• Simultaneous Exchange And Completion

    By Guest on 21st Jul 2020

    On a simultaneous exchange and completion what is the order of proceedings? Should the whole chain exchange before any completions happen? Or is it that the exchanges can happen in any order but the completions have to start at the bottom of the chain? If a completion statement is incorrect and the time to resolution caused a delay on exchange (and thereform completion) can the solicitor or developer be chased for compensation/goodwill for the delay it causes to the completion of the purchase of the property?

  • 1 Answers

    By NotaryExpress on 22/07/2020

    1. You get a release of contracts on your sale from the buyer's lawyer
    2. You give a release of contracts on your purchase to the seller's lawyer if they need one
    3. You exchange contracts with the seller's lawyer
    4. You exchange contracts with the buyer's lawyer
    5. Buyer's lawyer sends funds to your lawyer and you complete the sale
    6. Your lawyer sends funds to the seller's lawyer and they complete your purchase

    With regard to the completion statement that's not within my area of expertise to comment as I don't do property litigation but I would suspect it would depend on who was at fault and all the particular circumstances of your case.

    www.notaryexpress.co.uk

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