Why are my buyers delaying exchange?

Sometimes buyers or sellers delay the exchange of contracts. This can happen for a variety of reasons. If either is in a chain they may delay the process to give other parts of the chain a chance to 'catch-up'. If a survey showed any problems, the buyer may want more time to investigate them.

What happens if an exchange is delayed by a buyer?

If the exchange of contracts has taken place, anyone who does not complete on the set date will be in breach of the contract. For example, if the party buying your home does not complete because their mortgage advance is not available, they will be in breach of their contract to buy your home.

Why is exchange taking so long?

Exchange cannot take place until anyone needing a mortgage has received their offer. If lenders are busy or potential borrowers have been slow to send in their applications or have omitted crucial documents, everyone in the chain could end up waiting for an offer to be issued.

What to do if a house buyer is delaying?

As soon as there are signs that the buyer may be stalling, speak to your solicitor or conveyancer. Your legal representative will give you advice about your legal position and liaise with the buyer's solicitor to help get things moving.

How often do buyers pull out just before exchange?

Buyers may sometimes make an offer with the expectation they may back out if they find another property, but more often than not, there is a valid reason. As many as 20% to 30% of sales fail to get past the exchange, with some of the common reasons include: Having a mortgage application rejected.

THE DANGERS OF EXCHANGING CONTRACTS AND DELAYING COMPLETION WHEN YOU BUY A PROPERTY

Who pays solicitor fees when a buyer pulls out?

Are there any solicitor fees when a buyer pulls out? Buyers and sellers are liable for solicitor fees if either party pulls out before the exchange of contracts. Depending on the progress of the sale and the individual solicitor, this cost will vary but you will be required to pay for all the work done so far.

Why is it so long between exchange and completion?

For everything to run smoothly, you need paperwork to be completed on time and funds to be transferred without delay. Most mortgage lenders will have a minimum period for arranging for property funds to be transferred, e.g. seven days. Therefore, it's not often that exchange and completion happen simultaneously.

Why do solicitors delay the exchange of contracts?

Slow Buyers/Sellers – Sometimes it's the buyer or seller holds things up (deliberately or otherwise). They might not provide sufficient information or sign contracts promptly. Busy Solicitors – If a solicitor has many clients, they may take longer to conduct the work that's required.

How to deal with an unresponsive buyer?

Should you view a house before exchange?

Should you view the property again before exchange? The simple answer is yes. Buying a property is a very important decision both financially and legally so it is essential that you are 100% sure about the purchase before exchange of contracts.

How late can exchange happen?

The exchange of contracts doesn't have a set time or day, but it often occurs around midday. The selected time depends on the specific circumstances of each transaction and the solicitors' and parties' availability and readiness.

Can a solicitor request mortgage funds before exchange?

But when does a solicitor request mortgage funds? Typically this occurs after the seller accepts the offer, but this process takes a long time too. By that time, the funds will be available during the exchange of contracts, ready to reach the seller's account and complete the property purchase.

How to speed up exchange of contracts?

Buying and selling at auction

You are guaranteed to speed up the conveyancing process by buying or selling at an auction. The traditional method of an auction is a process where the buyer and seller exchange their contracts immediately and overall have up to 28 days for sale completion.

Why would exchange be delayed?

Sometimes delays can occur because one side is responding slowly to the other's enquiries and there can be a breakdown in communication in the middle. If this is the case, contact your estate agent to find out if they can shed any light on the delays, or ask your solicitor to chase the other solicitor.

What could go wrong between exchange and completion?

It is very rare that things go wrong between exchange and completion but it can happen and certain things are beyond your solicitor's control. For example, banking systems can go down which can affect the transfer of completion funds between solicitors.

Why is my house buyer stalling?

There are a few common reasons that might stall a sale: 1. Buyer's Mortgage Issues: Sometimes, buyers face problems securing their mortgage. They may have found a hitch during their financial checks or the bank might have slowed down the process due to some missing documents.

When to walk away from a buyer?

What is an apathetic buyer?

An apathetic customer is defined as a customer who appears indifferent to your product or service. Sales professionals most commonly encounter apathy from customers during the prospecting process while trying to engage a new customer in a conversation.

What time of day do solicitors usually exchange contracts?

What time of day does exchange of contracts happen? There's no set time of day for it to happen. Just as soon as the conveyancers have checked everything is in place and both parties are ready. Usually, it takes place around midday, to allow time for moving.

Why is there a delay between exchange and completion?

There is usually about a week between exchange and completion, but sometimes it's longer and can be as much as four weeks. The main reason for the delay is to give the mortgage lenders time to release the funds.

Do solicitors inform you when contracts are exchanged?

A solicitor will usually tell you (their client) when the exchange of contracts is happening, and many will also make a courtesy call to keep you well informed.

How long from sold stc to completion?

How Long Does It Take to Go from Sold STC to Completion? The time it takes for a property to move from sold STC to completion typically ranges from 8 to 16 weeks, but this can vary depending on several factors.

Why haven't we exchanged contracts yet?

The most common issue that can hold up exchange of contracts is with the buyer or seller, or their conveyancing solicitors, taking their time when responding to enquiries.

Does everyone in a chain move on the same day?

Everyone in the chain will have to complete on the same day, so you all need to agree the date. This might sound complicated. But your solicitor will work hard to sort it out on your behalf. Completions normally happen on a weekday, rather than a weekend.