solicitor come back about completion?

ktcoil

Hi guys


We have now received our local search back, the solicitor is just querying something with the sellers solicitor regarding the environment search to get a pass.


we informed the solicitor we go away on the 11th May and she has come back saying would you like completion before or after your holiday?, we are away for 11 nights and the seller wants two weeks notice.


Would we be best to say complete before our holiday or after?, we only have to give 1 month notice to our landlord.


Also not sure what completion means, do we still have to arrange time with estate agents or mortgage adviser again or would that be it?


thanks

LandyAndy

ktcoil wrote: »

Hi guys

We have now received our local search back, the solicitor is just querying something with the sellers solicitor regarding the environment search to get a pass.

we informed the solicitor we go away on the 11th May and she has come back saying would you like completion before or after your holiday?, we are away for 11 nights and the seller wants two weeks notice.

Would we be best to say complete before our holiday or after?, we only have to give 1 month notice to our landlord.

Also not sure what completion means, do we still have to arrange time with estate agents or mortgage adviser again or would that be it?

thanks

It means you've paid the money and the place is yours.

You haven't exchanged contracts so completion date is fully negotiable.

In your position I would exchange asap with a completion date set for just after your return from holiday. Once you have exchanged you can safely give notice on your current property. Of course you won't be able to exchange until your solicitor is satisfied that all their enquiries have been answered.

You will inevitably end up paying rent and mortgage for a short period.

always_sunny

Until you exchanged you're not committed. Have you exchanged yet?
Completion means that the sale is final and you get your keys, in England (so I learned) the whole chain gets into motion with vacating and moving properties in sync.

I decided to stay put on completion date and moved few weeks later but a lot of folks will try to make all moves on that day! I would do it after your holiday since you have 1 month notice and I would give notice after you have exchanged cause it's then binding.

What gap do you have between exchange and completion?

LandyAndy

always_sunny wrote: »

Until you exchanged you're not committed. Have you exchanged yet?
Completion means that the sale is final and you get your keys, in England (so I learned) the whole chain gets into motion with vacating and moving properties in sync.

I decided to stay put on completion date and moved few weeks later but a lot of folks will try to make all moves on that day! I would do it after your holiday since you have 1 month notice and I would give notice after you have exchanged cause it's then binding.

What gap do you have between exchange and completion?

They can't have. They don't have a completion date.

ktcoil

not too sure what the exchange and completion gap is as no one has said anything about this?


We are in no rush to move but at the same time want the house and to move in lol


Yea we were going to have a couple of weeks decorating etc etc and be still renting at our current flat while we do this.

LandyAndy

ktcoil wrote: »

not too sure what the exchange and completion gap is as no one has said anything about this?

We are in no rush to move but at the same time want the house and to move in lol

Yea we were going to have a couple of weeks decorating etc etc and be still renting at our current flat while we do this.

It can be whatever you like.

Exchange is when both parties commit irrevocably to the transaction. Completion is when the transaction takes place.

The gap is usually about two weeks but could be any period (although more than four weeks would be rare) from many weeks to simultaneous.

ktcoil

I will have to check with my solicitor as don't think we have exchanged yet.

iDragon

You won't have exchanged yet, as completion date is set in stone at exchange.

LandyAndy

ktcoil wrote: »

I will have to check with my solicitor as don't think we have exchanged yet.

As said, you won't have because you would have a completion date.


You have probably signed the contracts but your solicitor just holds those documents and fills in the completion date when it is agreed.

sparky130a

ktcoil wrote: »

I will have to check with my solicitor as don't think we have exchanged yet.

Seriously?

You don't even know that? Wow.

martindow

sparky130a wrote: »

Seriously?

You don't even know that? Wow.

I don't think it's that surprising if solicitors don't explain the process adequately.

Signing the contract certainly feels like exchanging although the solicitor is just holding them ready to date and exchange when everything is in place.