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The NEW waiting to exchange thread...

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Comments

  • Chanlf91
    Chanlf91 Posts: 38 Forumite
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    May I ask for people that has already exchanged or for them who know this. Does exchange happen spontaneously or do the solicitors arrange it? I'm asking as I know we are close to exchange but we haven't paid our deposit yet and I don't want to hold things up. Is it best to pay deposit so they can get on with it?

    TIA.
  • Surrey_EA
    Surrey_EA Posts: 2,042 Forumite
    First Anniversary First Post
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    Chanlf91 wrote: »
    May I ask for people that has already exchanged or for them who know this. Does exchange happen spontaneously or do the solicitors arrange it? I'm asking as I know we are close to exchange but we haven't paid our deposit yet and I don't want to hold things up. Is it best to pay deposit so they can get on with it?

    TIA.

    Ask your solicitor when they would like you to transfer the deposit funds, they should be able to give you an indication of roughly when exchange is likely to take place.
  • jimmyhurr
    jimmyhurr Posts: 21 Forumite
    First Anniversary First Post
    edited 2 July 2018 at 11:26AM
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    Chanlf91 wrote: »
    May I ask for people that has already exchanged or for them who know this. Does exchange happen spontaneously or do the solicitors arrange it? I'm asking as I know we are close to exchange but we haven't paid our deposit yet and I don't want to hold things up. Is it best to pay deposit so they can get on with it?

    TIA.

    We exchanged last week with completion agreed for 16th July. Assuming all enquiries/searches etc are done, mortgage offer is in (if there is one), both sides have signed the contract and the deposit monies are with your solicitor, there is no real reason why exchange cannot occur. From then on it is negotiation between the solicitors and it is the solicitors that actually do the exchange. Negotiation is about a completion date, which needs to be agreed for exchange to happen.

    We are buying (no chain either way) and our vendors said the earliest completion they could do was 16th July. We had signed our contract a week before the vendors had signed theirs, so we took that opportunity to transfer the deposit to the solicitors so everything was in place. We actually transferred the entire amount (we have money from a previous house sale + mortgage for remainder). The vendors signed last Monday and we had exchanged on Tuesday.

    Talk to your solicitor and ask them when you should transfer the deposit monies.

    If there is a chain, the entire chain needs to be ready....
  • Jtotz67
    Jtotz67 Posts: 40 Forumite
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    Magnus91 wrote: »
    Did you manage to exchange today? :)


    Nope :(

    We are waiting for two outstanding enquiries but both are in the hands of outside parties so it's a massive guessing game.

    We are hoping this week but who knows at this point.....
  • Jtotz67
    Jtotz67 Posts: 40 Forumite
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    Right we are really in a bind with our purchase.


    So because our place is flying freehold, we need a deed of covenant with the neighbours. There is a historic one but it provides that a new one be made on each sale of either house.


    The solicitor on the other side is refusing to concede that we need one as they think the old one will suffice. This has been going on for weeks.

    I don't see how we can make any positive progress until this point is conceded and we are absolutely tearing our hair out.


    My solicitor will not move forward without it and they will not concede we need it so we are stuck right between a rock and a hard place.


    Any advice on how to break this stalemate?? (preferably within the next 5 days so we don't bankrupt ourselves paying rent we don't need to pay after we have completed?!) :(:(


    At the moment I don't see any way forward other than to cut our losses and pull out and chalk it all up to experience!


    Any other suggestions?!
  • SG27
    SG27 Posts: 2,773 Forumite
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    Jtotz67 wrote: »
    Right we are really in a bind with our purchase.


    So because our place is flying freehold, we need a deed of covenant with the neighbours. There is a historic one but it provides that a new one be made on each sale of either house.


    The solicitor on the other side is refusing to concede that we need one as they think the old one will suffice. This has been going on for weeks.

    I don't see how we can make any positive progress until this point is conceded and we are absolutely tearing our hair out.


    My solicitor will not move forward without it and they will not concede we need it so we are stuck right between a rock and a hard place.


    Any advice on how to break this stalemate?? (preferably within the next 5 days so we don't bankrupt ourselves paying rent we don't need to pay after we have completed?!) :(:(


    At the moment I don't see any way forward other than to cut our losses and pull out and chalk it all up to experience!


    Any other suggestions?!

    Why won't your solictor let you pay for a new one? If you are happy ro do it then there should be no problem. The morrgage companywont be bothered if its historic or renewed surely.
  • Jtotz67
    Jtotz67 Posts: 40 Forumite
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    SG27 wrote: »
    Why won't your solictor let you pay for a new one? If you are happy ro do it then there should be no problem. The morrgage companywont be bothered if its historic or renewed surely.


    Our solicitor isn't the problem. Its the vendor's solicitor that is not budging and conceding that we need one.


    Our solicitor won't continue without a new one and the vendor's solicitors apparently won't draft a new one!


    All very fun!
  • deuxchatsnoirs
    deuxchatsnoirs Posts: 19 Forumite
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    deuxchatsnoirs wrote: »
    HOPEFULLY exchanging and completing today. Solicitor assured us exchange would be first thing this morning.

    I haven't slept at all and I'm on tenterhooks! I know it would be just my luck for something to go wrong :(

    We have exchanged!!!! :beer: Getting keys this afternoon. So relieved and excited!

    Best of luck to everyone hoping for exchange this week!
  • TamsinC
    TamsinC Posts: 625 Forumite
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    Jtotz67 wrote: »
    Our solicitor isn't the problem. Its the vendor's solicitor that is not budging and conceding that we need one.


    Our solicitor won't continue without a new one and the vendor's solicitors apparently won't draft a new one!


    All very fun!
    This is a time when EAs can come into their own - contact them and get them to bypass the solicitors and talk to the vendors directly explaining what is happening. The vendors then talk to their solicitors and tell them what to do.
    “Isn't this enough? Just this world? Just this beautiful, complex
    Wonderfully unfathomable, natural world” Tim Minchin
  • Chanlf91
    Chanlf91 Posts: 38 Forumite
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    After posting this morning and being a bit clueless about exchange, we recieved an email from our solicitor asking if we're ok to complete on Friday 13th!!! We've paid deposit, exchange will happen this Friday and we'll have the keys the week after! Happy is an understatement as my partner is working away from the 21st until September so we'll get everything moved across to new house in time!
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