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Original poster

I was supposed to exchange today

44 replies

Amyelle1 · 14/03/2022 17:28

I was supposed to exchange today but it didn't happen as my solicitors could not get hold of my buyers solicitors to give the go ahead. We have a deadline of tomorrow or the chain will collapse. Has anyone had this happen to them? I don't understand what the reason could be.

OP posts:
mindutopia · 14/03/2022 17:45

This did happen to us. It took 4 days to track down our vendors’ solicitor. Turns out all was fine, they were just a bit rubbish. Main solicitor left on holiday the day we were meant to exchange and left it with someone else who seemed to be part time and never around. EA was also on leave that week. 🤷🏻‍♀️ 4 days of chasing and we finally exchanged and completed a few weeks ago. So all completely fine but it was stressful. Hopefully it all comes together for you tomorrow, I’d be on the phone first thing to solicitors and EA.

Roselilly36 · 14/03/2022 18:45

So stressful isn’t it, keeping everything crossed for you tomorrow OP.

Original poster
Amyelle1 · 14/03/2022 19:05

It's just horrendous!

OP posts:
HomeHomeInTheRange · 15/03/2022 09:15

Get on to your Estate Agents NOW! they are often very good at hassling the solicitors. They do not want the chain to collapse because they want their commission!

Do you have direct contact with your buyers? Again, EAs are good here.

Good luck!

FloBot7 · 15/03/2022 12:27

Agree. I'd get into the estate agents and tell them what's happening so they can push them into exchange. They couldn't care less if the solicitors like them or not, they just want to get the job done which has some big advantages.

Original poster
Amyelle1 · 15/03/2022 14:40

I spoke to the EA first thing this morning who did some chasing. The issue is my vendors mortgage lender still haven't released the funds so it's not looking like it's going to happen.

OP posts:
HomeHomeInTheRange · 15/03/2022 17:50

Oh no!

What’s driving the cut off? Any clue as to when the funds will be released? Were the solicitors slow asking for it?

Original poster
Amyelle1 · 15/03/2022 18:25

@HomeHomeInTheRange I'm not entirely sure to be honest. Deadline set by builders. It's been moved to tomorrow but that's our last chance. Apparently funds were only asked for on Monday, I'm not sure why it was so late!

OP posts:
Roselilly36 · 15/03/2022 18:43

Hopefully just hiccup OP, we moved last year, really stressful. On the day we actually exchanged, I woke up in the morning and said to DH I can’t stand anymore of this, let’s pull out. He said I think we are really close now, he was right, we exchanged that afternoon. Keep the faith, it will be worth it in the end. Good luck.

ukborn · 15/03/2022 22:18

Are you exchanging and completing? Normally the mortgage money is released for completion, not exchange, and you can blame your buyers solicitor for not requesting it earlier. We didn't complete on my sale for the same reason (we had exchanged two weeks earlier) - money was requested late by buyers buyer's solicitor snd it didn't make it up the chain in time. It was a Friday, I was fortunately not buying straight away, but had booked a hotel and moved all my stuff out. If I was expecting to complete on my ongoing purchase it would have been a nightmare. We did complete on Monday.

Frazzled2207 · 15/03/2022 22:24

Sorry to hear OP this is an absolute nightmare we are hoping to perhaps exchange on Thursday and complete next week and it’s been one hiccup after the other. Awful. Sending fistbumps.

Original poster
Amyelle1 · 16/03/2022 06:56

It's just been one thing after another for the past 10 days! We've tried to exchange nearly every day but something new has come up every time. They were told the funds would only take 24 hours to be released and here we here nearly 48 hours later and they still don't have them. The deadline won't be extended after today so I've just got to keep everything crossed. Thanks everyone!

OP posts:
Roselilly36 · 16/03/2022 07:23

Thinking of you today, everything crossed for you. I really thought I would be totally grey by the time we moved, so I can empathise completely. Very best wishes for today.

Penguinsmum · 16/03/2022 07:29

I'm keeping everything crossed for you. We had similar. 🤞🤞🤞🤞🤞

Lunalicious · 16/03/2022 07:35

We are in a similar boat! Meant to exchange Monday but our vendors changed their mind about the completion date so we spent the day trying to get everyone to agree on a new completion date. Yesterday we couldn't exchange as our buyers hadn't got their 10% deposit to their solicitor! So hopefully today is the day for us and you too!

Original poster
Amyelle1 · 16/03/2022 14:02

My vendors mortgage

OP posts:
Original poster
Amyelle1 · 16/03/2022 14:02

My vendors mortgage funds still haven't been released so it's not looking likely it's going to go through.

OP posts:
ajandjjmum · 16/03/2022 14:06

Why does your vendor need their mortgage funds for exchange - they need them for completion, unless you're exchanging and completing in one day?

So stressful for you.

eurochick · 16/03/2022 14:09

This doesn't make sense - the drawdown of funds is for completion as other have said. Someone is messing you around.

Original poster
Amyelle1 · 16/03/2022 14:21

We weren't supposed to be completing today too - just exchange. Could it be because my vendors are buying a new build property?

OP posts:
Mildura · 16/03/2022 14:28

When is completion planned for?

If there is a very short gap then I can see why your vendor's solicitors might want the mortgage funds prior to exchange, but if there is a week or more then it seems very strange.

Original poster
Amyelle1 · 16/03/2022 14:38

@Mildura Completion was middle of April I believe.

OP posts:
Mildura · 16/03/2022 14:50

Then it seems more than a little strange, in fact highly unlikely, that your vendor's solicitors would be needing the mortgage funds to be available ahead of exchange when completion is still to be a month to go.

Original poster
Amyelle1 · 16/03/2022 14:55

@Mildura Could it be something to do with their deposit maybe? I'm not sure how it all works to be honest.

OP posts:
Mildura · 16/03/2022 15:33

I would think it is very unlikely that a lender would allow mortgage funds to be used as part of an exchange deposit.