Exchanging contracts: what actually happens?

[theluggageslegs]

As in literally, if contracts have been signed and are with the solicitors, ditto the deposit and a completion date has been agreed? What has to happen physically - are contracts emailed, posted, sent via carrier pigeon?

Or in other words, what’s the holdup NOW?

We’ve been waiting to exchange since Friday with all the above in place. Buyers solicitor has been feckless throughout, mine and the EA are chasing them but nothing. I’m about to start issuing ultimatums.

I feel your pain - we have been waiting since Friday too and FINALLY managed to exchange this afternoon. Basically the solicitors all call their clients to get verbal confirmation to proceed with the exchanging of contracts over the phone - they read it out the details and you confirm if correct. Then the solicitors call each other to confirm the details. If all happy then they call each other the release the contracts up the chain to complete the exchange. Once they have all made contact with each other it is really quick for them to actually exchange - mine happened in 8mins this afternoon (timed by my agent!). I would recommend you can get as many people chasing the solicitors that are holding up the chain e.g client, estate agent & other solicitors. Best of luck! It is a massive relief to hear when it finally happens

Thank you Katff - congratulations on exchanging, it gives me hope that maybe it’ll happen for us tomorrow. Only our buyers and us so no chain, even!

Your buyers need to send their deposit to their solicitors and it is normal for the solicitor to draw down the mortgage monies ready for completion. It is quite likely this which is the hold up. If your buyers are FTBs and have help to buy ISAs that hold things up - especially if the fact that some of the funds are in such an ISA hasn't been clarified.

This is assuming that your buyers have no further queries which need to be answered.

Thanks wowfudge. Buyers deposit already with their solicitor, all queries answered, we’re not completing for a few weeks so I’m scratching my head tbh.
I just don’t want it to get around to the end of yet another week without exchange as I know every Friday must be horribly busy with completions.