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Property/DIY

Day of exchange - what is happening?

8 replies

mooki · 14/12/2009 11:24

We have been working towards exchanging today with a view to completing and moving on Wednesday.

Getting information from our solicitor is like getting blood out of a stone though -the admin team tell me what they are doing but I often don't understand the context - or understand therefore what is left still to do.....

We have signed a contact in preparation for exchange on our sale and a land registry transfer. We have signed the same for our purchase. We have a mortgage offer and a valuation and a redemption certificate. The enquiries on our sale are complete, there are some enquiries outstanding on the purchase but they should be finished today.

They said they need to work out the figures and our online tracking thingy says they have refaxed a COT to our mortgage company but I don't know what one of those is.

By all accounts everyone else in the chain is ready.

What else is left to do?
What would hold up exchanging today?

The removal firm are coming to pack our stuff tomorrow...

OP posts:
Lubyloo · 14/12/2009 14:22

A COT is a certificate of title. A mortgage company won't release the funds until they have seen this.

Your solicitor won't exchange today until the mortgage company has confirmed that they have the COT and that funds will be in place for you to complete on Wednesday.

Good luck! Hope the move goes smoothly.

mooki · 14/12/2009 15:28

Thanks, we've had a bit of progress - we're told we're now 'ready to exchange' so they are now doing the phoning round thing to see if everyone else is ready.

The mortgage adviser rang to say the funds had been requested and could I please pay the mortgage arrangement fee so I've done that.

oooooooh it might actually happen.

OP posts:
dilemma456 · 14/12/2009 21:35

Message withdrawn

mooki · 14/12/2009 22:35

No, boo!
They started the contacting process but the solicitor of the people we're buying from had a problem getting hold of the people they're buying from so it got to 5pm and was all shelved.

We've been told though that they have gone ahead and requested the funds from our mortgage company so that hopefully we will exchange tomorrow morning but there will not be a knock on delay for us to move in on wednesday.

I am completely niaive though....

OP posts:
Lubyloo · 15/12/2009 19:47

Have you exchanged? Keeping my fingers crossed for you.

goldenpeach · 15/12/2009 22:05

Yes, let us know... Just hassle the lawyers. Some of them are worse than slugs. We had an issue but my then lawyer was a bossy, plain speaking woman. She didn't mind prodding our buyer's slow, indecisive lawyer (ironically our buyer couldn't stand him too as he was desperate to move).

mooki · 16/12/2009 00:00

Thank you for thinking of me. Yes, finally exchanged at 4pm today, completing tomorrow. I was on edge all day.

The packers have been today and 3/4 of the house contents are gone, including the bottle opener, dammit. It doesn't feel like our house any more. Unfortunately I still have to give it a jolly good clean.

I still don't understand how it can take nearly 7 hours for 5 people to phone each other and say yes - haven't they heard of conference calling?

OP posts:
Lubyloo · 16/12/2009 00:05

That's great news. Hope it all goes smoothly tomorrow.

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