Advice Please, sellers didn't exchange

[SummerTimeIsMyTime]

Hello Everyone,

I'd be very grateful if I could get some advice from anyone who has had experience with this or perhaps a solicitor.

So we were due to exchange today; I signed all documents yesterday and sent the deposit earlier only to be informed by my solicitor this evening that the seller is unable to exchange today with no rationale so we're looking at next week. The exchange date was set by the seller.

I'm rather concerned s I was told by the EA when I first inquired about the property which had come "back to market" that the previous buyer had pulled out right before exchange. I am now beginning to wonder whether it was indeed the buyer that pulled out (or rather the seller ?).

In any case I'm now wondering whether there is something fishy going on and whether I should reconsider the purchase. What happens to my deposit in this case ? Does the seller still get to keep it ?

No you wouldn't lose the deposit now as you haven't exchanged yet - even though you gave permission to, its not happened yet because the seller wasn't able to.

It might be as simple as the sellers solicitor couldn't get hold of them today for whatever reason so they didn't have permission to exchange...I wouldn't worry straight away

Your solicitor if they are on it could ask the seller's solicitor on Monday why they haven't exchanged contracts.
Is there a chain?
It could be that seller's solicitors are a bit rubbish or as pp said, they perhaps couldn't get hold of the seller.
How long has everything taken so far- has it been straightforward?

@DancingHippos thank you for your response. I know seller is downsizing but I have no idea of how things are proceeding on that end.
We started back in Oct and it's been pretty straightforward, sellers seemed very eager from the start, insisted on a no chain buyer and EA constantly rushing us hence why I'm rather confused at what's happened now considering the exchange date was requested by the seller.

@Rosecoffeecup thank you for your response.
So would I need to sign contract again, as well as the witness and reconsent to exchange ?

You won't need to sign again but your solicitor should ask you for verbal authority again - I think I did this 4 days in a row before finally exchanging 🤦‍♀️

Try calling the EA tomorrow and see what they know? They should be staying on top of their exchanges. If no one relevant is in, leave a message or email your contact to chase the seller's solicitor first thing on Monday.

When is the planned completion date? If there’s still time to exchange and stick to the original date then it probably just fell down the priority list for their solicitor.

I had similar last year. We were meant to exchange on a Thursday with plan to complete the following Tuesday. I was selling and buying and had the removal men all lined up for the Tuesday. We ended up exchanging at 5pm on the Monday evening. I honestly don’t know how I held my nerve as we had the removal men pack everything up on the Monday ready to take it to the new house the following day. I was still thinking everything was fine when I had the call at 4pm from my team saying that exchange still hadn’t happened - but with a promise they were still working on it.

Luckily it did happen, and all was well in the end, but some solicitors just don’t seem to realise the effect their actions have. The only explanation was that a more urgent case had come up.

It is normal to sign the contract and put the deposit ready a few days before exchange. You won't need to do so again. It is slightly odd that you are vague about whether the seller is also buying, as that will form a chain and could be a reason to wait. You could ask the EA what is happening.

Our exchange took a few days after stalling. Iirc the chain has to all exchange the same day so can take time for each solicitor to read to the solicitors up the chain. Usually they start early in the day. If they aren't all available they have to start again the next day It's a right drama.

We exchanged on a Friday and completed the following Tuesday. Stresss

I had 'we might exchange today' for about three or four days before it actually happened - definitely not something to get too worried about, at least not yet!

It's quite normal. You won't lose your deposit. There's nothing fishy going on.

@SummerTimeIsMyTime Have you exchanged now?

@DancingHippos thank you for asking. Yes we exchanged on Monday, completing in about a week ...very excited to collect keys soon :)