Best date for completion??

titewad_2

I would like to avoid being charged excessive interest on my first months mortgage payment,or playing catch up on the interest.
Our mortgage company A&L,have written saying that funds are ready to be released.We have just received the draft information from our solicitor,up to now no mention of an exchange date or completion date.First of all I'd like to ask what is the difference between the two dates/processes, and can they both be done on the same day?
The other more important question is,when is the best date to "complete" in regards to the interest saving situation

Ian_W

The diffence between the two processes is that when you exchange contracts you are bound to continue with the sale or purchase on penalty of damages for breach of contract if you don't. In a chain there are often several simultaneous exchanges so everyone is bound at the same time. Completion is when the property actually legally changes ownership and again can involve a number of properties being bought/sold at the same time.
They can take place on the same day and this isn't unusual but it isn't the norm. Reason is that without all parties being legally bound it's quite risky to book and pay for removal vans, take time off work to move etc if it could be delayed by a late hitch.

As for the optimum date/day in terms of the mortgage I think it depends on a lot of variables to do with the lenders polcies and I have no experience of A&Ls so can't help. TBH the process can be that drawn-out I've always been more concerned with getting exchanged asap and completed on a date that suits all parties best.