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Completion clause
Libra1975
Posts: 286 Forumite
We have found a home - hurrah (I say home to hopefully prevent people posting about how if I had only waited another 6 months I could have picked up a house for TUPPENCE). Not getting too excited yet as 1 in 3 house buys fall thru apparently!
However the vendor wants to move quickly, this isn't a problem for us at all and I am happy to hurry things along however the vendor wants a clause put in that we will complete by 1st Decemeber. Now as eager as I am to buy this house that seems a tad optimistic having read on here how long searches etc can take also I am not sure what he hopes to achieve by putting that date in as a clause? any ideas what it means?
However the vendor wants to move quickly, this isn't a problem for us at all and I am happy to hurry things along however the vendor wants a clause put in that we will complete by 1st Decemeber. Now as eager as I am to buy this house that seems a tad optimistic having read on here how long searches etc can take also I am not sure what he hopes to achieve by putting that date in as a clause? any ideas what it means?
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Sounds like he wants to put the christmas tree up in the new house.
Saying that if he wants to rush you may find he is hiding something - like the boiler or built in oven on the last legs??? ask direct questoins and get the answers in writting, they are obliged to answer correctly.
Best wishes and good luck...If winter comes, can spring be far behind?
Spring begins on 21st March.0 -
Sounds like he wants to put the christmas tree up in the new house.
Saying that if he wants to rush you may find he is hiding something - like the boiler or built in oven on the last legs??? ask direct questoins and get the answers in writting, they are obliged to answer correctly.
Best wishes and good luck...
To be fair we want to be in before Christmas as well it's just they actually want to specif 1st Dec in the contract and I think there are too many variables out of our hands (such as postal strikes!) to do that. also I am not sure what actually stating a date in the contract means to us.
As for worrys about them hiding things we will be getting a full building survey as well as gas etc checked out.0 -
Where are they going to put the completion cause? The only binding contract you sign which will be at the point of exchange. So they can't actually hold you to anything until you have exchanged, at which point you will have agreed a completion date anyway! Seems a statement of intent rather than a binding contract.I'm a Forum Ambassador on the housing, mortgages & student money saving boards. I volunteer to help get your forum questions answered and keep the forum running smoothly. Forum Ambassadors are not moderators and don't read every post. If you spot an illegal or inappropriate post then please report it to forumteam@moneysavingexpert.com (it's not part of my role to deal with this). Any views are mine and not the official line of MoneySavingExpert.com.0
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Quite!Where are they going to put the completion cause? The only binding contract you sign which will be at the point of exchange. So they can't actually hold you to anything until you have exchanged, at which point you will have agreed a completion date anyway! Seems a statement of intent rather than a binding contract.
The completion date stipulated now is code for "If I catch wind that you won't complete by 1st December, I'll pull out..."
You will have to work out what the seller will do if you offer to exchange round about 20th November with a completion date of say 14th December. Has he got a realistic alternative course that he can then take, (like taking it off the market and letting it) or will he be forced to accept your date?
Often these dates are suggested just to try to concentrate people's attention. if there is any length of chain it is simply impractical to predict when things will happen. However, it is true that end of November/beginning December an awful Lot of people suddenly start rushing around because they want to be in for Christmas!RICHARD WEBSTER
As a retired conveyancing solicitor I believe the information given in the post to be useful assuming any properties concerned are in England/Wales but I accept no liability for it.0
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