Being forced to complete on day of exchange

hazyjo

Lottie12 wrote: »

I have to give 4 weeks notice on a rental place - surely that is quite common? Obviously if I was going from selling one house to buying another I'd be happy to shorten that.

Most will incur an overlap - if the vendors are being that pushy, say you will give notice on exchange if they'll pay that last month's rent for you. Obviously solicitors will need it added to the contract.


Jx

david1951

Some overlap is actually quite handy as you can take your time moving out/in. For the sake of a few hundred quid it saves an awful lot of stress.

I would find out from your mortgage lender and solicitor how long they think things will take from now, and pass this information on to your vendor. It would be pretty bad if you aimed for 28 days and then found out your mortgage lender takes a minimum of 6 weeks to process the application.

Also, my recent lender needed at least 7 days between exchange and completion so I wouldn't start promising exchange/completion on the same day without finding out if this is possible as well.

Surrey_EA

Developers insisting on a 28 day exchange is fairly common. In my experience most developers are sensible enough to extend this period to enable the usual conveyancing work and mortgage arrangements to take place.

Very, very few sales will be able to reach an exchange of contracts within 28 days, and as long as things are progressing at a reasonable speed it would be a surprise if the developer were to withdraw and start from scratch with someone new.

Thrugelmir

Does your vendor require funds for their deposit? Why they might be pushing hard.

Marvel1

Don't promise anything on the dates and don't rush anything in relation to searches, surveys - thinking let's not do this to save time.

What are they are going if the 28 day deadline not met, start again with someone else?

Hoploz

4 weeks between exchange and completion was the norm years ago, I had this with my first purchase in the 1990s, but these days everyone is always in a hurry and it seems you're lucky to get a week in between.

Shame you've wasted a couple of weeks, but if they hadn't found anything at that stage then this time wasn't really wasted. It's usual to not start incurring costs until there is a complete chain.