solicitor is awaiting some paperwork which should arrive tomorrow, and then he can continue onto exchanging.
Everything is in place for this - but I was just wondering how long it usually takes to go through them? The problem is our vendor goes on holiday for 2 weeks on the Feb 6th, my solicitor has the idea that we could complete between now and then, or we could complete whilst our vendor is on holiday.
We're unsure of this because we are first time buyers and would really appriciate some advice.
Rich
Everything is in place for this - but I was just wondering how long it usually takes to go through them? The problem is our vendor goes on holiday for 2 weeks on the Feb 6th, my solicitor has the idea that we could complete between now and then, or we could complete whilst our vendor is on holiday.
We're unsure of this because we are first time buyers and would really appriciate some advice.
Rich
0
Comments
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It would be very unusual to complete whilst your vendor is on holiday unless they don't actually live in the property you are buying from them.
Exchange is the point when all solicitors in the chain exchange contracts, which then makes the buying process an actual legal commitment. Completion day, which is the day the money changes hands & the property actually becomes yours is generally set on the day that everybody exchanges contracts & is usually agreed beforehand by all parties involved.The bigger the bargain, the better I feel.
I should mention that there's only one of me, don't confuse me with others of the same name.0 -
The vendor is living in rented accomodation so the house is empty as of last week.
I have heard of similtanious (sp?) exchange and completion, but is it easier if there is no chain?0 -
the less people in the chain the easier it is a date a couiple of weeks from exchange is normally set to give everyone a chance to put the final bits in place, such asgetting monies to solicitors finalising the release of mortgages etc. the legality of the contract focuses people into sorting things quicker.0
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the less people in the chain the easier it is a date a couiple of weeks from exchange is normally set to give everyone a chance to put the final bits in place, such asgetting monies to solicitors finalising the release of mortgages etc. the legality of the contract focuses people into sorting things quicker.
There isn't any other chain - we're FTB'ers and vendor is moving into rented accom.0 -
then provided you can move all the relevant monies into the solicitors client account , then no reason it couldn't be done tomorrow.0
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