Both parties are ready for the contract exchange of a property, but?

I'm buying a property and today is the scheduled contract exchange date according to both parties (the vendor's solicitor and my solicitor). But apparently the exchange failed to happen today. I could not get hold of my solicitor for comments, so I just spoke to the estate agent. They told me that both solicitors were ready to exchange today, but there is another chain (or layer) to cross. My impression is that both sides have done their work to exchange, but there is a final hurdle. I don't know what it is, but something is out of the control of both solicitors. Anyone can give me some idea?

Update:

The estate agent call it 'top level' too.

4 Answers

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  • 7 years ago
    Favourite answer

    A chain means that the person who is selling his house to you has not been able to move into the house he had bought - so he can't move out till his side completes. So both solicitors are waiting for the other party to move out of their home so that your seller can move into their house and empty his own house for you.

    Just be patient if you don't understand this. Your solicitor will tell you when you can move.

  • Tavy
    Lv 7
    7 years ago

    How many are there in the chain, is there a third party, because the hold up might be there. Perhaps someone has not passed over their deposit. Only your Solicitor can tell you. Your EA should know how many are in the chain, they have access to all Solicitors. Fraid you will have to wait until Tuesday now.

    UK

    Source(s): former Estate Agent.
  • 7 years ago

    This is your chance to legally back out of the contract.

    Source(s): Knowledge.
  • 7 years ago

    Yes this is true

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