exchange of contracts

dburton

Hi
I'm selling my property and wanted to go into rented for a while, before i decide to buy again.
I found somewhere to rent, but was advised(rightly i believe) that not to put any deposit down until the exchange of contracts, just incase it fell through.

The exchange was suppose to be the 28th of feb and have written confirmation of this. but unfortunately this didn't happen.
Since then the the letting agent has contacted me and has found another tennant. so i,m now left with nowhere to go.

Could anyone tell me if i'm able to extend the completion date (14th march) until i find somewhere else

[Deleted User]

The completion date is decided on exchange. If exchange hasn't happened then you're free to extend the completion date assuming that the other party agrees, and you're also free to cancel the sale if they don't agree to an extension.

dburton

many thanks. They were going to try to do it monday, but no help to me now
So i suppose i will need to get onto my solicitor first thing monday to advise him to delay completion

G_M

Until Exchange, nothing is guaranteed (not even the price!), so you can
* refuse to Exchange
* delay Exchange
* Exchange but use a new Completion date (by mutual agreement)
* etc

BUT, when you Exchange
* you must agree a Completion date
* that Completion Date is then fixed

So you can certainly offer to Exchange next week, with a new delayed Completion date (eg a month later) which gives you time to house-hunt, BUT that Completion date will be fixed once you Exchange.

phill99

G_M wrote: »

Until Exchange, nothing is guaranteed (not even the price!), so you can
* refuse to Exchange
* delay Exchange
* Exchange but use a new Completion date (by mutual agreement)
* etc

BUT, when you Exchange
* you must agree a Completion date
* that Completion Date is then fixed

That isn't the case. There are many instances where the completion date can change.