complete sale on different day to purchase

jamie11

Have you looked at an overnight 'bridging loan'.

Expensive and a bit dodgy if things don't go to plan.

anselld

AngelaB43 wrote: »

Isn't completion simply about giving keys? Why does my solicitor insist completion has to be on the same day for both? Thanks again!

No. Completion is about concluding the contract, ie paying the money to the seller. You don't have the money to complete your purchase until you complete your sale.

Pete9501

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.

Plus that is the busiest day of the week to move. Everyone getting stressed, solicitors up to their eye balls in moves, money flying everywhere. Fingers crossed our chain has agreed to a Thursday, should be confirmed next week.


[URL="[URL=http://smg.photobucket.com/user/pete9501/media/B0ZagkqIEAA6UZ2_zps4f6022b8.png.html][IMG]http://img.photobucket.com/albums/v251/pete9501/B0ZagkqIEAA6UZ2_zps4f6022b8.png[/IMG][/URL]"][/url]

eddddy

AngelaB43 wrote: »

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!

I think I see what you're saying:

You believe you should have sufficient funds to buy your 'new' house, even before your 'old' house sale is completed. Those funds comprise of:

1) Your new mortgage
2) The 10% deposit from your buyer (which will be safely in your solicitor's bank account by then)
3) Some of your savings (perhaps)


If that's the case, I think it wont work for 2 reasons:

a) It may be a condition of your 'new' mortgage, that it cannot start until the 'old' mortgage is paid off. (So you can't have two mortgages active for that one day.)

b) Your solicitor is probably not allowed to release that 10% deposit to you until your sale is actually complete.

(The risk would be that you didn't complete your sale for some reason, and you would be left with two mortgages, and you would have spent somebody else's money - i.e. the 10% deposit.)

Hoploz

Has this been sorted out yet, OP?