Exchanging contracts and completion

Becky

Is it normal to all on the same day?

I have been told this is how it works. In other words as a seller we are left up-in-the-air until the very last minute!

I know buyers need protection but sellers seem to get little in terms of last minute fall throughs.

The next 6 days are going to be an utter nightmare. What a way to wish my life away just to get to next Friday!!! :eek:

terrierlady

yes its normal usally with ftbyrs but can be the whole chain and yes your nerves will be on edge what with furniture vans, gas men. electric men etc all there, good luck with the move.

Bossyboots

It is possible to do it on the same day, but not necessary. The more normal course of events is exchange a couple of weeks before completion.

Why has this been proposed? I have experienced this when a sale is being rushed through, so that completion is actually being brought forward rather than exchange being delayed. You need to ask your solicitor why the delay to exchange. At a guess, I would say your buyers are getting a 100% mortgage and therefore have no deposit to pay. Your solicitor should have informed you of this as, as you have so rightly pointed out, you have been left unprotected by proceeding this way.

Is it your solicitor who has told you this is how it works? There is a little nagging at the back of my mind that your solicitor has been dilatory in processing your conveyance and that it is some mistake or lack of effort by them that has left you in this position. If you know completion is next Friday, there should be no reason not to exchange before then (unless your buyers do not have their finance in place).

hopefulfooluk

Hi Becky,

The first place I bought I exchanged and completed on the same day, but there was absolutely no chain - the place was empty and I was a FTBer.

I do sympathise with how you are feeling though as a seller with the buyer being quite non-committal before exchange, and really have my fingers crossed that all works out for you.

All the best,

Chris

Becky

All I was told is that we would complete next Friday.

I then questioned them about exchanging contracts. They said they would then push for this to be done a week before (yesterday).

Nothing has come about from this so I am a bit worried why the buyers have not agreed (unless it is slow solicitors etc).

I think the FTB are putting down a 10% deposit according to my solicitor. We do not live in the property so it is empty - no chain.

When we bought the house (as FTB) we exchanged a week before with a deposit.

bridiej

It can be done but usually both parties agree a completion date before contracts are exchanged, have you not been asked?

shykins

it certainly can be done but its not normal.. most people want to know a date to book moving vans etc.. any contract can fall apart up to exchange so u normally exchange and up to 4 weeks later complete.. that way everyone knows its a certainty and u can book al lu need to

i would seriously ask your solicitor why this is being done and even so u dont have to agree to it.. u can insist on a week (or more) between the 2 dates... its as much your choice as anyone elses so dont be bullied

good luck

x

Becky

Being the first time I have sold a house, this same-day scenario had me baffled.

It is such a risk doing it all the same day!

I learn things all the time. NEVER trust solicitors and estate agents...

bunking_off

Shykins said it all. It isn't normal, but isn't unheard of. Not sure if my nerves could cope with it.

Even for an FTB, I can't see how it can work unless it's a chain-free property....as sellers you can't have exchanged with the next people up the chain, because you've no surety without your exchange.

If it was me, I'd push for a delay to completion to have separation between exchange & completion. What happens if there's a last minute hiccup? Nothing's binding until exchange. I'd be *extremely* concerned that the buyer might turn around next Friday morning and gazunder you (sorry if that sets your nerves jangling even more!!). Has your solicitor explained what's stopping an exchange before Friday...other than the mysterious practise that solicitors seem to have that exchanges & completions always seem to happen on a Friday.

Becky

"Nothing's binding until exchange. I'd be *extremely* concerned that the buyer might turn around next Friday morning and gazunder you"

My solicitor put it to theirs that we'd like to exchange prior to completion but nothing has been heard.

Can it still be done before the 'magic Friday'?

Does it raise warning signs that they have not agreed to exchange (I have not heard anything)?

bunking_off

Becky wrote:

Does it raise warning signs that they have not agreed to exchange (I have not heard anything)?

Well I don't want to worry you - there may be host of innocent reasons and solicitors can be uncommunicative - but it would raise warning signs to me.

For some reason - that I've never understood - solicitors do seem to prefer to action exchanges & completions on a Friday. Anyone with insider experience care to explain why?

It seems to me all you can do is push your solicitor (& estate agent if they're any good) on Monday. Don't worry about it too much though; if things are going to go wrong they're going to go wrong. Conversely, everything might go smoothly, you never know. You being stressed about it isn't going to change things. It's easy for me to say, but have a drink and try to forget about it in the meantime...