Why is it that some firms tell you they are ready to exchange contracts – but then when you think you have the green light to get the exchange of contracts done, they tell you they need to “have the file signed off first”?
Why not tell me you’ll be ready to exchange contracts subject to getting the file signed off?
I’ve told the other parties in the chain – my clients and the estate agents – that we’re all ready to go, only to have to then tell them we’re not ready after all.
I appreciate that some firms need a higher body to approve an exchange of contracts but it could be dealt with differently.
Are these the firms which are always slower? Are these the firms that make our hearts sink when we know that they’re in a chain? Is there a table (like a football league) of good firms? I’m not advocating there should be any such table, but we all know which firms we do and don’t like working with.
I’m sure I’m not alone when I silently cheer when I see there’s a good – probably local – firm acting for the other party.
Does anyone else feel the same?
This column is written by a real high street conveyancer who wishes to remain anonymous. The views expressed are those of the author and not those of Today’s Conveyancer.
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3 responses
Yes this happens to me a lot and we are not told how long the ‘signing off’ will take, also same firms who charge extra for exchange close to completion so makes me think they are trying to achieve that.
That’s exactly what they’re doing.
I wrote publicly about it in 2018. Was the first to do so.
It’s a grotesque, manipulative con. Moving companies up and down the land have call logs full of the evidence.
It’s literally ripping people off. Daily. To the tune of millions every year.
This is a frustration many conveyancers will recognize. The difference between “ready to exchange” and “ready subject to final sign-off” may seem small, but in a chain it can have a huge impact on expectations, client confidence and everyone’s ability to coordinate a successful exchange.
I’ve noticed at some firms clarity is key. If there is an outstanding internal approval, lender requirement or compliance check, it should be communicated openly so that all parties understand exactly where things stand.
The reality is that conveyancing involves balancing speed with proper risk management, but good communication should never be compromised. A realistic update, even if it is “we are almost there but awaiting final approval”, is far more helpful than creating certainty that later needs to be reversed.
The best transactions happen when all firms in the chain work collaboratively, communicate clearly and understand that behind every file are people making important life decisions.
Perhaps the real measure of a good conveyancing firm is not just how quickly it exchanges contracts, but how reliably it manages expectations along the way.