7 days to complete... Possible?

[hairyunicorn]

I have just been informed my mortgage offer can not be extended past 04/08 (next Friday). My solicitor is terrible and has promised to call me back today. i am still awaiting that call.

Apparently all the paperwork has been received from the sellers, so i am unsure what my solicitor is waiting for. Once all the paperwork has been received, dose it take long for the exchange to be completed. Is there any chance this could be done within 7days?

I am pankining now, as no matter what the outcome i will still have to pay the mortgage fees. I am really hoping it can complete within 7 days. Anyone else had a quick completion? give me some hope 😓

We just exchanged today and we’re told the banks need a minimum of 5 days to withdraw the funds. I believe you can contact the bank and ask for an extension? When are you due to exchange

A week is quite normal. It was a week on our first purchase. We are meant to complete on the 11th August, our buyer refuses to exchange til they've viewed again (s
Ffs) so they're coming on the 3rd which is only a week and a day, so I'm hoping they exchange that day or the next. Solicitors like enough time to check everything is good. But some folks do exchange and complete on the same day.

We exchanged and completed the next day. It’s possible

It's down to the legals but I've done it same day before.

It is possible but it depends on an awful lot of things - like solicitor being prepared to pull their finger out, and whoever you are buying from agreeing that date. Have you signed any paperwork yet, or paid the deposit to your solicitors?
I would speak to the agents and get them onside, and also email your solicitor, so that you have a written trail, advising that the mortgage offer expires on x date and that therefore it is crucial that exchange takes place urgently.
The problem is, completion in 7 days is rushed, and can really only happen if everyone co -operates. Your mortgage company may well need 5 working days notice to send over funds, for example, and that has to be given by the solicitor and not you, in the form of a certificate. If the solicitor won't play ball, then you are stuck. I'd send the email now, right now, it's 430 on Friday already, and phone them and the agents too.

@Conkerqueen have not been given a date yet, we were all working under the assumption that they would allow us to extend. sadly not

@ImGonnaHaveToTurnMyBackOnYou good luck with your move

@Newjobformoremoney & @Doggymummar you are both giving me hope, but it is going to be a very stressful weekend waiting till next week to find out.

I think if all the legals are done (fingers crossed they have been) then its just going to be down to the fact of drawing down the money from the mortgage company. Can't believe this. i really don't want to miss out on this flat for the sake of a few days.

@DelphiniumBlue thank you for your advice, i am going to get on the phone to everyone again right now

Excellent, then follow up with emails. Get those calls in quick!

I exchanged and completed on the same day on my last purchase.

Just to update this thread for people in the future with the same question.

Yes, you can exchange and complete on the same day but usually, mortgage companies need 72hrs - 5 days to check all final paperwork and release the funds.

Thankfully I got a 4-day extension from the mortgage company and was able to complete yesterday. Thanks for all the advice

Phew, what a massive relief, well done! Enjoy your new home.