When to complete??

febop

We are about to exchange contracts (thursday:))on our first house and i was wondering whether it would be better to complete before or after the end of the month or does it not matter?I'm a teacher so would really want to be in during the easter holidays but we want to try and have as much money as we can when we move in for renovations. Any help would be fantastic

col1967

I don't think it matters to be honest - think it's a matter of personal choice. I exchanged contracts today and I'm going to complete 30th March :j - that was just my preference. This has been a very long process - I had my mortgage offer on 19th December and I originally chose a completion date of 28th February (again personal preference)!

Good luck with the move

febop

you too!im all excited but dont want to get crippled with a double whammy mortgage payment!could i be really cheeky and ask you when your paying your first mortgage payment?

Ulfar

The only limitation on completion is it must be a working bank day to allow for transfer of the funds, so Easter Friday or Monday would be out.

pooler_2

It may be worth speaking to the mortgage lender and asking when the first installment will be on the repayments - you can then make sure it ties in with payday when you complete.

Completions tend to take place on whichever day is practical, eg on a Friday if you're not taking days off work, so you can move in over the weekend. Depending on your circumstances tho, you may be able to complete any time and move in whenever's practical.

Have you any specific questions about completions? I have done some residential conveyancing and may be able to answer any more specific questions you may have.

Good luck!

Pooler

never_enough

I don't think it will matter, but you could call lender to check.

I always avoid moving on Fridays if I can, just incase there is a hitch with finances. It's never actually happened to me, but did to a friends buyer, the whole chain had to cancel move/vans etc & wait until the Monday to sort it out. Moving vans are often cheaper mid week too, but that's probably not much of an issue at the moment anyway.

RetroBob

So what's the difference between "exchanging contracts" and "completion"?

I thought exchanging contracts was the last thing to do - at what stage is the buyer deposit transferred to the solicitor, and at what stage is the sale price amount transferred to the vendor?

PasturesNew

Moving is cheaper mid-week and if there are traffic issues in the road because of shoppers or events, then mid-week might be better.

As most people want to move on a Friday/Saturday those would be the dearer days.

PasturesNew

RetroBob wrote: »

So what's the difference between "exchanging contracts" and "completion"?

I thought exchanging contracts was the last thing to do - at what stage is the buyer deposit transferred to the solicitor, and at what stage is the sale price amount transferred to the vendor?

Exchange = agreements signed, final date set in stone, deposit handed over.

Completion = date of the actual move/handing over of the money and keys.

Exchange is just the irreversible contract exchanging date. Completion is the date written in the contract that was decided as the buying/selling/moving date.