complete sale on different day to purchase

AngelaB43

Please help! My solicitor advised that I have to complete my house purchase on the same day as completing the sale of my own property. The seller can't complete on the same day as the buyer however - one wants 30th, the other 31st October. Why does my solicitor say this can't be done? Exchange on both has been agreed for 27th. Many thanks, Ange

silvercar

You won't have the money to complete your purchase until you have completed your sale. If you complete your sale the day before purchase, you will have to vacate your property on one day and store your stuff overnight to gain access the following day.

questionss

We completed on our sale on the Thursday, the removal company stored our stuff overnight, we stayed in a hotel & completed our purchase on the Friday. Cost an extra £200 or so. We had an awkward buyer plus a slightly awkward situation with our deeds which we couldn't face explaining again so we were reluctant to give the buyer another 2weeks to change her mind (that was the next day everybody could do). Obviously couldn't buy before selling unless you don't need the money from the sale!

Thrugelmir

AngelaB43 wrote: »

The seller can't complete on the same day as the buyer however - one wants 30th, the other 31st October.

Then someone is going to have to compromise.

ali_hire

You don't *have* to do anything, it's a point for negotiation.

If you really can't agreed with the other members of the chain then it'll come down to who flinches first.

silvercar

I would be nervous of completing on a Friday, just in case monies don't transfer on time and you end up in limbo all weekend.

Annisele

Depends which way round it is.

If your sale completes first, then you can keep all your stuff in a moving van and stay in a hotel overnight. The use the money you got from the sale to complete on your purchase the next day.

If your purchase completes first, then you'll need enough money to pay for it - and you won't be able to use any of the money currently tied up in your own house. If you've got a house-worth of money floating around spare, that'll be fine - but if not, you can't do it.

ellie27

silvercar wrote: »

I would be nervous of completing on a Friday, just in case monies don't transfer on time and you end up in limbo all weekend.

I didnt think of this one.

I am in Scotland so I know its different, but I thought most house sales go as planned, you sell and buy on same day. We have set a date of entry friday too, fingers crossed!

AngelaB43

Thanks for the advice, but I'm still not clear! Surely if exchange is on the same day - so deposits from buyer/seller both there, sitting in the solicitor's client account - then it shouldn't matter if we complete my purchase the day before my own sale. Isn't completion simply about giving keys? Why does my solicitor insist completion has to be on the same day for both? Thanks again!

Newly_retired

If not all parties in the chain are agreed on a completion date, then your solicitor won't exchange on the date agreed.
Exchange only happens when everything is in place, and in your case, it isn't.
You won't have the money to complete your purchase until you have sold your property.

GalaxyStar

They may have the deposits but they won't have the funds from the bank, so you buy a house at 100k, the solicitors may have 10k deposit but they won't get the 90k from the bank until the day of completion. They usually request a few days between exchange and completion too. On completion the money from the bank gets passed up the chain, when the money has been received that is when the keys are released. they won't release the keys until this has happened