House buying - exchange & completion, I'm confused

[Tigerstripes]

So, we were hoping to Exchange next week, only completing in June, can't move before 19th

We had a mortgage in place which ran out in April, we've moved to a new product but its really high rate so we're also applying for one with first direct. They've been really good, fast as well but the valuation came back today at 13k under what were paying

So, finally, where I'm confused is this. Can we exchange with one mortgage in place with Abbey and still be negotiating with fd or do you get the money through as you exchange? Does that make sense? I am so sick of this now, its been going on since October

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[Bop]

You should be able to exchange with an offer in place if its still valid....and then continue to try to find a better deal....as long as the sellers get the money on the right day it shouldn't be a problem. Do make sure you keep your solicitor informed (in case they ask for the wrong money) - there is a risk that they may make a small extra charge, but I doubt it.

Big ((hugs))
Bop

Bio

[Tigerstripes]

Thanks Bop, that's what I was hoping for. We don't want to pay the higher rate but I can't lose this house now

The offer is valid until Nov so no problem there, just have to hope first direct still agree to the money, as I don't think our vendor will drop the price again.

I've no idea how it can be valued so low after just 6 months

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