An updated version of this article is here: Attended Exchange after Brexit
With so many cash buyers in the market, Attended Exchanges are on the increase.
For an attended exchange to occur, a highly competent lawyer will attend the offices of the vendor’s solicitor with the intention of exchanging on the same day even if the property is leasehold.
Of course cash buyers are already an attractive prospect but for those vendors who are still a tad unrealistic, the attended exchange can be a persuasive too.
Fridays’ experienced team of conveyancing lawyers are ready to attend the vendor’s solicitor’s office at 24 hours notice.
Attended Exchanges (FAQ)
How are you going to exchange if all the paperwork is not with the seller’s lawyers ?
We will have instructed a personal search agent to attend the local authority to conduct a search and another team to obtain planning documentation. Where appropriate indemnity insurance will be used and fully explained to the buyer. If absolutely necessary we make the contract conditional upon certain documents being received e.g. service charge receipts or ground rent receipts.
It may also be possible, in certain circumstances to agree for the seller’s lawyers to hold back monies (a retention in an escrow account) pending production of a document. This way completion takes place but the seller is motivated to resolve an issue to produce a document.
If you have a conditional contract then it is hardly worth the paper it is written on. Am I right ?
No. Sometimes it may be appropriate to have a conditional contract. It is usual for both parties to be motivated contractually and emotionally to complete a conditional contract . It is rare for a conditional contract not to complete. Many standard transactions are conditional so would you rather have a conditional contract day one or a conditional contract eight weeks down the line ?
How quickly can you attend ?
Normally within 24 hours of the client formally instructing us.
Do you need to meet the buyer ?
No more so than we do in an ordinary transaction. Most buyers look to meet us at the vendor’s lawyers but this is not absolutely necessary.
How much do you charge ?
The average fee is £2500 but it depends on the property and price. We provide the client with a detailed quote prior to instruction.
Do you require a deposit in you your account before you exchange ?
Yes. We must have a cleared deposit monies before we can exchange contracts but this can be sent as we are in attendance at the seller’s lawyers. We do not need it before hand.
How much notice do we need to give you ?
As much notice as possible as our lawyers can be booked out. As long as a lawyer is available we would try and attend the seller’s lawyer inside 24 hours
Do you work on a “No Completion, No Fee“ basis ?
Yes but not with Attended Exchanges