completion

[deste]

DD put an offer in for a flat outside London. It was accepted and the seller is desperate to complete. She has already been let down last October and wants to go. Everything is done finance etc, we have paid the deposit but her solicitor wont answer three questions about the sale so nothing is happening. My daughter has arranged a flat share who needs somewhere to stay on the first of September and she was hoping to get the keys on the 30 of this month. How quickly can they complete the sale once her solicitor gets back to our solicitor. Sorry for being a bit vague on correct terms but we do things differently in Scotland.

[scanner]

It usually depends on the mortgage lender, the last time we moved we exchanged and completed within two days, the previous time the lender would agree to a minimum of 10 days.

[LIZS]

Presumably they have yet to exchange but that can happen almost simoultaneously if everything else is in place.

[deste]

What does the exchange mean. My husband is co owner so does he need to be their to exchange or what. As I said we are in Scotland so could not just pop down to London for the day.

[LIZS]

You exchange contracts , which is the formal commitment to buy, forward deposit, agree date and terms then complete when the actual legal transaction goes through, money is handed over to vendor, mortgage activated and removals take place. There can be a time lag between the two if mutually agreed or they can be done on the same day. your dh doesn't need to be there physically but must have signed all the paperwork (ie contract, mortgage offer , title deed transfer) beforehand, have had it witnessed and sent to the solicitors.

[LIZS]

Isn't the 30th a Saturday so she'd have to complete by next Friday, plus remember to allow to lose a day next week for Bank Holiday.

[deste]

Thanks everything is signed and the money is sorted out, DD has been working way for the last two weeks but will be going back to London next week so hopefully it can be completed then. I will remind her that there is a bank holiday also next week. Thankyou I knew I could rely on someone here to give advice.

[deste]

Well we still have not exchanged. They have been faffing round for the last two weeks. They said the sellers solicitor has not been communicating with them. Ours dont get back to us when we call. We phoned on Monday and said we wanted to talk to our solicitor dealing with the purchase. They said they would call back but my husband said he would not budge till she spoke to him. She said she was trying to get it sorted but they needed clarification on three points. Told them they had until Friday to sort it out or we were backing out. Surprise surprise everything gets sorted out and we were exchanging this Monday. That is until ten to five Friday when our solicitor called to say the seller did not have permission to sell. (Shared ownership from a housing association). Does anyone with experience know how long that can take. They say they might have to bounce bck the mortgage. We are loosing the will to live and daughter and friend will be homeless soon.

[noddyholder]

so are you buying a %

[deste]

We are buying 100% share.

[deste]

Never thought I would say this but I am now delighted they faffed about we have just had a refund of £1750.00 because they cancelled stamp duty as from today. By the way they exchanged today but will get the key tomorrow.