Why Do Solicitors Take So Long To Exchange Contracts?

What comes first completion or exchange?

The main difference between exchange and completion is that ‘exchange’ is an exchange of contracts, which makes the matter legally binding between the parties, whereas ‘completion’ is the date the parties physically move and transfer legal ownership of the property..

Why is there a gap between exchange and completion?

There is usually a gap between the exchange of contracts and the completion date. This allows time for parties to arrange their personal belongings and also to arrange funds from mortgage lenders. The time of completion is found in the contract and usually happens between midday and 2pm.

How long do solicitors take to exchange contracts?

A transaction that would be considered quick would still typically take around 2-3 weeks from enquiries to exchange of contracts. A more typical transaction will take anything from 4-8 weeks after enquiries have been completed to reach exchange of contracts. Many take longer.

What can go wrong on completion day?

What can go wrong on completion day? When completion day rolls around, in most cases it should go smoothly. However, simple human error can sometimes throw a spanner in the works and cause delays. Many of these problems come from houses being bought and sold in a chain.

What happens after contracts are exchanged?

What happens after exchange? When exchanging contracts, the “completion” date is also confirmed. The completion date, put simply, is moving day. It’s the date on which the seller must vacate the property and the buyer will get the keys and can move in.

How long after signing contracts do you get the keys?

two weeksCompletion is when the money changes hands and you are able to finally get hold of the keys to your new place. A time of two weeks is usually allocated between exchanging contracts and completion, although it can be even quicker than this. The buyer’s solicitor can be sued if they fail to meet the deadline.

What can go wrong after exchange of contracts?

Things that can go wrong between exchange and completion include: The mortgage company of the buyer withdraws their mortgage offer. Something untoward happens to one of the parties. A dispute arises regarding the property being purchased.

How long before completion Do you exchange contracts?

The length of time between exchange and completion is whatever all the parties involved agree to, but it’s usually one or two weeks. That gives everyone time to organise themselves for completion: Buyers and sellers can confirm removals and start packing.

Will my solicitor tell me when we exchange contracts?

Even though your solicitor has your signed contract, you must still give them express authority to exchange contracts on your behalf and confirm the completion date you require. The most common method is by telephone. … You will be notified by your solicitor of exchange. Check your buildings insurance is in place.

How can I get my solicitor to hurry up?

Tell your solicitor that you would like them to apply for faster ‘personal searches’ ASAP (assuming the lender accepts these). If you are a cash buyer you could opt not to have searches at all. This can save time and money. Contact your lender and ask if the valuation survey can be fast-tracked.

Is it OK to exchange and complete on the same day?

Answer: If your seller agrees you can exchange and complete simultaneously. Usually, once contracts are exchanged there is a binding agreement between seller and buyer, who, with their solicitors, make the completion arrangements.