Could completion still happen next week?

ono_no_komachi

We are in the middle of a chain of five and it has been twelve weeks since we instructed solicitors. (Ahem, think I might be answering my own question already!)

Our earliest target date for completion was going to be 6th August (would always have been optimistic) we and all below us in the chain were prepared for that; turned out our vendors wanted a mid-week completion and suggested the 8th, which would have been (and in fact turned out to be) too good to be true.

When exchange did not happen in time for completion on the 8th, the new mutually agreeable date was the 15th.

We've just found out from our solicitors that our vendors are planning to sign contracts on Friday (10th) with a view to exchanging on Monday (13th) and still complete on Wednesday (15th).

But our purchasers have previously told us that their solicitors need a minimum of four days between exchange and completion to make sure their mortgage money is in place. Our solicitors know this but they are saying it should be possible to exchange on Monday and complete Wednesday (but anything's possible, right?)

Are they being overly optimistic and should they be telling us to prepare for the date to slip again? Or does it actually sound do-able?

I suppose I'm hoping that if the date does slip again, it may only slip by a day or two?

PasturesNew

I wanted 2 weeks between exchange and completion - and there were hold ups. So I kept working towards my completion date - not knowing if it would be going ahead...

In the end, I exchanged at noon on a Monday and completed on the Wednesday.

Just the Friday before that Monday I had NO idea what was going on and was still praying it wouldn't fall apart.

ono_no_komachi

PasturesNew, that sounds both stressful and and hopeful at the same time! I think I might just have to keep everything crossed and hope it works out. A slip of a couple of days would not be a huge problem, but my mum is moving in with us and she is currently staying with relatives and doesn't want that to go on for weeks longer.

I also hope our removals guys will be understanding if it slips!

Hoploz

We were recently in the situation where our buyer kept making potential dates up which we agreed to as it didn't make any difference to us. The deadlines kept passing as his buyer was not ready. Eventually he got fed up with keeping missing the deadlines he was making and PULLED OUT COMPLETELY.

So big warning!

My advice would be to not discuss any dates for completion until such time as your solicitor tells you the chain is ready to exchange. Of course you don't want to sound like you're being awkward, but unfortunately we were left surrounded by boxes, due to complete on the Thursday, our buyer pulled out on Tuesday afternoon.

Fortunately we were in a position to re-finance, so we have now bought our new house regardless, but it meant a month's delay, and we are now back on the market trying to sell, saddled with 2 huge mortgages, hoping for the best!

Good luck
x

ono_no_komachi

Hoploz wrote: »

My advice would be to not discuss any dates for completion until such time as your solicitor tells you the chain is ready to exchange. Of course you don't want to sound like you're being awkward, but unfortunately we were left surrounded by boxes due to complete on the Thursday, our buyer pulled out on Tuesday afternoon.

Eeshk, that sounds horrible, and from what you say, could happen to us. Unfortunately we have already discussed dates both up and down the chain. #1 in the chain wants to move in the school holidays. #2 in the chain (our buyers) just want ASAP as their little girl goes to a nursery around the corner. We are #3. Our vendors, #4, want mid-week because of complicated packing and moving arrangements. #5 has no date dependencies as the house our vendors are buying is vacant possession.

I guess (as in life) best not to count any chickens. Thanks for the good luck wishes.

Hoploz

But of course, yes, to answer your actual question, it is possible to do it all in a hurry. With another property we did actually exchange and complete on the same day. (However, when children are involved it won't be practical. Hopefully the people pushing your chain will be sympathetic to this)

ono_no_komachi

An update - we have just heard from our solicitors that if we do not exchange tomorrow, because of commitments elsewhere in the chain, the next possible completion date will be 29th August. Our vendors have been advised that they need to sign and exchange tomorrow if they want to complete on the 15th.

I guess at least instead of waiting till Monday to find out, we should know by close of play tomorrow, or at the latest by Thursday morning, and be able to take it from there.

Hoploz

How did you get on, any news?

ono_no_komachi

As of 4:30 pm yesterday our solicitor was still hoping the exchange would take place in time, but she hadn't called us back by 5 pm, after which of course we couldn't call her either.

I'm not overly optimistic myself.

Had a conversation with our purchasers Tuesday evening in which I found out there is one more party at the bottom of the chain than had previously been apparent! So clear now that the chain is six, not five. Completion on the 29th would be 14 weeks from start to finish, which seems pretty reasonable to me, but our purchaser seems distraught at the thought (though I can see why as it is so close to the start of the school term).

Going to speak to sol later this morning and a) find out if there is any chance of still completing next week and b) if not, find out where in the chain the date of 29th has come from. Our buyers had a suspicion that the bottom of the chain, who are currently in rented, might be wanting to 'get their money's worth' out of their last month's rent (if so that would be their prerogative, surely?) but I also know our vendors want a Wednesday, which the 29th is.

I would prefer to take things as they come, and live with whatever dates everyone else wants, but our purchaser wants us to push things along more forcefully. But surely in a chain this long we are all dependent on each other and there's not really a way of forcing things?

Hoploz

Phew what a long chain!
You are right, you can't push things. A chain is only as fast as the slowest link.
Just stay flexible, cross your fingers and hope for the best. Everyone knows the situation, you ar all waiting for someone, whoever that may be. It is their vendor who is the only one who can chivvy them up really. And then it'd be the agent rather than themselves.

ono_no_komachi

The latest - our sol does not think completion on the 15th is possible now. Personally I would prefer to scrap the idea of next week and plan towards the 29th, but our purchaser was on the phone almost the instant I'd put down the phone from speaking to our sol, and wants to see if the 16th or the 17th is possible.

There is an 'easement' issue holding things up further down the chain, and unless they can sort this out in the next 24 hours or so, then 16th or 17th will not be possible either. I said this, but she felt it might get sorted out that quickly (hmmm).

So I have now mentioned those dates to our solicitor as well. Spoken to our removals guys who can do the 16th or the 29th (they don't like the 29th as it gets really busy for them at the end of the month but they can do it).

Argh! Our purchaser has just been on the phone again to ask if I can speak to our vendors directly (whom I really didn't want to bother as last time I spoke to the female half of the couple she already seemed incredibly stressed). Anyway I tried and could only leave a message.

I just don't get how people can try and be insistent when there is something in the chain that needs to be cleared up before we can exchange?

I was determined to try and forget about it for a while and wait until we had some definite news but after being so determined not to get stressed, now I feel stressed. So, all pretty normal I should think!