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When to Exchange

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  • When to Exchange

    Hi - Im new to this so please bear with me. I am in the process of buying a house from an esate agent in Hampshire (yes the agent her self!). We have agreed a price and a completion date on March 15 - my issue is i am being pressured to exchange by Feb 1st! this seems a long period. I appreciate that if the seller is moving into rented accomodation that they will want to be sure the deal goes through BUT 6 weeks! Am i know liable for insurance when i exchange (as in effect - the deal is done from a financial liability standpoint.) I guess my requst is
    Is the agent taking the preferbial?
    What is best Practice?
    Why would i / should i consider doing this?

    Any comments welcome!

  • #2
    Re: When to Exchange

    forgive my typos please!


    • #3
      Re: When to Exchange

      If the searches are back, you have any necessary mortgage offer, and your solicitors are happy about all the paperwork then there is no reason why you shouldn't exchange by 1st February. If these things are not in place then the seller will just have to wait until they are. You cannot fix exchange dates in advance - if you could then why wait?

      OK you will have to insure the place for a bit longer than you would like, but is that all that important in the grand scheme of things?
      RICHARD WEBSTERwww.rwco.co.uk
      As a conveyancing solicitor I want to be helpful (England/Wales only) but can't accept liability for this.


      • #4
        Re: When to Exchange

        Bear in mind that exchanging contracts protects you as much as it protects her.

        It is in both of your best interests to exchange as soon as possible to help ensure that neither of you withdraws from the sale / purchase.

        If you delay exchanging contracts yourself and the buyer then subsequently loses her job, has a family bereavement, has a separation with a partner, or just simply changes her mind for seemingly no good reason, then you risk losing the property and all of the associated costs that you have borne so far.

        If you are totally committed to buying the property why delay exchange of contracts and expose yourself to these risks for the sake of a few weeks of building insurance premium?
        Property for sale in Torquay