Exchanging contracts and completion

Murtle

Don't worry unduly. I completed and exchanged on the same day. It may just be their solicitor wanting to do it all at once and save himself time etc. I was a FTB and the place I bought was empty. It was done quicker then a *normal* transaction, so if yours is being done quicker then normal this may be the reason.

Good luck and hope it all works out

x x

MissSunshine

bunking_off wrote:

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?

Isn't it because it's the last working day, so the sellers solicitor get to hold onto the money over the w/e, before transferring it to clear the sellers mortgage/pay to the seller if not mortgaged. Someone correct me if i'm wrong??

bunking_off

MissSunshine wrote:

Isn't it because it's the last working day, so the sellers solicitor get to hold onto the money over the w/e, before transferring it to clear the sellers mortgage/pay to the seller if not mortgaged. Someone correct me if i'm wrong??

Well it's plausible as anything else, but it doesn't really explain why exchanges always seem to be on Fridays as well?

Becky

Whose call is it to exchange contracts?

Should my solicitor have proposed it earlier on or is it firstly down to the buyers' solicitor?

The whole episode has been going through quicker than a 'normal' house sell/buy but I am still concerned.

The estate agent said they are very, very enthusiastic but this does not stop them from trying to pull a fast one on Friday regarding price etc...? :mad:

Bossyboots

MissSunshine wrote:

Isn't it because it's the last working day, so the sellers solicitor get to hold onto the money over the w/e, before transferring it to clear the sellers mortgage/pay to the seller if not mortgaged. Someone correct me if i'm wrong??

The solicitors have to release all cleared funds on the day of completion, espcecially the mortgage funds and the sellers' money. Not redeeming the mortgage on the day of completion can lead to extra charges which would be down to the solicitor if they did not pay it off straightaway.

The only reason to hold money back would be on the express instructions of the client, say for example, they did not agree the estate agents fees and don't want them released.

There is no advantage to the solicitors holding onto the money over the weekend anyway. They don't earn interest on it.

Bossyboots

Becky wrote:

Whose call is it to exchange contracts?

Should my solicitor have proposed it earlier on or is it firstly down to the buyers' solicitor?

The whole episode has been going through quicker than a 'normal' house sell/buy but I am still concerned.

The estate agent said they are very, very enthusiastic but this does not stop them from trying to pull a fast one on Friday regarding price etc...? :mad:

My own view is that your solicitor should be pushing for exchange. There is a paperwork trail though and it may be as this is being pushed through the buyers solicitors will not have all they need to exchange before Friday but are then happy to do the exchange and completion together. This would mean things are working to your advantage. If you insist on exchange pre-completion, you may find that they will exchange next Friday but then not complete for another two weeks.

bunking_off

Agree with Bb. It's a mutually agreed thing, so your solicitor should be acting proactively (solicitor, proactive....not 2 words often grouped together!).

Also agree that your goal is to be exchanged as soon as possible, not necessarily separate exchange & completion. Certainly, if the only way to achieve the latter is to delay completion, it's not worth pushing for.

By the sounds of it the whole process has gone more quickly than usual...that could be the reason for having things outstanding hence the simultaneous ex and comp. You don't want your solicitor to get too heavy with the buyers because nothing's locked down yet, but I'd ask them to get confirmation of what items are outstanding that are preventing exchange. If it's all stuff with the buyers (mortgage, searches etc) then fair enough....just be clear there's nothing from your side.

shykins

as bossy said solicitors dont hold funds over the weekend they are passed onto the building society or whoever as that would incur futher costs to their clients.....not sure where this friday thing came from other than people wishing to be in their new house for the weekend before goin back to work on the monday.....we also do exchanges on any day of the week

where i work we often suggest thatpeople complete on a day other than friday as moving costs etc are cheaper.. its also easier to get things done thru the bank when they arent so busy (contrary to popular belief its often the bank holding up the transfer of monies that stops people completing til late in the day not the solicitors)

i cant believe yr solicitor has not explained why this exchange/completion same day is happening and there is no reason why he cant propose an exchange the beginning of the week and completion at the end to settle yr nerves... anyone in the chain can propose things altho of course not everyone has to agree ...the same as yrs didnt have to agree to the same day thing

i would of thought if there is any length of chain everyone would be feeling very nervous ... hopefully all will be ok but push your solicitor for answers.. if they arent replying then go higher up to one of the partners and insist on an answer.. u are after all paying for this

hope this helps