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Original poster

Exchanging Contracts

10 replies

Beccarollover · 27/07/2004 13:58

WOOOOOOOOOOOOOOOOOOOOOHOOOOOOOOOOOOOOO

Just heard from my solicitor she is "in the process of the exchanging contracts procedure"

What is the exact procedure of exchange?
How long does it take?
What can go wrong? Or because she is now "in the process" does this mean exchanges will be definitely done?

Thanks
Rebecca

OP posts:
Fio2 · 27/07/2004 14:01

from what I know [winl] the one solicitor gives the other solicitor the papers and they just 'exchange' them. This is my very simplistic understanding of it!

Delgirl · 27/07/2004 14:06

Once you've exchanged contracts, neither party can pull out without losing their deposit and other parties costs as well probably.

sponge · 27/07/2004 14:07

Congratulations Becca. So pleased for you after all the stress and uncertainty.
Basically each side signs the contract of sale (or their solicitor does it for them) and the deposit is paid by the purchaser.
It happens during the course of a day, the speed of it dependent on how organised each set of solicitors is and when the deposit money arrives.
Once exchanged the house is legally yours so by the end of the day you will be a new home owner. Brilliant

Fio2 · 27/07/2004 14:07

I think with our sale you had to pay either party 10 - 15% if you pulled out (it is all flooding back to me now!)

mummytosteven · 27/07/2004 14:40

also exchange can just be by phone call - barring any disasters sounds like its all nicely coming into place.

Sonnet · 27/07/2004 15:35

I do so hope it all goes smoothly now - was reading your other thread and pulling my hair out for you!! - the f r u s t r a t i o n ............

Original poster
Beccarollover · 27/07/2004 18:39

I didnt hear anything back from the solicitors so dont know if exchange actually happened - my mind is boggled by it now

....the rows with DP over the logistics of moving have now officially begun too!

OP posts:
popsycal · 28/07/2004 21:14

SH HAS EXCHANGED CONTRACTS!!!

but her broadband has also been switched off early so she asked me to post for her - now there's dedication!!

She moves on Friday and will be back online asap after that!

Hulababy · 28/07/2004 21:17

Hope the move goes well and she is back online soon

kalex · 28/07/2004 21:21

WOOOOOOOOOHOOOOOOOOOO

So chffy for her, fianlly after all the weeks of aggravation.

YEAHHH Becca, House warming party at yours

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