Completing before the rest of the chain once exchanged?

Mrs_lukeski

Hi, this is my first thread so I apologise if I am asking a silly question but would it be possible for us to complete before the rest of our chain once we have exchanged?

There are only 3 houses in our chain, ours is in the middle. The property we are purchasing will be empty and the FTB at the bottom of the chain are really holding things up.

Once we have exchanged and paid our deposit, is there any reason why we cannot complete and move into our new house and leave the rest of the chain to complete when they are ready?
Thanks

AnotherJoe

It would be possible as long as you don't need the money from your buyer to buy your new house.
But, I think you'd don't appreciate that when you exchange, at the same time, everyone agrees upon the completion date, which unless things are very unusual will be within 4 weeks of exchange. So there won't be any "holding things up" from that point on, all dates are set.
Focus on getting to exchange.

Rain_Shadow

Mrs_lukeski wrote: »

Hi, this is my first thread so I apologise if I am asking a silly question but would it be possible for us to complete before the rest of our chain once we have exchanged?

There are only 3 houses in our chain, ours is in the middle. The property we are purchasing will be empty and the FTB at the bottom of the chain are really holding things up.

Once we have exchanged and paid our deposit, is there any reason why we cannot complete and move into our new house and leave the rest of the chain to complete when they are ready?
Thanks

You'll complete on whatever day is written into the contracts you exchange. You can't decide on a completion date after exchange.


Agree a mutually suitable completion date with all the other parties.


If you don't understand the process ask your solicitor to explain it.

PasturesNew

You can do that - you will pay the high stamp duty rate for "2nd homes" which you then reclaim once your house is completed.

eddddy

In order to complete and move in to your new house, you need to have paid for it.

Are you a cash buyer, and do you have enough cash to buy the new house without selling your current house?

If you're buying with a mortgage, your new mortgage is probably dependent on you paying off the old one (i.e. you probably can't have two mortgages at the same time).

Ithaca

Bear in mind also that if your buyers decide to pull out you'll be left with two houses. As above, if you have the cash spare and can afford to pay for and maintain both for a period while you find a new buyer then you should be fine.

AdrianC

Your purchase completes when you pay the vendors for the house you're buying from them.
Your sale completes when your purchasers pay you for the house they're buying from you.

Can you afford to buy the house without selling yours? If so, then goferit whenever you want.
No? But can your buyers afford to buy your house without selling theirs? If so, then goferit whenever you both want.
No? Then you're reliant on THEIR buyers paying for that house... and so on...