how long between signing and exchange

pink_muppet

everyone else in our chain has signed contracts now except us, we are still awaiting confirmation from the council of who's responsibility a drain that runs from the property we are purchasing through a farm at the back belongs to (it is an ex LA house we are buying) before our solicitor will allow us to go in and sign up

we are all agreed to complete on 14th March (3 weeks away) but as time is now moving on we still have so much to do, like start packing etc which I don't want to do until we have exchanged just in case anything goes wrong

does anyone know how long it usually takes to exchange contracts following everyone signing them?

also any ideas how long this issue over the responsibility of the drain will take to sort out?, we are apparently waiting for this from the local council, our solicitor has said it shouldn't be long but I know councils don't rush with these things!

Doozergirl

Should be pretty quick if everyone else has signed. You can never tell though but it sounds like people are waiting for you!

pink_muppet

thanks Doozergirl, yeah I know it's us holding it up now, well my solicitor anyway, I'm desperate to get in to get signed so we can exchange and I know it's all going to go through!

My solicitor has told me it is the people who we are buying off's solicitor who is sorting the drain issue out with the council so we have to wait for them to confirm who's responsibility the drain lies with, it seems this was never sorted out when they bought the house from the council 6 years ago, any ideas how long this could take to sort out?

sillyvixen

it depends on cicamstances i waited a month as vendors were buying from a charity and it had to go through the charities commision and we had to wait for a charities commision meeting before compleation could occur.. solicitors had not worked this out prior to contracts being signed!!!

chriz1000

I’m exchanging on Friday, move in date 6th March (it was meant to be the 29th Feb but the vender’s couldn’t do that date!), I had to hand over almost £25k to my solicitor today which in some ways was a relief but my savings account feels naked now!

My mum is currently buying a house and there exchanging and completing on the same day (29th Feb).

One of my best mates decided to buy a house at the same time as me, he exchanged at the end of last month and moves in on Friday.

So there’s no real science to it, just depends on what’s convenient for everyone.

Garetha

When we moved a few years ago there were some outstanding legal issues for which we paid indemnity insurances.
This may work in your case - the (one off) premiums were tens of pounds.

chappers

The problem is when you exchange contracts adate for completion will be set and if you can't meet that date the consequences could be quite serious. It may not just be your solicitor but your mortgage lender who is not happy. do you want to enter into a legally binding contract which you may find yourself in breech of.
Just be patient better to walk away now from a potential problem property then as I said to enter into a contract you can't honour.
You could end up paying your deposit and then find you can't complete this could result in you losing your deposit and being sued for costs, up and down your chain.