is it normal contract is still not exchanged near completion date

cidfenmaria

I am buying a property

Completion date (agreed by both) due on this Friday. I have transferred the fund to my solicitor few weeks ago. Just rang my solicitor they said the contact has not been exchanged and seller is still awaiting a redemption figure.

Is this normal. I guess the I wont be able to move in on the completion date. Do I simply have to wait regardless?

Fosterdog

You will be able to move in on your completion date, but your completion date will most likely have to change as it cannot take place before contracts are exchanged. It can be done on the same day though in some cases so if contracts can be exchanged between now and Friday then it will still be possible for you to complete and move in on Friday.

You would be better off making preparations to not move in Friday though as it sounds like things are not quite ready yet.

hazyjo

Exchange dates often change. Don't give notice or inform utilities or anyone until you actually exchange - only then is your completion date definite.


Jx

ognum

Completion is not legal agreed until exchange so you can make whatever arrangements you like but the won't bind anyone.

G_M

cidfenmaria wrote: »

I am buying a property

Completion date (agreed by both) due on this Friday....... the contact has not been exchanged

Since you have not Exchanged, you have NOT agreed a Completion date.

All you've done is agreed a date you'd like to complete.

When you Exchange contracts, then the Completion date will be legally agreed.

cidfenmaria

alright thanks above. strange though as I was told by solicitor to get a building insurance. will have to amend the building insurance start date...

giraffe69

You need buildings insurance from the point of Exchange

cidfenmaria

giraffe69 wrote: »

You need buildings insurance from the point of Exchange

Do I need it before the exchange? If so what date to put on start as mentioned above completion date is not binded.

Fosterdog

No before exchange anything could happen and the sale may not go ahead. You don't own the property until completion but once contracts are exchanged it's a binding agreement that the sale will complete and there are consequences if either party pulls out. Before exchange either one of you can change your mind and pull out of the sale and only lose anything already paid.

G_M

Do your research and choose your insurer.

On the day of Exchange, you ring the insurer to set the policy up, or go online and take out the policy, using that day as the start date.

Pointless taking it out before Exchange - the purchase may fall through!

Too late taking it out later - the house might burn down but you'd still have to buy the ashes at the agreed price!

cidfenmaria

If it fall through would my solicitor transfer the deposit (which includes stamp duty) back to me normally. I am not experienced thanks