Exchange process questions

[CatAndHisKit]

Once both sides agreed to exchange ASAP, how many days should it take to actually do it? Would the buyer's lender send a deposit to solicitors and how long does that take?

Also would your solictor telll you the day before or will just contact yo uon teday as a seller? Mine is very laconic with her messaging, and although i've asked, she hasn't given me a timeframe.
It's bee ntwo days since we've agreed on completion date and price adjustment, and agreed to exchange now.
It's been dragged out already so much, I'm hoping it won't take another week, now it's the w/end of course so I'm just getting impatient.

*contact you on the day

The lender doesn’t provide the deposit. If you’re a first time buyer you lodge the deposit with your solicitor before completion. If the deposit is coming from the sale of a property it gets transferred from your buyers solicitor to your solicitor to your sellers solicitor. All happens on the same day.

It's not a chain, Soontobe, and my buyer is not an FTB but an investor - but I assume what ou said re deposit applies to any time of buyer 9with no chain), so he needs to transfer the deposit - I think it's probably what wer are waiting for , in this case...

sorry, any TYPE of buyer.

bump

The actual process of exchange is done over the phone on the same day for all parties in the chain. The bottom of the chain is usually the only one to transfer cash to the solicitor, then the solicitors in the chain will pass this money up the chain during the exchange process. So as long as all paperwork is signed and deposit is transferred, the actual process of exchange is relatively quick. Your solicitor will contact you in the morning for your permission to exchange that day.

thanks, Brie. Would they tell me in advance when that day would be - so if they need my response, I 'll make sure not to miss the call / email?

Also, is there any extra signing involved from both parties (ther is only buyer and me) if the orice was slightly adjusted recently? CAn solicitors amend that or need to create and post new contracts to both?

Yes usually you would agree completion dates with an exchange date happening a fixed amount of time (a week or two) before that though t’s not unheard of to exchange and complete on the same day. All of this would be agreed in advance though so you should have a few days warning that exchange was being planned.

I’m not sure how changes to the agreed purchase price would work in terms of the contracts so can’t help with that.

How much is the price adjustment and does it alter the loan to value? The contract can usually be amended by hand but the TR1 Transfer form may have to be amended and then sent out for signature again, because this form is submitted to Land Registry after completion. The lender will need to be informed of the price change and depending on the loan to value, may need to reissue the mortgage offer.

The solicitor will telephone you for your authority to exchange on the day and if they don't manage to exchange that day, they will ask for your authority each day until exchange has taken place. They should let you know that exchange is imminent, but if you think you might not be available to speak on the phone, you can always email your authority each morning in preparation!

Thanks, Spickle - good to know about the logistics and that email is fine instead of phone calls. The price is very slightly adjusted due to lender retaining a bit baed of survey issues. It's in buyer's favour, not mine. I wonder if a couple of thousand differnce would need that TR adjustment?