Completion date?

Tiglet2

You've only just had an offer accepted on a property. There is now a lot of work needed by your solicitor and all the other solicitors acting for the various parties in the chain. It's a complete waste of time even speculating about completion dates. No-one can decide a completion date before the "work" investigating the title has even got off the starting block. So, the conversation regarding when your sellers want to complete and when your buyers want to complete is irrelevant at this point.

G_M

WatsonL212 wrote: »

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.

No. You competely misunderstand.

And I suggest you read up on how property-buying works. You are embarking on by far the biggest financal commitment of your life and need to understand it.

Don't just rely on professionals to do it all for you without understanding what they are doing.

And dont rely on haphazard queries on the internet as things occur to you.

Do some research.

Your local library will lend you books to explain the entire process, show you what decisions, and when, you'll have to take, and warn you of issues that might arise.

eg
https://www.amazon.co.uk/How-Your-First-Home-Sell/dp/0091935377

https://www.amazon.co.uk/Buying-Your-First-House-2016/dp/1522929061/ref=pd_bxgy_14_img_3/260-7422276-2085539?_encoding=UTF8&psc=1&refRID=73WXNSX53PB7EWZ0GR2Y

WatsonL212

Thank you for your reply, although slightly condescending. I'll have a look at those books.

G_M

WatsonL212 wrote: »

Thank you for your reply, although slightly condescending. I'll have a look at those books.

Not condescending at all. It was meant to be constructive.

We all have areas of knowledge/experience, and other areas where we lack knowledge/experience.

Ask me how to fly a plane, fix a broken-down car, or prepare sushi, and I'd need a book, or expert, to help me.

You posts suggested a fundamental gap in understanding of a topic on which you are embarking, and which can easily result in stress and/or financial loss, so I gave you a warning, together with a way forward.

Lavendyr

Having a gap between exchange and completion isn't "bridging". It's fairly normal to have a space of time between the two. However, you don't have access to the house until completion.

Bridging is where you take out a loan to fund the purchase of a house before you have sold yours. It's generally not possible to do this any longer.

As others have said I'd focus first on getting things like surveys, searches etc done (not just yours but making sure the others in the chain are doing the same) and discuss exchange/completion dates a bit further down the line.

YoungBlueEyes

Could I ask a question, to clarify something?

If you don't own the new property til completion day, why do you have to have insurance sorted after exchange of contracts? How can you insure a house you don't technically own?

shirlgirl2004

You have to insure from exchange because from that point you legally have to buy the house. Do you want to buy a pile of smoking rubble if the house burns down?

G_M

YoungBlueEyes wrote: »

Could I ask a question, to clarify something?

If you don't own the new property till completion day, why do you have to have insurance sorted after exchange of contracts? How can you insure a house you don't technically own?

As shygirl says, Exchange of Contracts means (as the name suggests!) that both sides are legally committed. The property will be the buyer's on the Completion date, even if it's been hit by lightening in the meantime..

The contract usually used these days is the Standard Conditions of Sale version 5 which says:

5. RISK, INSURANCE AND OCCUPATION PENDING COMPLETION
5.1.1 The property is at the risk of the buyer from the date of the contract

5.1.2 The seller is under no obligation to the buyer to insure the property unless:

(a) the contract provides that a policy effected by or for the seller and insuring the
property or any part of it against liability for loss or damage is to continue in force, or
(b) the property or any part of it is let on terms under which the seller...
etc