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Can I still exchange contract ?

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  • Can I still exchange contract ?

    Sorry The story is a bit long, let me give you a bit background about our situation.
    So we have process for the house which the ex-owner was no longer living there. He has part exchanged his house to a new house. So now the house we are buying is under that part exchange company. We understood that situation in the beginning.
    But when we start using our solicitor to process, we find out that this house is actually under the processing of title transfer with the land registry(transfer from the ex-owner to the part exchange company) - and it is not completed yet.
    The ex-owner bought this house with mortgage so the bank is involved too.
    Both the seller solicitor and the property agency insist that under law, we can still exchange contract even the title transfer is not completed at their side. Our solicitor did not comment much regarding this issue, I guess she also want to protect herself so she thinks we should wait until they have solved this issue.
    But our situation is a bit rush as our tenant agreement of our current house is expired soon and we need to let them know by next Monday if we will renew the tenancy contract.
    So I want to ask if there is really a law saying that we can exchange contract in this situation.