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Exchanging contracts?

(9 Posts)
BeautifulLiar Fri 01-Dec-17 15:00:08

Sorry, clueless first time buyer here

The solicitor is posting DP the contract today so hopefully he can sign and return on Monday/Tuesday.

The vendor is apparently signing her contract on Wednesday (how can they be so sure?)

So... When exactly is the exchange of contracts? That's not it, is it?!

And when can we confirm our completion date? Will it be written on the contract that DP has to sign for the exchange?

We've already asked for the 15th December and the vendor is quite accommodating as she isn't in a chain

fromtheshires Fri 01-Dec-17 15:07:17

Often both parties sign the contracts etc in preparation for the exchange. I signed mine weeks ago for my sale but still havent exchanged.

Before you exchange, everyone needs to agree a completion date and each solicitor checks everyone is ready to go and happy.

They then phone each other up and down the chain (I like to tihnk conf call would be easier) to confirm exchange and then call you to say you have exchanged. Your signed copies are then sent in the post to the relevent solicitor.

LIZS Fri 01-Dec-17 15:11:33

Have you discussed completion date yet? It may be left blank on the contracts until exchange happens , some time after Wednesday. Usually you get the contracts signed, finances in place then exchange.

Figment1234 Fri 01-Dec-17 15:13:26

Yes, as the previous poster has said.. exchange of contracts will happen by phone. The physical signing of the contracts by buyer and seller is the prep work. The two solicitors will then 'exchange' and write in the date on the contracts. So this will not happen until a) all the hard copy contracts are in the hands of the solicitors and b) the deposit money is ready to hand over.

You would normally have to agree the completion date as part of exchanging the contracts, so that will likely be in the contract that your DP is signing.

chocoshopoholic Fri 01-Dec-17 15:14:33

They may know Wednesday as the date they plan to sign if they are signing in person. My vendor was an older lady who did everything at the solicitors office at the end of the street rather than by email or post. I knew when her appointment was to sign.

BeautifulLiar Fri 01-Dec-17 15:56:18

Right ok. Thank you! The vendor may well be signing in person - we are not as we are not local. The solicitor said we need to pay the deposit a week on Monday. So after that, the solicitors should have a phone call and exchange the contracts? There are only two solicitors involved - DP is moving from his dad's house, and the vendor is moving in with her dad!

ThroughThickAndThin01 Fri 01-Dec-17 16:07:49

Make sure the deposit is paid early enough to his solicitor so it's cleared and ready to be passed over on exchange of contracts.

BeautifulLiar Fri 01-Dec-17 16:20:18

Well I did wonder this Thick - can we not pay it earlier ? We have it ready now

specialsubject Fri 01-Dec-17 16:58:36

First , your solicitor does this all the time and should have explained to you that signing is not exchange.

Second, regarding deposit - get bank details by phoning solicitor. Send £10 across with your internet banking to check you have got the details right. Only send the rest when the solicitor confirms receipt by you phoning them. Deposits are frequently stolen by people sending emails purporting to be from solicitors. Internet banking limits may mean it takes you several days to send the deposit.

Third, completion is indeed in your control by negotiation. Have an insurance quote ready to start at exchange, have your post redirect forms complete and ready.

Good luck!

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