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Original poster

Do solicitors tell you when you've exchanged?

18 replies

PinkGlove82 · 04/09/2018 10:37

We signed the contract on Friday and the solicitor said we were ready to exchange. Asked if we were happy to and we said yes. Completion date is 3 weeks time.

At the end of the appointment (literally as we were walking out the door) he asked us about our deposit which is gifted - we thought he knew this! He asked for my bank statements so I sent them as soon as I got home. The mortgage company have the signed letter.

Now I'm not sure what's happening. They haven't been in touch further so I don't know if they want more re deposit or if we're ready to go. I don't know if we've exchanged and they haven't told us! Do they generally tell you?

OP posts:

JustLurk1ng · 04/09/2018 10:43

Chase them for an update. Get them to confirm that they are ready to exchange and you're not holding the chain up. EA is another good person to get in touch with for an update on the sale. Don't be shy to chase... and chase again if you don't get a response!

Bigchanges2018 · 04/09/2018 10:51

They have to ask for authority to exchange on the day of exchange.
I had to give twice as they didn't manage to do the exchange on the first day due to one of the solicitors not being contactable.

Mildura · 04/09/2018 10:57

As BigChanges says, your solicitor will ring you on the day to obtain your authority to exchange. If it doesn't happen that day for whatever reason, they will then call you on the next day to obtain authority again, in case something has occurred to cause you to reconsider whether you wish to go ahead.

I would always expect a call from my solicitor once they have exchanged to let me know too.

Original poster

PinkGlove82 · 04/09/2018 11:13

Ah ok, I should chase them then. I'd have expected them to contact me if they needed more re the deposit so god knows.

OP posts:

Original poster

PinkGlove82 · 09/09/2018 17:38

So he's waiting on a gas safety cert and to find out when the chimney was blocked up. For a week now. Surely we don't need a gas cert to exchange?!

OP posts:

Iscreamforbenandjerrys · 09/09/2018 17:42

Depends on the solicitor

Most local solicitors with other local solicitors will agree to provide one before completion/take a view on it because it's on the local authority search. The ultra pedantic and the factory tick box solicitors may not be as flexible.

Iscreamforbenandjerrys · 09/09/2018 17:45

Top tip...

Pester the agent at this stage. Your solicitor can only speak to the solicitor above and below in the chain. The agents can pester the entire chain. If you have a semi decent agent they will smell the commission and do the last minute running around.

Original poster

PinkGlove82 · 09/09/2018 19:52

There's no chain - just us buying a vacant property.

OP posts:

FlotSHAMnJetson · 09/09/2018 21:45

Pester pester pester! I emailed my solicitor every few hours to chase exchange, he's still probably having nightmares about emails from me!

Hirani85 · 10/09/2018 16:03

Solicitor said he's releasing the contract today - is this exchange?

Hirani85 · 10/09/2018 16:03

Sorry, op here!

Iscreamforbenandjerrys · 11/09/2018 17:32

You don't release a contract if there isn't a chain.

Hirani85 · 11/09/2018 19:21

Then someone is being dishonest, because the vendors are selling a property they rent out, which is vacant. They already live elsewhere in owned properties.

Tomboytown · 11/09/2018 19:40

When you exchange your solicitor will say the actual words “you’ve exchanged”
Have you transferred funds to the solicitor?

The contract is the one you’ve signed?

Are you thinking they have are buying somewhere and you are in a chain?

Iscreamforbenandjerrys · 11/09/2018 22:24

A release of contracts allows the other party to exchange contracts elsewhere during a set period of time. Usually only for a few hours. If no one else is in the chain you just exchange, no need for a release.

Iscreamforbenandjerrys · 11/09/2018 22:30

A blatant cut and paste from the net but this explains the process fairly well, although it's probably not the easiest to follow as a layman.

The exchange process starts with the solicitor for the buyer at the bottom (we will call this position 1) releasing the contract to the next solicitor on in the chain (position 2). This means that position 1 agrees he will exchange with position 2 provided that position 2 calls him back by an agreed time to complete the exchange. Position 2 can now contact the solicitor at position 3 and attempt to exchange contracts, safe in the knowledge that if successful then position 1 is obliged to exchange with him and if he is not then he is not obliged to exchange with position 1. Position 1 does not have to worry about the possibility that exchange might not take place since his client does not have a dependent transaction. If position 3 is not the top of the change then position 2, rather than simply exchanging with position 3, may release the contract to him. If position 3 then cannot exchange with position 4, he does not confirm the exchange with position 2 who does not therefore confirm it with position 1, and so nobody is bound into a contract. I say earlier that there is always a time limit on a release. This is necessary so that the person giving the release is not bound indefinitely. The release should always expire on the same day it is given, since it is possible that something may happen overnight to make the person whose solicitor has given the release decide that he does not want to proceed. If the release has not expired that he is obliged to proceed. If a solicitor is taking the benefit of a release and then giving a release to the next link in the chain, he should make sure that the release he gives expires at least 15 minutes, but preferably half an hour, before the release he has the benefit of. If the two expired at the same time, or within a few minutes of each other, there is the risk that the solicitor he has released to will get back to him at the last minute to confirm exchange, thus meaning that by the time that exchange is completed the release he has taken will have expired and he may no longer be able to complete the exchange. Although the method of taking and giving releases is known as formula C, once the exchange is completed it becomes a formula B, and this how it is recorded on the contract (the rationale being that you take/give a formula C release so that you can then complete a formula B exchange).

Iscreamforbenandjerrys · 11/09/2018 23:01

You should always be told when you exchange, if you are buying a you need to put your insurance in place at this point. It's your responsibility from this point.

classynan · 16/08/2024 18:47

We have been waiting for 13 weeks for our buyer to stop asking stupid questions like-
How many owners in your street had to get a mortgage!!!!!!
We have just found out that they have been on holiday for 2 weeks and just arrived back to sign the documents. !!!!
Still waiting.
Have contacted the e/a and our solicitor every week but both are so slow.
We are thinking about pulling out.
Started the agreed sale in May and we are no further along in August.
Keep chasing all the time, and the buyers went on holiday, unbelievable.

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