Are these realistic deadlines?

HelpMeMove

Hi,

our offer got accepted on 07/02/08, we're first time buyers so can exchange as soon as is possible.

The vendors want to exchange on 29/02/08 and complete on 31/03/08. Are these realisitc deadlines?

The mortgage was agreed in principle on 08/02/08, the application form received by them (First Direct) on 13/02/08.

My conveyancer was instructed on 08/02/08 and searches have been applied for.

We've done all we can to expedite it but will they be met?

Anything else we can do to make it smooth?

Thanks

scope

HelpMeMove wrote: »

Hi,

our offer got accepted on 07/02/08, we're first time buyers so can exchange as soon as is possible.

The vendors want to exchange on 29/02/08 and complete on 31/03/08. Are these realisitc deadlines?

The mortgage was agreed in principle on 08/02/08, the application form received by them (First Direct) on 13/02/08.

My conveyancer was instructed on 08/02/08 and searches have been applied for.

We've done all we can to expedite it but will they be met?

Anything else we can do to make it smooth?

Thanks

Do you really mean exchange on the 29/2? A month before completion? In that case I would say no, there is no way everything will come back in time for an exchange at the end of the month.. If you mean 29/3 then yes, it is possible.

To make it go smooth make sure you respond to the solicitor straight away (I often dropped signed papers, payments, etc, in the evening, the same day as I got them, but that was with a local solicitor).. I think it took us 7 weeks from offer was accepted until we completed.

sham63

scope wrote: »

Do you really mean exchange on the 29/2? A month before completion? In that case I would say no, there is no way everything will come back in time for an exchange at the end of the month.. If you mean 29/3 then yes, it is possible.

To make it go smooth make sure you respond to the solicitor straight away (I often dropped signed papers, payments, etc, in the evening, the same day as I got them, but that was with a local solicitor).. I think it took us 7 weeks from offer was accepted until we completed.

Something not quite right here......or have I missed something

The OP's timescales (07/02 - 31/03) are also "7 weeks from offer accepted until we completed" - same as you?!

There is no reason why this can't happen if there's no chain - the only thing I would say is that there's no reason to exchange that quickly, you could easily exchange mid-March and complete 2 weeks later for 31/03. That would make it less hectic.

scope

sham63 wrote: »

Something not quite right here......or have I missed something

The OP's timescales (07/02 - 31/03) are also "7 weeks from offer accepted until we completed" - same as you?!

There is no reason why this can't happen if there's no chain - the only thing I would say is that there's no reason to exchange that quickly, you could easily exchange mid-March and complete 2 weeks later for 31/03. That would make it less hectic.

Yes but OP is talking about exchanging contracts on 29/02, 3 weeks after making offer, yet complete a month after exchange.. You cant exchange contracts until all the searches are back, mortgage in place, etc, and that will take longer than 3 weeks.

Hence my question whether he meant exchange in end of March, and not end of February.. Why would they want a month between exchange and completion?

HelpMeMove

Thanks for replies. There is no chain and yes those are the dates they set.

I guess we can complete by 31/03, maybe not exchange by 29/02 however. Mortgage is with First Direct, I know they've been snowed under, just hope we don't get delayed on this front.

My solicitor is local and a friend so makes things a little easier.

House has had a lot of interest, don't want to lose it.