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what happens between exchange and completion?

(13 Posts)
JJ Fri 18-Mar-05 16:41:42

We are exchanging today if our funds make it to the solicitor on time* and it has been noted that we have a very short time between exchange and completion (6 working days - 30 March). What exactly happens between exchange and completion? Just wondering really ... am online now obsessively checking my bank account to see if the money goes out before 5pm.

*We've had some problems with our solicitor. She had some sort of breakdown yesterday night and has gone back to wherever to live because London was just too much for her. I talked to her yesterday to confirm the appointment today and she sounded fine, so it was a shock. This morning, my husband was getting a bank draft and needed the payee's name, so I called her and was told not only that she had left but that a bank draft wasn't good, it would take four days to clear, and that we should transfer the money into their accounts. Which we did. Come to find out, that we should have used a bank draft and now we might not be able to exchange today because of the damn money. As of now, it still hasn't left our account. Not so interesting, I know.

nnosam Fri 18-Mar-05 16:51:32

nothing, you pack like crazy........

LIZS Fri 18-Mar-05 16:52:41

Er, very little as far as I recall. Mainly to get the mortgage funds in place and transferred for completion, to organise moving logistics and get the meters read and names of accounts transferred etc. Exchange and completion can happen simoultaneously. Thought we did a telegraphic transfer of funds last time, but that might have been for completion rather than the deposit for exchange.

Good luck, hope it goes through today.

mummytosteven Fri 18-Mar-05 16:54:10

racking my brains as I should know this - but I don't think it matters that there is a short time between exchange and completion, as on occasion exchange and completion take place at the same time anyway.

have you spoken to whoevers dealing with the transaction now that your solicitor has disappeared?

if the solicitors suddenly been left in the lurch, IMHO it would be useful for you to call the solicitors, and flag up the deadlines and urgeny, so they have plenty of warning that they need to get their finger out and do stuff on your file.

noddyholder Fri 18-Mar-05 16:57:37

Pack and wait I think You can also request to go to your new house and do some final measuring etc for immediate things like blinds etc We were given permission to do this and it really helped

Keane Fri 18-Mar-05 16:59:35

you crap yourself

JJ Fri 18-Mar-05 17:04:29

The solicitor disappearing has been dealt with very well by the firm. I was actually impressed how smoothly things went today. Friends of ours recommended the firm highly and we've now got the solicitor they used who seems very capable and not a flight risk. She knows the deadline (although the other solicitor had told her 30 APRIL not 30 March - which is what the sellers want!).

Anyway, seems that the money didn't go out, so they'll have to officially exchange on Monday unless they're willing to spot us the deposit. Thanks for all the info.

LIZS, when are you here?

JJ Fri 18-Mar-05 17:07:13

Oops, xposted.

Keane, been doing that already! Noddyholder, good idea... I always forget that we need something over the windows. The sellers are really nice and our kids were at the same nursery for a few months - we're just moving around the corner. They said that I can bring my mom and aunt over to see the place as we won't complete until after their visit (they're coming from the US and won't be back for a while).

LIZS Fri 18-Mar-05 17:08:43

Hi - not sure !! Nothing in writing job wise for dh yet so we are waiting and seeing ...Probably won't move back until July at earliest

Keane Fri 18-Mar-05 17:11:07

JJ, I miss you please post more

<<over pouring emotcion from formally know as Fio2>>

zebra Fri 18-Mar-05 17:42:07

Yeah, JJ, get on the American culture thread & be a proud "Liberal American", would you?!

Get in touch with your bank on Monday. Ask if they can (probably) do a CHAPS transfer as a direct bank transfer on your request, if it turns out that your soliciter flakes out (which might be enough to get her booted out of Law Society).

Exchange & completion can happen same day, so things should work out ok for you.

JJ Sat 19-Mar-05 16:58:57

Keane, I miss you too (gush gush).

zebra, I've just added my bit!

LIZS, hope the move goes smoothly and stress-free as possible.

The money will go out at 2.30am Monday morning and all will be well. Thanks again for all the info!

Hulababy Sat 19-Mar-05 17:12:47

Hope it all goes smoothly for you.

Not much happens between exchange and completion. We are doing both on the same day!

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