View Full Version : Signing contracts on monday ?
We are going to sign contracts on Monday. what next.?
could we get a date then for moving or does it take a while?
how long does it usually take.
better start packing. god
If you are signing contracts it can still take a while. I've done them twice and waited a few days to move or months. Quite often if you have a delay you'll sign them but the solicitor wont date them.
Good luck :thumbsup:
Your solicitor should be able to tell you when you sign how long it will take for the exchange to take place. Normally at this stage, he should get getting some solid dates for you to move sorted out. He will then coordinate with the sellers solicitor (and so on up the chain) until everyone agrees on a date. Once the date is agreed, the contracts can be exchanged (and it all becomes legally binding :D )
Typically the time between signing and exchanging = the time it takes to get everyone to agree on a date. Last time I was very lucky - this bit took 1 week, but if someone further up the chain hasnt even sold their house, it could take a little while. Again, your solicitor should be able to tell you how long this will all take!
Once the exchange takes place, everyone is committed on the date so the time between exchange and completion can vary, but is normally a minimum of 1 week in order to get all the cash in the right place.
Don't be afraid to ring up and ask your solicitor this stuff - its what youre paying him/her for ;) :thumbsup:
Good luck with the move - hope it all goes smoothly!
The people that are buying ours are first time buyers. the house that we are mving to have got one. so. nothing should hold it up.
busy weekend lined up for me then. \!!
good luck with the move
I'm currently in the process of buying a house too, although I've not reached the exchanging contracts stage yet. After getting sent literature by one solicitor when I asked for a quotation, it said on there to expect two weeks between exchange of contracts and the completion date.
Confused, is the signing the contract stage the same as the 'exchanging contracts' stage?
We sign ours on Tuesday, no chain either side and the vendor has asked that the sale goes ahead asap.
Could be as little as a week from Tue then, am I right?
Sorry to hijack the thread Beth but I think you will agree, the information I hope to gain from this is relevant to you also?
No, signing and exchanging are 2 different things.
Signing the contracts is when you go in to see the solicitor to go through all the paperwork. The solicitor should explain everything about the house, what you're committing yourself to, anything that's come up on the searches etc. etc. If you're happy with everything, you sign the contracts - but that in itself doesn't mean you're committed, and the contract is left undated. After all, everyone else in the chain has to go through the same process and sign their part of the contract as well. But you normally give your solicitor permission to go ahead and exchange without referring back to you, so you are as good as committing yourselves and need to let him know immediately if you suddenly get cold feet!!
When everyone has signed, the solicitors between them arrange to exchange contracts. Literally that means your solicitor sends your signed part to the other side and they send theirs to him - in practice it's all arranged on the phone and the posting bit takes place afterwards. The contracts are dated when they are exchanged, and the completion date (the day you move) is put in then as well. That's when you're legally committed to go ahead. It's usually around 2 weeks between exchange and completion but that's open to negotiation.
If it's a short chain and everyone's ready, the solicitor might be able to phone the other side and organise the exchange while you're still in his office so you know immediately where you stand. Otherwise he'll ask you for your preferred moving date and will let you know as soon as contracts are exchanged so you can get packing. It's best to be as flexible as possible on the moving date - just name dates you really can't manage which have to be avoided - otherwise he'll have to keep checking back with you every time someone else in the chain wants something different and the whole thing ends up taking longer!
Happy moving days!
Very informative sauerkraut, many thanks for taking the time!
I am hoping that come Tuesday, although this is only the 'signing the contracts' stage, we will be in a position to identify a completion date, or at least a preliminary one.
The vendor has already stated that they want to complete asap and as the house is currently un-occupied, I don't see any reason why there should be any real delay.
As there is nobody involved in the sale except us and the vendor, I would think that once in receipt of the signed contracts, the solicitors should be able to act pretty quickly and complete the move - well, we can hope! To be fair the solicitors have acted pretty quickly so far in drawing up the 'Report in Title' and although I can't be sure, I would assume that along with obtaining the searches (already done), that is the bulk of their work.
Only thing we need to do now is choose which of the various house insurance quotes to proceed with and that should be it!
Thanks again for your comments...
Oh thats great news - me and my partner sign tommorow! Yippee I'll soon be out of shared accomodation!
Yep, and it could be sooner than you think too. We signed yesterday and are looking to move in under two weeks!