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Gap between contract exchange and completion - Suggestions please
Muds1
Posts: 83 Forumite
Hi All
We are in process of buying our first home, everything was going on rather fast pace and I was hoping to move in sometime in June.
The house was offered as No Chain and hence we were sure to move in asap.
But yesterday, estate agent called and said, although every document is in order but the vendors are not planning to move before 31st July !! that's like two more months and at-least a month's rent. If we get it on 31st and we leave our rented flat on 31st that we only pay one months extra rent, else its going to be an extra month (don't know if I can negotiate with my letting company for half month)
So just to be sure on date, should I ask them to exchange contracts Now(ish) and let the completion happen after two months ? is that sane to do ? can anything go wrong in that ?
Somewhere I read, after exchange of contracts, you are the owner and you are responsible for insurance etc.
I am confused on what to do right now, or just close my eyes till mid july and wait for things to happen ?
We are in process of buying our first home, everything was going on rather fast pace and I was hoping to move in sometime in June.
The house was offered as No Chain and hence we were sure to move in asap.
But yesterday, estate agent called and said, although every document is in order but the vendors are not planning to move before 31st July !! that's like two more months and at-least a month's rent. If we get it on 31st and we leave our rented flat on 31st that we only pay one months extra rent, else its going to be an extra month (don't know if I can negotiate with my letting company for half month)
So just to be sure on date, should I ask them to exchange contracts Now(ish) and let the completion happen after two months ? is that sane to do ? can anything go wrong in that ?
Somewhere I read, after exchange of contracts, you are the owner and you are responsible for insurance etc.
I am confused on what to do right now, or just close my eyes till mid july and wait for things to happen ?
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Comments
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Wow... What is going on with people at the moment.... We have EXACTLY that problem ourselves.
Everything is ready to go, we were set for June completion and our buyers have gone on holidays and not wanting to move until the end of July now!!! Arghhhhhhh I feel your pain!!
I am also going for a long exchange now to tie the buyer in!0 -
Wow... What is going on with people at the moment.... We have EXACTLY that problem ourselves.
Everything is ready to go, we were set for June completion and our buyers have gone on holidays and not wanting to move until the end of July now!!! Arghhhhhhh I feel your pain!!
I am also going for a long exchange now to tie the buyer in!
that's exactly my story dude! I don't know what is wrong with people these days...
have you had your contracts exchanged or still waiting to do ?
did you weigh pros and cons ? I know I am little "over thinker", but my entire money is in someone else's bank and that makes me nervous...
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It's not ideal. As a buyer I'd want the difference to be a few days. As a seller I'd want two weeks. Once you've exchanged it'll kill you knowing they're "living in YOUR house" .... and you'll get twitchy waiting.0
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On the plus side, early exchange means that the seller is tied in and you can set a definite completion date. Downsides include the need to insure the property and you can't pull out without losing your deposit if you suddenly find an even better place. Only you can assess which factors are most important to you.0
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PasturesNew wrote: »"living in YOUR house"
and in this process if they bring the house down, if not that harsh, but they throw a leaving party and do worse.. are they responsible to fix it before leaving ?0 -
We are arguing over it at the moment. They are black mailing me by saying they will accept all our white goods for a move earlier....... It's all a mess at the moment!0
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As you say things were going fast. It may be the sellers are tied into an early redemption penalty with a mortgage so have to wait till end of July ? Maybe they didn't realise it would sell that quickly - not so great for you as you have extra rent to pay.
I'd be happy with a longer exchange / completion as you know a moving date and can plan etc.Stuck on the carousel in Disneyland's Fantasyland
I live under a bridge in England
Been a member for ten years.
Retired in 2015 ( ill health ) Actuary for legal services.0 -
and in this process if they bring the house down, if not that harsh, but they throw a leaving party and do worse.. are they responsible to fix it before leaving ?
And assuming they are responsible, what can a buyer practically do to force them to return the place to its condition at exchange?0 -
Disagree completely with PasturesNew on this one. We exchanged on 23rd December and completed on 13th February. We were ready to exchange before Christmas but various parties in the chain couldn't complete on certain dates, and mid-Feb ended up being the first time everyone could do.
Pre-exchange is so stressful as anyone can pull out for no reason. We relaxed as soon as we exchanged. We knew the house would be ours. We had plenty of time to organise removals, order furniture (we arranged for three different furniture companies to deliver the day after completion), etc.
In an ideal world, you'd complete quicker, but if your options are to postpone exchange, or to exchange with a long completion date, I would always go for exchange ASAP.0 -
pinkteapot wrote: »In an ideal world, you'd complete quicker, but if your options are to postpone exchange, or to exchange with a long completion date, I would always go for exchange ASAP.
anything that we should be taking care of in such cases ?0
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