Completion date?

WatsonL212

We have just had an offer accepted on a new property. We are also selling our current property.

However we can't get a completion date agreed to move into our new house. The seller wants us to move into the new house sooner than the couple can move into our house, and neither seems to be able to change. It's a difference of 3 weeks!

Without us backing out and the sale falling through, is there anything else that we can do?

We can move out of our house sooner if needed as we can stay with family but it's the opposite way around. Hope that makes sense.

Thanks

eddddy

WatsonL212 wrote: »

We have just had an offer accepted on a new property.

It sounds like it's a bit early to be trying to set a firm completion date.

At this stage there's a big risk that you'll spend lots of time arguing/agreeing on a completion date, then find that it's unachievable anyway because one or more people in the chain aren't ready.

(I assume the chain is complete!)


Edit to add...

If your buyers and your sellers are getting stressed about this, I would just back out of the discussion - and let your buyers and your sellers talk directly to each other (or perhaps via their EAs), and try to reach an agreement.

p00hsticks

WatsonL212 wrote: »

We have just had an offer accepted on a new property. We are also selling our current property.

However we can't get a completion date agreed to move into our new house. The seller wants us to move into the new house sooner than the couple can move into our house, and neither seems to be able to change. It's a difference of 3 weeks!

Without us backing out and the sale falling through, is there anything else that we can do?

We can move out of our house sooner if needed as we can stay with family but it's the opposite way around. Hope that makes sense.

Thanks

Presumably you need the money from the sale of your existing property to fund the purchase of the new one ? If that's the case then there's no real way you can get round having to complete on both properties on the same day, so it's down to negotiating with both parties to find a mutually agreeable date.

WatsonL212

Thank you both. Yes we need the funds from the current property to buy the new property. I am aware that you can no longer bridge so we do need to exchange on the same day.

As for the chain being complete I'm not sure what the situation is with our seller, I know he's buying another property but him and a new partner both have properties to sell. From below us the chain is complete.

The seller wants us to move in the beginning of June, we can move any time, but our buyer is saying they can't move in until about 3 weeks after that. Personally it's me that's getting stressed, I'm worried we won't be able to come to an agreement and we'll loose our dream house.

I'm waiting on the solicitor getting back to me 're the sellers date. I'm stressed and I'm worried!

shortcrust

eddddy wrote: »

It sounds like it's a bit early to be trying to set a firm completion date...

That's what I was thinking. Completion dates at this stage are in the realms of horoscopes and tea leaves.:)

eddddy

WatsonL212 wrote: »

As for the chain being complete I'm not sure what the situation is with our seller, I know he's buying another property but him and a new partner both have properties to sell.

If they need to sell both properties in order to buy...

... you have a chain with 2 tails, and you're not even sure if the top of the chain is fully formed.

You need to take a step back and not invest any time / effort /angst in this discussion.

If your solicitor is asking for your desired completion date - it's just a default question. Maybe say something like "any time after xyz"

G_M

WatsonL212 wrote: »

We have just had an offer accepted on a new property. ....

However we can't get a completion date agreed

Of course not.

There are so many factors that will affect this date that it is a waste of time to even discuss it yet.

WatsonL212

Ok thank you all. I didn't realise it was too early to agree upon a date. I assumed a date had to be agreed upon before things were signed.

I'll leave it as is just now and let it be sorted in due course.

Thanks

G_M

WatsonL212 wrote: »

Ok thank you all. I didn't realise it was too early to agree upon a date. I assumed a date had to be agreed upon before [STRIKE]things were signed[/STRIKE]contracts are exchanged.

As you are nowhere near Exchanging contracts, you are equally nowhere near agreeing a Completion date.

You can consider, and advise your conveyancer, what sort of gap (if any) you prefer between Exchange and Completion eg same day? 1 week? 10 days? 1 month? More?

WatsonL212

G_M wrote: »

As you are nowhere near Exchanging contracts, you are equally nowhere near agreeing a Completion date.

You can consider, and advise your conveyancer, what sort of gap (if any) you prefer between Exchange and Completion eg same day? 1 week? 10 days? 1 month? More?

Thank you.

I didn't believe there could be a gap as we can't bridge? Ideally I would have liked a week/ a few days to do some work on the new property without two little children about but was told it wasn't possible.

alex_163163

The exchange date and the completion date are two different things, but they can happen on the same day if you wish. Or they can happen on separate days.
Exchange occurs first, and this is when the signed contracts are exchanged between the sets of solicitors and you are now legally obliged to purchase the house on the named chosen day written into the contract (completion day) But you do not own the property at this point.

The transfer of ownership of the property then occurs on the completion day. This is the day you can get the keys.

Ideally most people like a gap (2 weeks seems common) between exchange and completion so there is time to organise movers, utilities etc. However some people ask for exchange and completion to happen on the same day. This is just a bit of a risk in case of any last minute hiccups with mortgages, etc.