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whats the difference betwene exchange and completion
jamminjamaica
Posts: 862 Forumite
is there a difference between excahnge and completion? i thought they happened at the same time.
my house sale and purchase is set for completion on 27th October. what then? do i move on that date?
my house sale and purchase is set for completion on 27th October. what then? do i move on that date?
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Comments
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on exchange you agree that you will purchase the house. On completion you actually move in.
The deposit is paid on exchange and the balance on completion. So completion is the date when your mortgage money is borrowed from the lender.
Once you have actually exchanged (actually happened as told to you by your solicitors as opposed to signing the papers in rediness), you should insure the building, as from then on you are committed to buying it whatever happens in the meantime. The exception is new builds, where the developer agrees to have the property ready by completion.
Sometimes people do exchange and complete on the same day, usually because there have been delays getting to exchange point and everyone is ready to move or because someone has no deposit to exchange with.
Normally a completion date is agreed on exchange that is difficult to alter. Failure to complete on the given day will incur financial penalties.I'm a Forum Ambassador on the housing, mortgages & student money saving boards. I volunteer to help get your forum questions answered and keep the forum running smoothly. Forum Ambassadors are not moderators and don't read every post. If you spot an illegal or inappropriate post then please report it to forumteam@moneysavingexpert.com (it's not part of my role to deal with this). Any views are mine and not the official line of MoneySavingExpert.com.0 -
great stuff thanks so i guess i have already exchanged and we have set the completion date so i guess that all is left to do is move in hooray!!!0
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You really should know when you exchange, your solicitor should have told you, because you should have put your buildings insurances into force - otherwise you are not covered should the building fall down.jamminjamaica wrote:great stuff thanks so i guess i have already exchanged and we have set the completion date so i guess that all is left to do is move in hooray!!!
You'd best check this and make sure you've got the insurances.
Good luck0 -
broker sorting that out.0
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