Someone up chain demanding very short completion?

1echidna

Contracts exchanged today with completion set for 27th August. Many thanks for all the comments and support. Of course things not absolutely certain until we move, but problems now less likely. My sympathy to those still in the frustating and most stressful periods of the house selling and buying process.

RabbitMad

1echidna wrote: »

Contracts exchanged today with completion set for 27th August. Many thanks for all the comments and support. Of course things not absolutely certain until we move, but problems now less likely. My sympathy to those still in the frustating and most stressful periods of the house selling and buying process.

Now go and read welshwoofs thread and really scare yourself!;)

Gwhiz

RabbitMad wrote: »

Now go and read welshwoofs thread and really scare yourself!;)

:rotfl: You bad bad rabbit!!

1echidna

RabbitMad wrote: »

Now go and read welshwoofs thread and really scare yourself!;)

It doesn't happen that often though does it :rolleyes::D

telfordwhite

pinkdiamonds wrote: »

It is true! It is possible to exchange and complete on the same day, plenty of people do. However, if there is a mortgage involved the lender will still require a minimum of five days notice to transfer the monies.

They may need 5 days notice to transfer the monies but they can have 5 days notice that exchange and completion are occuring the same day.

As I said I have done it 4 times and all 4 purchases involved mortgages.

Richard_Webster

I think one area that is lacking in house purchase is the lack of visibility of the two dates: exchange and completion. It all is just a big black hole with nobody knowing what's going on.

It's a shame there's no kind of "online calendar" where all involved parties can input yes/no days until matches are found. Then from those matches the final dates could be finalised by the usual (solicitors deciding) methods.

The Land Registry proposed a "Chain Matrix" where all parties would have to register on-line how far they had got so that it could be seen whether or not people were ready and all could zero in on the hold-up. This doesn't solve the issue about dates but would have dealt with related issues of checking whether people were ready and stopping people coming up with unrealistic proposed completion dates because they had made assumptions about the state of readiness in a chain.

The idea was a good one in principle but it had a lot of practical problems. I think it has been shelved at the moment. Pity, because I think it had far more potential for speeding up conveyancing than the introductioon of Home Information Packs!