Question re exchange/complete

devit

A lurker writes!

I'm a FTB, and in the very final stages of a flat purchase. Yesterday I received the exchange paperwork and all seems to be in order, but I have a question regarding completion date.

I am going to transfer my monies (all deposit + stamp duty) on Tuesday, to coincide with my solicitor receiving back the signed paperwork. I expect a completion date of either Friday or Monday. My (silly) questions are:

- is it possible to complete on a weekend day, ie saturday or sunday
- I know from completion date the property is mine, and therefore the current owners need to be out on this date? Is there part of their process where they will have a "move out" date (ie when my funds are transferred to their solicitor) before my completion date? Meaning that they have enough time to move and I have the property on day 1?

I expect these are simple questions for the experts but not for me :eek:

Thank you MSE'ers!

poppysarah

Money transfers done during normal working bank hours.

Completion is completion is completion. Messing about with that isn't worth the ag.
They move out, you move in.
If you don't want to move in the same day you need to be either in rented or on a friend's sofa, or a hotel. etc.

devit

As I thought. And secretly I knew it was a daft question but had to ask

Thanks again for replying

poppysarah

It can be done by agreement. Someone I know took a month after completion to move out, but it was only done by consent and I suspect it's probably a bit risky tbh.

Robert_Sterling

I moved out on a thursday.
Furniture went into store with removal firm.
Completion was friday.
I handed my keys over at mid day on friday.
Collected my key for new house 4 PM friday.
Moved furniture in on Monday.

Fire_Fox

The vendors normally are expected to have vacated the property by, say, noon on the day of completion day. As soon as the money has been transferred on that day messages are passed from solicitor to estate agents to you and the purchaser collects the keys at, say, 1pm.

Occasionally things are help up by the money being transferred late in the day or vendors being rubbish and not out on time, which leaves the buyer sat in a van twiddling your thumbs. It's therefore less stressful to have an overlap of a few days where you own your new home AND still rent the old place. This isn't usually possible are in the middle of a chain.