We’d like to remind Forumites to please avoid political debate on the Forum.
This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
PLEASE READ BEFORE POSTING: Hello Forumites! In order to help keep the Forum a useful, safe and friendly place for our users, discussions around non-MoneySaving matters are not permitted per the Forum rules. While we understand that mentioning house prices may sometimes be relevant to a user's specific MoneySaving situation, we ask that you please avoid veering into broad, general debates about the market, the economy and politics, as these can unfortunately lead to abusive or hateful behaviour. Threads that are found to have derailed into wider discussions may be removed. Users who repeatedly disregard this may have their Forum account banned. Please also avoid posting personally identifiable information, including links to your own online property listing which may reveal your address. Thank you for your understanding.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
Why is there a gap between exchange and completion
Comments
-
Some friends of mine have just sold a property and exchanged and completed on the same day.
There was no chain as it was an investment property being sold to first-time buyers.
Maybe that makes a difference.(AKA HRH_MUngo)
Member #10 of £2 savers club
Imagine someone holding forth on biology whose only knowledge of the subject is the Book of British Birds, and you have a rough idea of what it feels like to read Richard Dawkins on theology: Terry Eagleton0 -
I thought my previous post explains why? I want to exchange and complete on the same day, to allow me to move in, but thought it was common practice to leave a period in between.0
-
Interested in exchanging/completing on same day or within a few days. This is aimed for mid July, we are FTB's, there is NO chain, and our rent runs out end of July. This will give us time to have carpet fitted, new fuseboard put in and moving at OUR pace rather than going like the clappers.
Hope it's possible!0 -
Suisidevw, what you and lovemotown are missing is the risk that the sale may fall through at the last minute. You gear up for exchange and completion in mid-July, book removals and trades-people, give notice to landlord, etc. Then for some reason the vendor changes their mind, and you are in deep trouble. OTOH, exchange now for completion in mid-July, and you know where you stand. If exchange does not take place, you can ask your landlord for an extension to the tenancy, or at least make other arrangements.No reliance should be placed on the above! Absolutely none, do you hear?0
-
Yes, but if the builder is taking my house in part ex, there is no chain, (is there?).Suisidevw, what you and lovemotown are missing is the risk that the sale may fall through at the last minute. You gear up for exchange and completion in mid-July, book removals and trades-people, give notice to landlord, etc. Then for some reason the vendor changes their mind, and you are in deep trouble. OTOH, exchange now for completion in mid-July, and you know where you stand. If exchange does not take place, you can ask your landlord for an extension to the tenancy, or at least make other arrangements.
What could go wrong or am I missing something?0 -
Suisidevw, what you and lovemotown are missing is the risk that the sale may fall through at the last minute. You gear up for exchange and completion in mid-July, book removals and trades-people, give notice to landlord, etc. Then for some reason the vendor changes their mind, and you are in deep trouble. OTOH, exchange now for completion in mid-July, and you know where you stand. If exchange does not take place, you can ask your landlord for an extension to the tenancy, or at least make other arrangements.
Thanks for that. I understand. We have to give notice by the end of June from our rented property. Exchange now and completion mid July would be perfectly fine for us, so thanks, will push for this with some time in between.0 -
lovemotown wrote: »Yes, but if the builder is taking my house in part ex, there is no chain, (is there?).
What could go wrong or am I missing something?
A day before exchange is due, somebody might wander into the builder's office and offer them more money. So, they pull out of their sale to you.
In the meantime, you've packed, ordered removals, cancelled the electricity, arranged it for the new place, masses and masses of arrangements, etc. The gap between exchange and completion is for your benefit, not the builder's.No reliance should be placed on the above! Absolutely none, do you hear?0 -
There are no builders involved. It's a 'no chain' estate being sold by the ladies elderly son. Thanks for advice
0 -
It used to be a month. Logistically it's useful for getting the money to the solicitors and getting the transfer signed and for packing once you know that it will be going through.0
-
There are no builders involved. It's a 'no chain' estate being sold by the ladies elderly son. Thanks for advice
Clearly, elderly sons are immune to higher offers, changing their minds, etc. It may well work out okay for you.
Good luck.No reliance should be placed on the above! Absolutely none, do you hear?0
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 351.7K Banking & Borrowing
- 253.4K Reduce Debt & Boost Income
- 454K Spending & Discounts
- 244.7K Work, Benefits & Business
- 600.1K Mortgages, Homes & Bills
- 177.3K Life & Family
- 258.4K Travel & Transport
- 1.5M Hobbies & Leisure
- 16.2K Discuss & Feedback
- 37.6K Read-Only Boards