Exchanging Contracts

[CyclingAddict]

Quick question: we have just signed Contracts for the sale of our property (instructed Solicitors six months ago 😳), does that usually mean all the buyer’s enquiries have been answered and we will move to Exchange within the next couple of weeks? I can ask the Solicitor later but wondered if anyone knew on here?

Yes my understanding is that once contracts are exchanged the sale is legally binding and money should be transferred within a few weeks from that point, on the day you have both agreed 😊

Thank you, I just wondered if, because we have now signed, ready for exchange, we won’t have to wait for ages for any more buyer’s enquiries to be answered. This is what has taken so long. It’s been more complicated as it’s a flat with a Management Company (who we pay a management fee to) and a Landlord (who we pay ground rent to)
☺️

Just signing the contract doesn't mean much, it could still be ages before exchange. Someone I know was recently in a chain where everyone was waiting for 1 solicitor who cba to get their act together and actually exchange. Then, all the solicitors wanted their clients to positively confirm they still wanted exchange to go ahead, even though contracts had been signed. Until exchange anything is possible. Good luck for yours being a short wait.

Signing the contract means nothing. Solicitors often do this week in advance of the searches and queries being completed. The two sets of Solicitors won't agree to exchange contracts until the buyer (and their mortgage lender) is satisfied everything is in order.

Your solicitor is the only one who can really answer your question.