when do you find out the completion date?

verytricky69

Hi I feel like i've been waiting forever to move into new house. We put the offer in over a month ago (so not as long as it feels ago). All the mortgages in the chain(of 3) have been officially sorted.

My question is- do you find out the completion date on exchange or before this and will we be told when exchange is much before it happens? I hope that makes sense?!

Also i've heard that there is a minimum of 21 days between exchange and completion- is this true?

Doozergirl

You can exchange and complete on the same day if you so wish (not usually advisable) so no, there is no minimum of 21 days. 7 days is quite usual.

The actual completion date can only be properly confirmed at exchange, but as you get closer to your anticipated exchange and completion date, this will either firm up or shift back. Ultimately, you all have to be ready to go; and then all agree on which dates for exchange and completion. You will have dates that you aim for but these have to be quite flexible, especially in a chain.

You will have notice before the anticipated exchange date as you need to put your deposit in place with your solicitor. And you will have to confirm that you are indeed ready before they actually exchange for you. Completion date goes on the contract at that point of exchange.

dianah

i've read that you usually agree on the completion date before the exchange so the completion date can be added to the contracts.

not heard of the 21 day 'rule', my lawyer said it's usually a week or two from the exchange.

we had the offer accepted just before easter - no chain either side and our mortgage is sorted. however, the ea took a week to send out the sale memo, then they took another week to realise that the vendor's lawyer details were wrong and sent another memo. gaaaaaaaaaah!

goldengirl28

dont forget about the things in tha background, that the solicitors do, i dont have a full list, but a few things that come to mind;
. paper work to sellers/buyers that needs to be completed/returned and exchanged e.g fixtures & fittings list
. all searches

PasturesNew

Exchange sets the completion date in stone. Somewhere along the line your solicitor will ask you what you want and they'll consider that when all the solicitors agree a date between them. In my case I said I wanted two weeks, in the end there were so many delays that when the solicitor phoned to offer me an exchange/completion date I just said "just stick with the original completion date as I don't want this to fall apart" and I ended up with two days.

lottie176

I agree with doozergirl. Think she has summed it up exactly. You've been waiting a month which isn't long when you'd concider that I had my offer accepted in jan and only exchanged Friday of last week. I am also in a chain of three. Everyone's time scales are different but I am completing in a months time. This was previously agreed between all 3 parties and as said, was included in the exchange of contracts. This will mean that if anyone in the chain does not complete on the agreed day then there will be penalties.

There is no rule as to time between the two but it is usually best to have a slight gap inbetween just incase for any reason the exchange doesn't take place and someone pulls out then you hopefuly won't have booked removal vans etc etc.

timmyt

verytricky69 wrote: »

Hi I feel like i've been waiting forever to move into new house. We put the offer in over a month ago (so not as long as it feels ago). All the mortgages in the chain(of 3) have been officially sorted.

My question is- do you find out the completion date on exchange or before this and will we be told when exchange is much before it happens? I hope that makes sense?!

Also i've heard that there is a minimum of 21 days between exchange and completion- is this true?

agents and many clients fail to agree a date with their buyer - if they can though that depends on the lenght of the chain - and so matters rattle on.

the lawyer does not decide (You are moving not him) so agree it with your seller through your agent.

usually a week or two between exchange and completion, but no rule...just enough time to book removals and get mortgage monies.

yiour lawyer needs to know the completion date when he exchnages...as an exchange is a binding promise to move at a certain future date. that's all it is.

so start getting dates discussed.

Richard_Webster

so start getting dates discussed.

Yes, do that, but please don't think that if you feel "everyone in the chain has agreed" such and such a date for completion, that it will happen. People regularly do this and go and make all kinds of expensive hard to get out of arrangements on the strength of that sort of "agreement" and then find it doesn't work out and everybody gets mega stressed.

Please remember most people don't totally understand the process and so can say they will agree a date without, for instance checking with their solicitor that it is feasible/possible. I've known cases like this where my client swears black is blue that everyone has agreed a date and then when we make the phone calls to check it we find e.g. that a solicitor further up the chain hasn't even received draft contract papers on his client's purchase so there is no way the date is possible and "my client hasn't mentioned that date to me..."

Another point is the Chinese whispers problem - someone further up a chain says "We'll agree the 29th as long as we have 3 weeks notice..." Estate agent simply reports down the chain that the 29th is agreed - we get to the 20th and are wanting to exchange only to be told about the 3 week notice requirement that didn't fliter through.

So please try to get dates agreed but don't make binding commitments like giving notice on rented, booking holidays, ordering carpets for the new house, etc until contracts have actually been exchanged.

Wise-Bat

We too are in the same boat as above. Me and my girlfriend got offer accepted before easter and as of Wednesday this week 28th our solicitor has our mortgage offer in hand (so half way there). However speaking to him today we been told he can't proceed and obtain any completion date as the vendors have not yet instructed their solicitor with details to proceed further / agree completion and untill the vendors solicitor gets them instructions, my solicitor cannot complete his work along with any dates being set. He informed us that he has also spoken to the estate agent so they can try and push for these details via the vendor, but no reply as yet!

We can't help but think why? hoping nothing is wrong. Are they playing for time as they not yet ready / found a new house?

We where only told near the start when asking there situation that the vendors have seen places they are interested in / poss they might move into rented accom but no more than that on their position.

Should we contact the estate agent tomoz to find out more details or just wait a little bit and hope its all in hand being delt with?