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Friday completion- Bad idea?
gettingon
Posts: 12 Forumite
I have read in a few places that completing on a Friday is a bad idea.
The vendor of a property we are buying has said today she wants to aim to complete on Friday 8th March. Is there any reason not to complete on this date? Should we suggest Thursday 7th?
Thanks
The vendor of a property we are buying has said today she wants to aim to complete on Friday 8th March. Is there any reason not to complete on this date? Should we suggest Thursday 7th?
Thanks
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Comments
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Most completions occur on a Friday, so that the new owners can move in over the weekend. Whilst problems due occur its not a problem 99% of the time.0
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I've only ever completed on a friday! Necessity of needing to minimise time off work. I've always tried to minimise the chain and pre-book a flexible removal firm well in advance.0
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We are aiming to complete on a Wednesday, it's not busy for solicitors and it allows a couple of days for me to get locks changed house clean and curtain rails up.0
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We did once complete on a Friday. I forget how far we were up the chain, but it took until around 4pm for the money to come through. Thankfully we were moving into rented, so it didn't matter, but Friday's are busy, and everything takes longer. Based on this experience I would never complete on a Friday again - imagine if we'd had to wait until 4pm to start moving in!0
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I would not think that's a problem. I often finish my projects on Fridays. Hardly ever had any problems.0
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There is no chain so hopefully Friday will be OK. Thanks for all the replies.0
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I think the theory is
a. many people choose a Friday so its busy and perhaps more costly for removal firms
b. If something goes wrong then financial institutions are closed until Monday leaving you hanging around for 2 or 3 days.
When I moved recently I was keen to avoid a Friday completion.0 -
The length of the chain was more likely the cause of the delay, rather than the day of the week.We did once complete on a Friday. I forget how far we were up the chain, but it took until around 4pm for the money to come through. Thankfully we were moving into rented, so it didn't matter, but Friday's are busy, and everything takes longer. Based on this experience I would never complete on a Friday again - imagine if we'd had to wait until 4pm to start moving in!
It could have been Thursday at 4pm. It depends on what time the first solicitor at the bottom of the chain sends the first batch of money out.I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.0 -
kingstreet wrote: »The length of the chain was more likely the cause of the delay, rather than the day of the week.
It could have been Thursday at 4pm. It depends on what time the first solicitor at the bottom of the chain sends the first batch of money out.
Point taken, but I think there were 4 or 5 of us in the chain, definately no more. So, not really short, but not very long either.0 -
Oh, and to add to that, my dad was doing my conveyancing, so others in the chain were definately chased
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