Financial outlay before exchange of contracts

delmar39

Hi looking for some thoughts on this.
We’re due to complete on our sale 12th March. Buyer is in a position to exchange, but their buyer isn’t. We’re moving to a new build and would like to get carpets down before we move in on the 12th March. Carpets need to be ordered 10 days beforehand. We’re pushing for exchange, but it doesn’t look likely. We go off on holiday for two weeks 14th March so things are tight.
I know this may sound like a silly and irresponsible question and I appreciate the risks involved, but would you take the risk and commit financially to things like carpets before exchange has taken place?
There are 3 in the chain us (new build so no on-going chain), our buyer, and their buyer, who is a first time buyer. We accepted the offer 2nd week in Dec so things are progressing.
Our EA is trying to work out reason for the delay with regards to our buyers buyer, so we may know more later on today.
Feedback welcome.

ILW

I would wait until you have exchanged and have a firm completion date.
It is only going to cause minor disruption for a week or two out of your whole life.

G_M

No. Never.

delmar39

I guess I did think as much, just getting frustrated and my heart wants to proceed but my head is telling me otherwise. You know how it is...

Richard_Webster

If you are moving to a new build and haven't exchanged contracts with a definite completion date to buy that how sure are you that completion of your purchase will take place on 12 March? The house might not be finished - or there could be a delay in, say, connecting the water supply.

delmar39

Richard_Webster wrote: »

If you are moving to a new build and haven't exchanged contracts with a definite completion date to buy that how sure are you that completion of your purchase will take place on 12 March? The house might not be finished - or there could be a delay in, say, connecting the water supply.

Hi, thanks for this. On this note our original date for completion / exchange on our new build was 26th Feb. However, the builder couldn't arrange for a gas supply to be connected to the property until the 9th March, so new completion / exchange date is 12th March. It's going to be tight releasing the mortgage monies due to a re-inspection on our property by mortgage company to check that it's complete (arranged for 10th March), but as things stand it's just the gas supply holding things up. My brother in-law works for the small local builder who is building the house and is working on it daily, so we have access to it on a weekly basis and it's about a week away from completion (but without gas). So, I'm as confident as I can be about it being completed by 12th March (our exchange / completion date on our purchase). We want to exchange on our sale asap in order to commit to things. As we go off on holiday for 2 weeks 14th March if we don't complete on the new build for whatever reason we'll be away and can do it on our return, but would mean putting things in storage.

I've just spoken to our EA and it appears that our buyers buyer has had to adjust their mortgage offer, so are waiting on this coming through. Once this has happened we should be able to exchange. Our buyer wanted to come in and measure up, but not until exchange of contracts, which will hopefully get them pushing from their end too.