Why a delay in Exchanging when Selling?
ARTICLES AND FAQS
Some of the things people ask and problems they have, with our comments and answers.
Very Frustrating - but sometimes there are delays in exchanging...
Sometimes the process is started and the telephone calls are made down a chain, and we do not hear back, or we get told there is some delay, so we try again when we believe the source of the delay will have been dealt with. Sometimes the proposed completion date gets changed and we have to contact you to get your instructions about this.
Sometimes there is actually a delay in exchanging because the completion date proposed is very close. Some solicitors in a chain want to make sure that, having sent in a Certificate of Title to a lender giving shorter than normal notice, the lender actually will provide the money in time. Exchange is delayed until the solicitor is satisfied he will get the money in time, because otherwise his client would have to pay penalties for late completion.
If you are also buying, and it is really important to you to have the certainty of exchange as quickly as possible (so you can commit for removals, new carpets etc), it is sometimes better to suggest a slightly later completion date (e.g. 2 weeks ahead, instead of a week.)
Copyright: Richard Webster & Co 2010
Richard Webster & Co 30 Leigh Road Eastleigh Hampshire SO50 9DT
Exchange of Contracts - possible reasons for delay - from Richard Webster & Co Solicitors.
Page Last Revised 11/02/11