Exchange and completion dates

Noobie2011 · 11 April 2018 at 6:40AM

Wonder if anyone can offer advice so I am not barking up the wrong tree with my solicitor and buyer of our home.

We have just received word from our solicitor that our contract fir the sale of our house have been sent out last night so should be with us to sign this week and back with them by Monday from our side anyway. We have also been advised the buyer is looking at a completion date of the 27th April so just over 2 weeks away.

It is my impression the exchange of contracts should happen as soon as it can and not be left to just happen with completion unless the completion date is being moved forward to coincide with the exchange date.

There is a soecific reason as to why it would benefit us greatly if the exchange of contracts happened next week but I am afraid the solicitors will just think as completion date is only 2 weeks away they will leave it all for the completion date. My other view is even though 2 weeks is not long it is still a furher 2 weeks where no one is bound to complete on the transaction yet and to benefit everyone exchange should be done ASAP regardless of the complete date.

kingstreet · 11 April 2018 at 9:44AM

Solicitors will exchange contracts when they have;-

all the documentation back and it is acceptable
a completion date is agreed between all parties
you have given them permission.

Don't expect exchange of contracts to take place if one or more remain outstanding.

AnotherJoe · 11 April 2018 at 9:54AM

You should be advising your solicitor how long you want between exchange and completion, it's not something that should be left to chance and usually isn't, since ut woudl be quite rare and also very risky to have them on the same day. Most people want several days gap at least as it give some time to arrange moving etc.
. Rather than expecting your solicitor to be psychic about exchange date and gap between exchange and completion , tell them what you want.

firstbuyer · 11 April 2018 at 10:56AM

Hey noobie2011 - does this mean you have got an offer through from Natwest now?!

Noobie2011 · 11 April 2018 at 11:09AM

kingstreet wrote: »

Solicitors will exchange contracts when they have;-

all the documentation back and it is acceptable
a completion date is agreed between all parties
you have given them permission.

Don't expect exchange of contracts to take place if one or more remain outstanding.

Thanks for this,

From the above it makes sense now the email they sent and I have given permission on the completion date they stated, contract signed will be back with them friday if we receive tomorrow so all looks like it is in hand and they are looking to exchange as soon as the above is done with all parties being 3 in this instance.

Noobie2011 · 11 April 2018 at 11:13AM

AnotherJoe wrote: »

You should be advising your solicitor how long you want between exchange and completion, it's not something that should be left to chance and usually isn't, since ut woudl be quite rare and also very risky to have them on the same day. Most people want several days gap at least as it give some time to arrange moving etc.
. Rather than expecting your solicitor to be psychic about exchange date and gap between exchange and completion , tell them what you want.

Glad to know it is rare to exchange and complete on the same day and from what others have said it now seems logical that at least 2 weeks are given in between both.

I have already advised my solicitor of the dates we would be looking at so do not think they are physic but for people who have never sold a house before a lot of these things are not obvious as my experience with solicitors is they are not very good at explaining how things will work upfront but maybe I have just had a bad bunch !!!128514;

Noobie2011 · 11 April 2018 at 11:16AM

firstbuyer wrote: »

Hey noobie2011 - does this mean you have got an offer through from Natwest now?!

No not yet as we are selling anyway and moving in with family intil we sort the new house so we do not have the sale still hanging over our heads.

To update though our broker has advised the applocation is in process but even if everything passes they cannot make me an offer until I provide them with my 1st payslip which is ended of april so still a bit of a waiting game

firstbuyer · 16 April 2018 at 11:10AM

Not too long of a wait! We had our offer from Natwest last friday! Just under 3 weeks including a bank hols & them f*cking up the application! Good luck

Noobie2011 · 17 April 2018 at 9:10AM

firstbuyer wrote: »

Not too long of a wait! We had our offer from Natwest last friday! Just under 3 weeks including a bank hols & them f*cking up the application! Good luck

Nice one, the valuer has been booked last week to go out on the 26th april which apparently Natwest do straight away to speed the process up but 2 weeks to wait so someone can literally drive by the property as that is mainly what they do with New Build.

Also only have to wait another week and get my 1st payslip so reckon we will be getting a decision within 2 weeks now and fingers crossed it is an offer

Exchange and completion dates

Comments

Categories

Get our FREE Weekly email full of deals & guides - and it’s spam-free