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Completion date agreed but no exchange date yet

4 replies

sleepysundaymornings · 26/10/2024 10:45

I'm a first time buyer and had my offer accepted 14 weeks ago. There's no chain as the house is empty.
*
So far:*
Mortgage offer received.
Survey completed.
Searches completed.
Received search report from my solicitor.
(This was all done around 2 months ago)

The responses to our enquires came back last week which I believe my solicitor was satisfied with.

I received an email from my solicitor yesterday to say that the 8th November (the date that I requested) was agreed for completion but no mention of an exchange date.

I haven't signed the report on title yet. My solicitor said this would be done shortly and I could go into the office towards the end of next week to sign all the paperwork (I'm away Mon-Wed for work). I thought this would be sent through the post or emailed a few days before so I'd have to time to read everything, but perhaps she thought there was no point since I'll be away?!

I presume once I've signed the report, we'll then agree an exchange date or could I exchange the same day I've signed the report? I also have no idea when I'm suppose to transfer my deposit, pay any fees etc so will need to get clarity on that too.

In all the excitement from being given a completion date I didn't think to ask any questions, but does this sound normal/OK?

I know nothings set in stone until exchange of contracts, but would both solicitors agree/confirm a specific date if everything wasn't in order and they didn't think it was 100% OK?

I'm trying not to get too excited in case something goes wrong, but does this sound like I'm nearly at the end??

OP posts:
mondaytosunday · 26/10/2024 11:37

These are questions for your solicitor. I signed well in advance of exchange and the solicitor requested funds a few days before exchange (just in case any transfer hiccup). Ask your solicitor to set the exchange date. You should try and avoid exchange and completion on same day so you have time to pack and book movers in between.

sleepysundaymornings · 26/10/2024 11:51

@mondaytosunday thank you for replying!

Yes, I will definitely ask all these questions next week. I just wanted to get some opinions in the meantime.

Unfortunately I'm away with work the beginning of next week so the earliest I can visit the office and sign the paperwork will be Thursday or Friday, then hopefully exchange sometime w/c 4th and complete on the 8th.

I was just wondering how common it is for solicitors to agree a completion date before the report has been signed and exchange date agreed? I presume the exchange date can't be agreed until the report has been signed though?

I'm in rented currently so luckily I don't have to move on the 8th, but I have booked annual leave from work and don't want to waste the day if it doesn't happen...

OP posts:
Xenia · 26/10/2024 12:03

Assuming you are in England not Scotland, I think the report on title is not always something buyers sign and is emailed to the client. The solicitor will usually want to see you in person at least once not least to obtain bank details and hand over bank details to remove the risk someone hacks in and cons yo into thinking the solicitor bank details are changed. My son with my help with no mortgage and no chain exchanged within 21 days in about 2021 - the solicitor said it was his fastest since the 1990s. That was freehold so no complex lease issues.

The main date that really matters is exchange as nothing is definite until then so I would push to get exchange of contracts done. I believe you may need to sign something but the solicitor can have authority to sign on your behalf - cannot remember which is which and which is exchange and which is completion. One of my other adult children exchanged on her sale and the purchase on the same day earlier this year so I have had fairly recent experience (2nd hand as it were).

DoublePeonies · 26/10/2024 12:04

You need an agreed completion date in order to exchange.

The exact date of exchange doesn't matter - it took 3 attempts to exchange on our sale - so long as everyone is happy with the completion date, and all the paperwork is in order.

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