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  • FIRST POST
    • nimdy
    • By nimdy 13th Oct 16, 1:42 PM
    • 58Posts
    • 9Thanks
    nimdy
    Info Pack from Vendors Estate Agent - Completion Date
    • #1
    • 13th Oct 16, 1:42 PM
    Info Pack from Vendors Estate Agent - Completion Date 13th Oct 16 at 1:42 PM
    We recently accepted an offer on our home and also had an offer accepted on another house. Today we have received information packs from both our agent and the vendor's agent, listing information about the properties, our details, solicitor details etc. Interestingly the vendor pack mentions an anticipated completion date of 11th November! We only had the offer accepted on Monday and have yet to instruct solicitors (I'm filling in their paperwork now).

    I have two questions about this date - is it achievable? and is it considered a condition of sale? i.e. if we cant aim for this, could the offer be rejected? The vendor accepted our offer knowing that we have a cash buyer for our home and that they would like a quick sale. Surely four weeks is too quick?
Page 1
    • Surrey_EA
    • By Surrey_EA 13th Oct 16, 1:43 PM
    • 610 Posts
    • 647 Thanks
    Surrey_EA
    • #2
    • 13th Oct 16, 1:43 PM
    • #2
    • 13th Oct 16, 1:43 PM
    Would this be in Scotland?
    • nimdy
    • By nimdy 13th Oct 16, 1:46 PM
    • 58 Posts
    • 9 Thanks
    nimdy
    • #3
    • 13th Oct 16, 1:46 PM
    • #3
    • 13th Oct 16, 1:46 PM
    No, England.
    • kingstreet
    • By kingstreet 13th Oct 16, 1:49 PM
    • 30,037 Posts
    • 15,965 Thanks
    kingstreet
    • #4
    • 13th Oct 16, 1:49 PM
    • #4
    • 13th Oct 16, 1:49 PM
    All any party can do is suggest their preferred completion date and it's usually pointless doing so until all the necessary paperwork is out of the way.

    At that point the solicitors would canvass their clients for their preferred dates. Eventually a compromise is reached which is acceptable to all then it is formally adopted and exchange of contracts takes place with that agreed date for completion now legally binding.
    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.
    • Surrey_EA
    • By Surrey_EA 13th Oct 16, 1:50 PM
    • 610 Posts
    • 647 Thanks
    Surrey_EA
    • #5
    • 13th Oct 16, 1:50 PM
    • #5
    • 13th Oct 16, 1:50 PM
    It's rather unlikely such a timeframe for completion is likely, but not impossible.

    I'd speak to the EA and ask where the date has come from. Is it something the vendor has mentioned, or is it simply the EA being overenthusiastic?

    Typically a sale will take 12 weeks to reach completion.
    • nimdy
    • By nimdy 13th Oct 16, 3:58 PM
    • 58 Posts
    • 9 Thanks
    nimdy
    • #6
    • 13th Oct 16, 3:58 PM
    • #6
    • 13th Oct 16, 3:58 PM
    Thanks all. I thought it was a very optimistic date. My first house took just under two months which I considered to be quick considering friends and family have taken 3+ months to buy a house.

    I am going to view the house again tomorrow so I'll ask them where the 11th November date has come from.
    • G_M
    • By G_M 13th Oct 16, 9:09 PM
    • 37,092 Posts
    • 41,049 Thanks
    G_M
    • #7
    • 13th Oct 16, 9:09 PM
    • #7
    • 13th Oct 16, 9:09 PM
    Any date suggested by the EA is just wishful thinking or perhaps one client's preferred date.

    Until contracts are Exchnagd, no Completion date is fixed.

    nd Exchange of Contracts won't happen till.... everyone is ready, so cannot be foreseen at this early stage.
    • SmlSave
    • By SmlSave 13th Oct 16, 9:13 PM
    • 4,671 Posts
    • 16,263 Thanks
    SmlSave
    • #8
    • 13th Oct 16, 9:13 PM
    • #8
    • 13th Oct 16, 9:13 PM
    We've been finding quite a few estate agents put their desired exchange rate on the notification of sale. Often the sellers never suggest a date.

    Guess who gets their commission paid on exchange?
    Boy Smllet born 23/06/2011 and Girl Smllet born 01/03/2014

    5 year challenge to pay off £20,000
    £350 per month challenge
    • G_M
    • By G_M 13th Oct 16, 9:47 PM
    • 37,092 Posts
    • 41,049 Thanks
    G_M
    • #9
    • 13th Oct 16, 9:47 PM
    • #9
    • 13th Oct 16, 9:47 PM

    Guess who gets their commission paid on exchange?
    Originally posted by SmlSave
    Not my estate agent!

    I made sure they changed their contract to say payment only due if /when Completion takes place.
    • kingstreet
    • By kingstreet 13th Oct 16, 9:57 PM
    • 30,037 Posts
    • 15,965 Thanks
    kingstreet
    Commission may be legally secured on exchange of contracts, but until some actual moolah starts washing around solicitors' accounts at completion, ain't no-one actually getting a'paid...
    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.
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