O/T - exchange and completion

[Alfie22]

Hopefully moving to Shoreham in the not too distant future and have heard will get charged to exchange and complete on the same day. Is that true? I have a cash buyer and will be moving to a property currently vacant.

 

[Tricky Dicky]

Have you got your visa stamped - we're a very select bunch you know.

Sorry, don't know about charges for exchange & completion - don't fundamentally see why which days you do it should affect the cost.

 

[beorhthelm]

it wouldnt surprise me. dont know the process, but id imagine that instead of simply posting off contracts, the solicitors have to block out a half hour to do the calls and faxing, or maybe send someone round physically to oversee the exchange?

 

[Aspinal's Body Double]

or maybe send someone round physically to oversee the exchange?

Don't believe it. I've done my own conveyancing twice. When solicitors "exchange contracts" no physical exchange usually takes place. They just phone each other and agree that they have exchanged (contracts are then put in the post in no particular hurry). I "exchanged contracts" on the phone from Cornwall with a solicitor in Kent.

I can see no good reason why exchanging and completing on same day should incur extra charge. But they'll charge you for anything they think they can get away with-they're solicitors.

 

[Alfie22]

Apparently it's something to do with making sure the finances are transacted successfully. Sounds random to me.

 

[seagullsovergrimsby]

Apparently it's something to do with making sure the finances are transacted successfully. Sounds random to me.

I would have thought that happened anyway with contracts being exchanged (phone call with confirmation by fax and paperwork sent by secure post ie DX ) and when all the monies have gone through another phone call etc to confirm legal completion. The only thing that is different with exchange and completion on the same day is the timeframe to sort it all out. My eldest son moved into their new house four weeks ago and they exchanged a week before completion. On the day they got a call from the solicitor at 9.40 am to say they had completed as the financials were sorted , when we've moved there has always been an anxious wait for the solicitor to call after 2pm when the bank/building society staff have returned from lunch to put the money through.

 

[Alfie22]

So basically I'd pay about £100 to my solicitor just for doing what he would normally do, only a bit quicker?

 

[mistahclarke]

So basically I'd pay about £100 to my solicitor just for doing what he would normally do, only a bit quicker?

Only thing they can really get away with is the CHAPS cost.

 

[Westdene Seagull]

So basically I'd pay about £100 to my solicitor just for doing what he would normally do, only a bit quicker?

Yep. I don't know how far into the process you are but it might be worth looking for another solicitor. Get a fixed price up front - barring any complications.

 

[Alfie22]

Yep. I don't know how far into the process you are but it might be worth looking for another solicitor. Get a fixed price up front - barring any complications.

Too late for that - perhaps a week away from exchange / completion. In the grand scheme of things £100 isn't a big deal, just wondered why it would be an extra cost and whether anyone would vehemently advise against a same day scenario.

 

[Hiney]

Only thing they can really get away with is the CHAPS cost.

To be fair, you should get away with less than £100 for a decent pair.