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Extended period between Exchange and Completion
Ara1985
Posts: 61 Forumite
I am hoping to buy a flat from a couple who are buying a new build that isn't due to be completed until July (knowing new builds developments likely to be longer!)
I am trying to negotiate with them a date for completion, their current 'compromise' as the estate agents have put it is to complete one week before my mortgage offer expires, potentially August, if their new property isn't finished before then.
Realistically I am not willing to go further than June, thats already 6 months since having offer accepted and around a 4 month gap between exchange and completion depending on the date of exchange which I think is already a sacrifice on my part.
To help with my negotiations I would just like to clarify a few things;
Can they complete before their property is 100% finished? If they do and they move into say rented accommodation would they have to pay rent+new mortgage payments.
What happens if a date is set and they then say they won't move out?
I am trying to negotiate with them a date for completion, their current 'compromise' as the estate agents have put it is to complete one week before my mortgage offer expires, potentially August, if their new property isn't finished before then.
Realistically I am not willing to go further than June, thats already 6 months since having offer accepted and around a 4 month gap between exchange and completion depending on the date of exchange which I think is already a sacrifice on my part.
To help with my negotiations I would just like to clarify a few things;
Can they complete before their property is 100% finished? If they do and they move into say rented accommodation would they have to pay rent+new mortgage payments.
What happens if a date is set and they then say they won't move out?
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Comments
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They can't complete without the property being completed (a) because no developer would allow it and (b) no mortgage lender would lend against an incomplete property.
If they exchange but then don't complete they are in breach of contract and you can bring the contract to an end and claim costs.
If they complete then refuse to leave then they are also in breach as the contract will (should) stipulate it is being sold with vacant possession. They are therefore trespassing and again you can take action.
(I swear you've started a similar thread before?)0 -
(I swear you've started a similar thread before?)
Here it is
https://forums.moneysavingexpert.com/discussion/55896370 -
(I swear you've started a similar thread before?)[/QUOTE]
I didn't ask the same question.
So if we exchange then we have to wait till their property is finished to complete?
So that leaves risk of my mortgage offer expiring. Why did the EA say then that they will complete a week before my offer expires if their property is ready or not?0 -
(I swear you've started a similar thread before?)
I didn't ask the same question.
So if we exchange then we have to wait till their property is finished to complete?
So that leaves risk of my mortgage offer expiring. Why did the EA say then that they will complete a week before my offer expires if their property is ready or not?[/QUOTE]
Because that's what the vendors are currently telling them but they may change their mind. Just like they often do when they say they will move into rented.0 -
I am confused...Can they move out of the property I am buying before theirs is fully complete or not? So they move into rented, I move into the flat but they still own it!?0
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They can sell their property to you and move out and rent.
They wouldn't own anything until they then completed on their new property.0 -
They can sell their property to you and move out and rent.
They wouldn't own anything until they then completed on their new property.
So we exchange, we complete on the set date, they move out, I move in and own the property, they rent and complete on their place when its ready?
I thought all completions had to be on the same day? Or is that just the exchange?0 -
Bob_Bank_Spanker wrote: »They can, but why on earth would they want to?
Because they want to sell their house!0 -
So we exchange, we complete on the set date, they move out, I move in and own the property, they rent and complete on their place when its ready?
YepI thought all completions had to be on the same day? Or is that just the exchange?
Nothing has to be on the same day. In a normal chain you would complete on the same day as person A would need to move into house B and person B would need to move into house C etc.
As for exchange, that just happens when it happens. You can exchange and complete on the same day if needed. But there is no requirement for all people in a chain to exchange at the same time.0
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