4 Months between Exchange and Completion - What should i do?

Penguin2017

If they adjusted the price to include the additional time, I would wait. However, get a date written in the contract so that both of you know to plan

AdrianC

I wonder if there's some Chinese Whispers about the top of the chain, and the vendor there is buying a new-build, so it's all dependent on their builder.

As has been said - don't fixate on the duration between exchange and completion. Just look at the completion date. We're only just over a week from February, so June isn't THAT ridiculous - it certainly isn't four months longer than normal chain.

Penguin2017 wrote: »

However, get a date written in the contract so that both of you know to plan

Completion date is normally set at exchange anyway - and until you exchange, the contract's meaningless.

Doozergirl

I agree with AdrianC, there’s probably a new build at the top of the chain and everyone needs to dance to the developer’s tune.

n15h

Thanks all for your thoughts and points of view. I certainly won't fixate on the duration between exchange and completion, and will be asking for another viewing closer to the completion date to make sure nothing has changed.

I spoke to my mortgage broker today who said that many lenders don't offer mortgage offers longer than 3 months, so I am quite limited at the moment. We will review the products again when I exchange in March to see if other mortgage lenders will be more willing to offer as the duration from offer to completion will be much shorter then!

The seller at the top of the chain is moving overseas.

AdrianC

I wouldn't be putting too much money on exchanging as soon as (even late) March, if your offer's only just been accepted.

n15h

AdrianC wrote: »

I wouldn't be putting too much money on exchanging as soon as (even late) March, if your offer's only just been accepted.

EA informed that I have put 10% initial deposit at exchange - is that what you mean?

Sorry, all of this is new to me so I'm unsure what you meant.

Offer only got accepted last Monday, and that's when the June/July completion dates came up. Had a second viewing on the weekend where I spoke to the vendors but they weren't going any lower than the offer price they accepted at.

AdrianC

Sorry - I meant I wouldn't bet on it.

n15h

AdrianC wrote: »

Sorry - I meant I wouldn't bet on it.

No worries. You are all probably right - I've still got some way to go, and need to start booking solicitors and surveys in the next few days.

Plus I want to also talk to the vendors about what they are including in the sale i.e. fittings and fixtures. By the time all that is done, it will probably be March before I know it

AdrianC

Fixtures and fittings are part of the pre-exchange process, through the Property Information Form.

Lokolo

n15h wrote: »

I spoke to my mortgage broker today who said that many lenders don't offer mortgage offers longer than 3 months, so I am quite limited at the moment. We will review the products again when I exchange in March to see if other mortgage lenders will be more willing to offer as the duration from offer to completion will be much shorter then!

The seller at the top of the chain is moving overseas.

A lot will offer 6 months. 3 months is too short as that is how long the average purchase takes.