Completion date agreed, not exchanged yet. No idea what's happening

[chickensarny]

I have no idea what's going on with my house purchase and I'm feeling very deflated after coming from my solicitors office just now!

We agreed a completion date last week for the 7th November.

Mortgage offer, survey and searches all done and search report received a few weeks ago. Enquires settled but I've not received the report on title yet.

It was agreed that I would go into the office today to sign all the paperwork but all I signed was the contract, not the report on title or any of the documents that come with that. My solicitor was in a different office so I dealt with her legal secretary. Tbh I thought I was going there to sign everything but then she said the report on title would be sent via email instead but didn't say when and just left a note on the system for my sol to say "wants to complete asap"

The mortgage lender requires 5 days notice to release funds so I presume we don't have enough time now. I also need to transfer my deposit in a couple of instalments. I've just emailed my solicitor and asked what's happening, are we still completing on the 7th etc etc??

I know nothing is set in stone until we exchange contracts but I've booked the time off work and need to know what's happening. I'm not sure why the report hasn't been sent to me yet if everything is settled. How are people to suppose to plan things?!

Bump!

Sorry, feeling very stressed and just need someone to talk/vent to!!

I'm currently buying a property but it's my first time so I don't know the process very well but I'm confused at how a completion date can be agreed before an exchange date?

Saying a completion date doesn't mean anything without exchange unfortunately. It is possible to exchange and complete on the same day, but it's very stressful!

@OnMNwaytoomuch I thought that too, but apparently a completion date has to be agreed in order to exchange contracts as they have to put that date on the contract I think (?)

I'm just really confused as to what's going on and why the report on title hasn't been sent to me yet if everything is ok. My solicitor knew I was coming today as she emailed the contract to her legal secretary just as I arrived.

@CleanShirt I understand that but should they not inform me if they think completion isn't happening on the 7th now. She emailed me last week and said "we have agreed the 7th as completion".

I also don't understand why a completion date was agreed if there things outstanding etc.

Phone your solicitor every day, and ask these questions that you're asking in this thread, ie what needs to happen so that you can exchange, when will you exchange, when will you complete. I'd transfer your funds over now so you're not holding it up.

IME, nothing happens without being the squeaky wheel.

There are some good online guides that explain the order of things. Unfortunately, whilst you'd expect EAs and solicitors to walk you through the process and even advise on how to engage with it in the most efficient way, they mostly don't. In my experience, they are focused solely on whether an activity has been done - mortgage on file, searches applied for, enquiries sent / responded to etc. It's a very transactional relationship. So if you want to know something, you need to be really specific in the way you frame the question. Otherwise, you get one word or vague answers.

Thank you for your replies.

I've just rang the office and spoken to her legal secretary and explained that I really don't want to wait until Monday for an update as I'll be stressed all weekend and asked if someone can please call me back or email me to let me know what's happening. It's really not fair that they leave people hanging like this!

The solicitor has now got your signed contract on file - that's all that's needed for exchange and setting the completion date. The Transfer (TR1) is signed by the seller. Sometimes a buyer needs to sign it, but only when there are covenants you have to agree to, so I assume that's why you haven't been asked to sign it. The report on title doesn't need signing, it just needs you to read through everything they can tell you about the property you're buying. You let your solicitor know whether you're agreeable to proceed (having read the report) and how you wish to hold the property (Joint Tenants/Tenants in Common) and then pay the deposit. Once they have your deposit, they will hold it to order (i.e. it will stay in the solicitor's client account until the day of completion, when everything will be sent to the seller's solicitor).

Your solicitor is very likely still able to keep to your 7th November completion date, but sounds as though exchange won't take place until next week - that doesn't matter unless there is something still outstanding on the day of completion.

@Frecklespy thank you for your message, it's reassuring to hear that it might still be ok. I thought I had to sign the report. I'm sure the legal assistant said I had to sign it but I might have misheard her. Will there be enough time with the mortgage lender do you think? I'm sure Leeds requires 5 days notice. I can't see anything on the offer letter apart from it says they will transfer the funds the day before completion but that seems very short notice.

I also need to transfer my deposit and that will take a couple of days as I'll have to do it in 2 separate instalments I think. It just all feels very last minute given the date was agreed last week.

Most lenders state a 5 day turnaround, but they can do it in a day if it's urgent. Your solicitor is likely to check with the lender that they can send the funds in time before exchanging in any case. It is fairly tight but still doable. If it gets very tight, you can visit/call your bank to arrange a CHAPS payment to send the whole lot in one go - likely to be a small fee for that though.

Maybe the way your solicitor does their report means you do have to sign it, but I would assume that a wet signature is not required - an emailed one would suffice - unless you can drop it off at short notice.

The final bits before exchanging contracts can be a bit last minute as everything has to be ready then it happens in a flurry! Solicitors generally don't like having you transfer funds early as there are rules around holding clients funds and interest which makes extra work. We had 2 days between exchange and completion and it costs a bit more for less than 5 days but as long as the mortgage company have been advised, it should still be ok. Hang in there, it's so stressful but you'll forget it all when your in your new home!