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Completion date - do I need everything cleared out on the same day?
pk83
Posts: 32 Forumite
Hi folks,
We are in the process of buying a repo and our existing property is sale agreed. The completion date is scheduled for 2 weeks tomorrow. Is this when keys are also handed over?
As we're buying a repo we can't really commit to moving out in case there is a last minute offer on the house and we lose it. Ideally we would like to complete and sign all the paperwork and have 2-3 days to move our stuff to the new house. Is this typically acceptable?
Thanks!
We are in the process of buying a repo and our existing property is sale agreed. The completion date is scheduled for 2 weeks tomorrow. Is this when keys are also handed over?
As we're buying a repo we can't really commit to moving out in case there is a last minute offer on the house and we lose it. Ideally we would like to complete and sign all the paperwork and have 2-3 days to move our stuff to the new house. Is this typically acceptable?
Thanks!
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Comments
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Do you need the proceeds of your sale in order to buy the repo?0
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Wrong thread...0
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The completion date is scheduled for 2 weeks tomorrow
So Contracts have been Exchanged.
Once that has happened, the Completion date is fixed. Contractually. Neither side can pull out. Has that happened on both your sale and purchase?
On Completion you get the keys and ownership of your purchase. It is yours. Whether you choose to move in or not immediately is up to you.
On Completion you hand over the keys and ownership of your sale. It is no longer yours. You must vacate completely (see? "Completion"!) or get sued.0 -
Yes, we need the proceeds of our sale...
So you need to complete on this, and hand the keys of your current house to whomever has bought it to get the money to buy the repo.
But you want to do this 2 days AFTER you complete on (get the keys, and pay for) the repo.
You can't 'pay for' the repo until you get the money from your sale.0 -
So Contracts have been Exchanged.
Once that has happened, the Completion date is fixed. Contractually. Neither side can pull out. Has that happened on both your sale and purchase?
On Completion you get the keys and ownership of your purchase. It is yours. Whether you choose to move in or not immediately is up to you.
On Completion you hand over the keys and ownership of your sale. It is no longer yours. You must vacate completely (see? "Completion"!) or get sued.
Sorry guys, I'm an amateur at this as you can tell. Contracts haven't been exchanged yet - I assumed that happened on the completion date?
Is it standard practice for contracts to be exchanged a few days before completion? That would be ideal as we could then move our stuff out in advance.0 -
There is no "standard practice".
Contracts can be exchanged on the same day as completion, or six months before completion date if vendor and buyer want..................
....I'm smiling because I have no idea what's going on ...:)0 -
Sorry guys, I'm an amateur at this as you can tell. Contracts haven't been exchanged yet - I assumed that happened on the completion date?
Is it standard practice for contracts to be exchanged a few days before completion? That would be ideal as we could then move our stuff out in advance.
Exchange means that both sides are contractually bound to the sale. You can't pull out. They can't sell it to anybody else. But it's not yours yet - you've not actually bought it, just agreed to. You can't have the keys to the new place yet, your buyer can't have the keys to your old place.
Completion means that the sale(s) have actually happened. You've paid for the house, the paperwork's all done and dusted (effectively), the keys are handed over. Yes, you certainly do need to have everything out of your old house on or before that date, simply because it isn't your house any more.
Exchange and completion CAN happen on the same day, but more normally there's a period between.0 -
If Exchange has not taken place, you cannot saySorry guys, I'm an amateur at this as you can tell. Contracts haven't been exchanged yet - I assumed that happened on the completion date?
Is it standard practice for contracts to be exchanged a few days before completion? That would be ideal as we could then move our stuff out in advance.The completion date is scheduled for 2 weeks tomorrow.
Completion date is nothing more than a vague hoped-for date until it is confirmed by the contract..... at Exchange.
Exchange usually takes place a week (or 2, or 4) before completion.
this allows everyone to plan for moving on Completion, with an agreed, binding date which cannot change.
Echanging/Completing on same day is possible, but very stressful as it could be cancelled, or moved, up to the day itself.0 -
You dont even know what youre asking, so my advice would be ask your solictior0
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