What happens on exchange day?

[IHeartNiles]

We’re selling. Our solicitor informed us earlier in the week exchange would be pencilled in for tomorrow. The EA today said the same. No news since. Is there anything we need to do? I can’t remember it’s been a while since we last did this. Does it just happen or do they need to call us?

You need to have buildings insurance on the property you are buying from the date of exchange but not a lot else happens!

They usually call you t say they are ready to exchange and ask your permission to go ahead. That's it. You are then legally obliged to sell the property (and they to buy or they forfeit the deposit).

Oh cool doesn’t sound too onerous then. Thanks

not as long as you have the insurance on the new place arranged, and ready to start with a phone call as soon as you are told that you have exchanged.

your solicitor should guide you through all this. That's one of the things you pay for. Keep chasing as they will all knock off for Christmas this time next week.

Have you transferred your deposit to your solicitor’s account? If so, confirm with your solicitor this morning that you’d like to proceed.

It’s Friday, naturally. All exchanges take place on a Friday. Your solicitor and the other side’s solicitor will spend all day calling and missing each other and leaving messages until at about 16:57, when you are really frazzled and know the weekend is looming and you’ll spend it worrying that you haven’t exchanged; they’ll exchange

(All exchanges don’t happen on a Friday. Just all of mine, ever. And yours. And that of everyone I know.)

That's insane. I have never exchanged on a Friday. Completed, yes but not exchanged!

Thanks I’m not purchasing, just selling. Going into short term rental until we find the right house. Solicitor emailed this morning and will call me once exchange happens...

I would follow up to see if it has happened.
If you wait for solicitors, you can wait a long time. Quite often exchange doesn’t happen on the day expected unfortunately. At least you’ll know if you ring now rather than being uncertain over weekend.

Not happening today, should now be Monday.

Sorry to hear that...disappointing when you’ve waited all day. Hope it all happens on Mon. When is your date to complete?

8th Jan. just want it done fed up with the whole thing. Never doing it again as long as I live. Moved several times but this has been awful so much more bureaucracy and general slowness.

Oh no, it's so frustrating isn't it? We seem to be having similar bad luck! We waited almost 2 weeks after they were supposed to do it before they finally exchanged (their solicitor went home early on our deadline day). I hope it happens quicker for you!

@OUB1974

Oh no, it's so frustrating isn't it? We seem to be having similar bad luck! We waited almost 2 weeks after they were supposed to do it before they finally exchanged (their solicitor went home early on our deadline day). I hope it happens quicker for you!

So frustrating. 2 weeks is crazy!! I wouldn’t mind but it was them who proposed the dates.