Have exchanged, can we change completion date?

blackswan_3

We have exchanged to sell our house on 24th and moving into rented accomodation, thus redeeming the mortgage.

I thiught our mortgage deal had finished, but have just checked and it actually reaches end of term on the 31st :-( Thus as things stand I am going to have to pay two grand early redeption fees, even though it is only a week early.

I spoke to a couple of people at NatWest, but they said theire is no flexibility to waive it etc.

If the buyer agrees, can you change the completion date after exchanging?

PasturesNew

It is quite a way away from now, which might make it possible.

But: The whole point of exchanging is to set the completion date in stone.
So it's not changeable.
It's legally binding.

You can only change it now if:
- your buyer agrees
- your buyer's solicitor agrees
- your solicitor agrees
- any mortgage companies agree

You need to get onto everybody now to change it, but there might be penalties. e.g. what if your buyer has handed their notice in on rented property, they might want you to pay their storage fees, their hotel fees and £2k compensation.

Your solicitor may charge you more.
You may get other charges from your buyer (e.g. if their solicitor charges more).

It is possible your buyers will lose interest on any savings they've arranged to move. It is possible their mortgage deal will no longer be valid and they'd have to start again and pay another £X.

You made a mistake. You may have to live with it. Ask nicely and see, but you can't throw any strops if it can't be changed. People can't move the earth at this stage.

It might be cheaper to just pay your redemption.

Good luck.

blackswan_3

Thanks - they are keeping their existing flat and we would be happy for them to move in on the agreed date, we will still be moving out then to our rented house. Hopefully we can all agree. Solicitor is not available until Monday.

silvercar

If your buyer agrees you can change the date.

If you do change the date your solicitor won't let you hand the keys over until your buyers actually do complete.

Richard_Webster

It might be worth you offering to pay any extra costs to the buyer to rearrange their affairs to fit a slightly later date. Hopefully that wouldn't be anything like £2,000.

Bit of extra work for solicitors but if it can be agreed quickly and easily no big deal.

Your present mortgage lender won't care when you pay the loan off - they will just charge the figure for the particular day you do it.

Buyer's mortgage lender would be asked to send money to buyer's solicitor in time for completion. If money already on its way there'll be the costs of sending it back.

pinkshoes

Offer the buyer £500 cash to move the completion date?

silvercar

The only major hitch would be if the buyers' mortgage offer runs out before the 31st. Anything else could be negotiated away, provided your buyers are willing to negotiate.

milliejo

one point to check is if your deal ends on 31 October you probably need to delay completion until november to avoid penalties from your lender