TV / Broadband contract between exchange and completion

virginblue4

Good evening everyone,

We exchanged yesterday with completion on the 19th. We are first time buyers and trying to get as much sorted as possible before moving in.

One of the things we need is a TV / broadband / phone package. Virgin offer quick start meaning we can self-install ourselves without having to wait weeks for an engineer however we obviously need to order it ASAP to ensure it arrives etc before Christmas. I’m sure that I am being paranoid and lenders must expect people to take out these contracts, but there shouldn’t be any problems taking out one of these contracts (approx £40 pm) between exchange and completion should there? Virgin have to carry out a credit check.

Thanks!

Cakeguts

You can't install this into the house until you own it. You don't own it until you have completed. At the moment you have exchanged which means that you have a contract to buy not that you have bought. You own the house once all the money has been paid at completion.

datlex

virginblue4 wrote: »

Good evening everyone,

We exchanged yesterday with completion on the 19th. We are first time buyers and trying to get as much sorted as possible before moving in.

One of the things we need is a TV / broadband / phone package. Virgin offer quick start meaning we can self-install ourselves without having to wait weeks for an engineer however we obviously need to order it ASAP to ensure it arrives etc before Christmas. I’m sure that I am being paranoid and lenders must expect people to take out these contracts, but there shouldn’t be any problems taking out one of these contracts (approx £40 pm) between exchange and completion should there? Virgin have to carry out a credit check.

Thanks!

I am with Virgin, I was able to pre-book for them to come in once moved with a proviso that if date changed I could cancel. Just ring them!

eddddy

I think the OP's concern is that they will be entering into a new credit agreement and/or new financial commitment between exchange and completion.

People are often advised not to take on new credit agreements at this stage, in case their mortgage lender does a final credit check just before releasing the completion funds.

If the lender sees that the borrower is taking on a lot of credit or financial commitments (which they didn't mention in their application), it may 'spook' the lender.


So... I would phone whoever is arranging your mortgage (i.e. your broker, or the lender) and ask them if this is likely to be a problem.

Sanne

I agree with the previous post - ask your broker for advice. We had a similar concern about mobile phone contracts (though before our mortgage application - we were still looking so didn’t know when we’d find something) and our broker advised that most banks don’t care about those credit checks for example.

theartfullodger

Live with a mobile-broadband wifi hotspot for a week or so ... and just Freeview initially....


There a probably more important things to worry about, but, hey, what do I know....

Comms69

Would this impact the current owners?

mmmmchocolate

If the current owners are with virgin, make sure they've cancelled their contract!



I just moved into a new house - didn't order my broadband & tv from virgin until I moved in as they assured me they'd be able to connect me within 3 working days with the quick start pack as there was an existing line - and they would have been able to if the previous owner had actually cancelled their contract! I had an absolute nightmare getting connected because their account was still active at the address.

virginblue4

Thanks everyone, I've emailed by mortgage advisor

Cakeguts wrote: »

You can't install this into the house until you own it. You don't own it until you have completed. At the moment you have exchanged which means that you have a contract to buy not that you have bought. You own the house once all the money has been paid at completion.

I'm not sure how this relates to my question?

theartfullodger wrote: »

Live with a mobile-broadband wifi hotspot for a week or so ... and just Freeview initially....
There a probably more important things to worry about, but, hey, what do I know....

My partner and I both have two weeks off work, so in the evenings after getting things done, it'll be nice to watch TV / surf the web. Plus we have wifi SMART cameras which won't work until connected.

Comms69 wrote: »

Would this impact the current owners?

I explained the situation to Virgin when they were on the phone and they said there wouldn't be any problems.