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How much notice for completion is usual?

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The_Logans
The_Logans Posts: 247 Forumite
in House buying, renting & selling
Hi, we're remortgaging our current place as a rental property and buying another home (to live in). We are close to being able to complete, we have actually signed the sale contract and returned to solicitor. However, we have really been trying hard to get a confirmed completion date as our tenants need to know when they can move in. We are aiming for the school easter holidays, and have requested 10th April. We still don't have that date confirmed by our solicitor, and today received an email saying that the vendor's solicitor would put it to them, and to the related purchase vendor and get back to us. I thought that with 3 weeks to go until that date, we'd have known by now if it was confirmed.


How much notice is usual? I'm getting stressed as it will cause a major faff for our tenants if they can't move in the school hols.

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  • Elfbert
    Elfbert Posts: 578 Forumite
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    I got 4 days notice - we'd asked for 14 days, but it didn't work out that way what with other people in the chain not being quite as ready to exchange as they claimed, so it kept being moved about... and then suddenly everyone was ready and the first date everyone could do was 4 days later so we all went for it. A whirlwind, but I was just glad to move!
    Mortgage - £[STRIKE]68,000 may 2014[/STRIKE] 45,680.
  • eddddy
    eddddy Posts: 16,486 Forumite
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    It might be more efficient to do this via the EAs rather than via the solicitors.

    The EAs would probably phone their clients as well as the other EAs in the chain, and get a completion date agreed far quicker than the solicitors would.

    Once the date is agreed, you can tell your solicitor what it is.
  • G_M
    G_M Posts: 51,977 Forumite
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    The various buyers /sellers can only agree what date they'd like to aim for. There are many reasons why it may not be possible eg
    * one person's mortgage gets delayed
    * there's a legal issue or search problem
    * someone's survey throws up some issue

    So even if you all agree, via the estate agents, on April 14th, all you can each do is tell your respective solicitors that's the Completion date you want.

    Have you agreed on a length between Exchge and Completion? That also will impact on the Completion date. If one person wants, say, a 3 week gap (eg to book removals, time off work etc) then it is the Exchange date you need to work towards, as Completion can be calculated as 3 weeks after that.
  • The_Logans
    The_Logans Posts: 247 Forumite
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    G_M wrote: »
    Have you agreed on a length between Exchge and Completion? That also will impact on the Completion date. If one person wants, say, a 3 week gap (eg to book removals, time off work etc) then it is the Exchange date you need to work towards, as Completion can be calculated as 3 weeks after that.

    G_M I think you are psychic. Or have hacked my emails! lol. I've just heard from our solicitor that our vendor is entirely happy to complete on the 10th as we have requested, but their vendor wants 3 weeks between exchange and completion (something to do with going into rented). I feel like a complete novice at this, despite having bought and sold one flat and 3 houses over the last 15 years. Pfft. So how do we decide when we 'exchange'. Is that just when the contract of sale is signed? We've already done that, but I don't know about the vendor, or their vendor for that matter.
  • kingstreet
    kingstreet Posts: 38,784 Forumite
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    You exchange contracts when a completion date has been agreed by all parties and the paperwork is all done and dusted and deposit transferred at the bottom of the chain.
    I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.
  • G_M
    G_M Posts: 51,977 Forumite
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    The_Logans wrote: »
    G_M I think you are psychic. Or have hacked my emails! lol. I've just heard from our solicitor that our vendor is entirely happy to complete on the 10th as we have requested, but their vendor wants 3 weeks between exchange and completion (something to do with going into rented). I feel like a complete novice at this, despite having bought and sold one flat and 3 houses over the last 15 years. Pfft. So how do we decide when we 'exchange'. Is that just when the contract of sale is signed? We've already done that, but I don't know about the vendor, or their vendor for that matter.
    Signing the contract is important, but is just one step in the process. It is not legally binding. Your respective soliciors will all hold their clients' signed contracts until
    * everyone is ready and
    * a Completion date is agreed.

    Then the solicitors will all Exchange contracts making all the sales legally binding.

    If one seller wants a 3 week gap, then either
    * everyone else agrees, and the Completion date entered into the contract is 3 weeks after Exchange, or
    * pressure is put on that seller to accept a 2 week gap (or whatever)
    It's negotiation.

    ps - you should not use language like that when emailing your mum.......
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