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Negotiating exchange and completion dates

Hi,

We are first time buyers currently living in rented accommodation.

We have had an offer accepted on a house and so far everything seems to be going ok - mortgage is going through, surveys underway, solicitors instructed etc.

I'm still trying to ascertain exactly how long the chain is and everyone else's plans. Our vendors have had an offer accepted on a property but I don't know anything else other than that.

We would like to move soonish but there is some flexibility. My only concern thus far is that we have to give 4 weeks notice to quit on our rented flat.

Does this mean that we really need to have about 4 weeks between exchange and completion to ensure we don't become homeless if it all goes wrong? And what could happen if the completion date goes awry?

Any advice gratefully received.

Comments

  • arbrighton
    arbrighton Posts: 2,011 Forumite
    Ninth Anniversary Combo Breaker
    You're unlikely to get 4 weeks between exchange and completion (despite what some on here may believe)- one or two is more usual these days. Quotes for removals etc are obtained beforehand with 'it's likely to be.....' then booked firmly on exchange (cheaper if not a friday, and usually quicker for it to go through via conveyancers as the main day for that is friday).
    DO NOT GIVE NOTICE before exchange. What this will mean is that you can move without it being a mad rush and then clean the property prior to checkout inspection to get most/ all of your deposit back.
    Completion date is only firmly fixed at exchange- before that it's only a guide that people are aiming for. If it doesn't happen after exchange on the agreed date, then your conveyancer can sue vendor.
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