Exchange/ Complettion - When First Mortgage Installment will Start

mazibee

Hi All,


FTBs and nn a serious confusion,

Yesterday received call from EA and after that email from them

As discussed on the phone I have been informed by the owner that there are some dates that they cannot complete on due to themselves being on holiday and the owner above going to have surgery.
They have said if it is possible legally then they would like to exchange before and complete on the 8th June. Otherwise they will not be able to complete until July, of course they will be able to exchange before this date but the actual moving is the problem.

I believe this information has already been given to your solicitors but I wanted to give you the heads up on these date so you could discuss them and make sure that you have everything in place.

I forwarded the email to the solicitors and they replied back to the EA as

Our client, XXXXXX, has forwarded on to us your e-mail.

Please note at the moment we are unable to agree any dates as we have only just received our search results which are now in review with a view to raising enquiries. Whilst we will endeavour to meet these dates, we can give no assurances or agreement to the same at the moment.

We have also made the Sellers Solicitors aware of this.

Kind regards.

Yours sincerely

We will receive our Survey report by May 23, 2019, which I plan to forward it to the solicitors for them to raise any additional queries.

Initially when discussed with the vendors during house viewing they verbally told us they will exchange in the mid of June 2019.


Vendors are moving in the new build , so have no idea how it can effect our transaction.

So now have few queries.


- When ideally we should exchange and complete, solicitors have informed that search results are back and they will raise inquiries, completely confused.

- I have already told my landlord that I will keep you updated and hopefully vacate the house either by end of June or end of July depending upon how the thing progress.
-When our first mortgage installment will start and how the exchange/ completion date effect our first payment.

Thanks in advance.

mazibee

Please can someone help.

Slithery

As your solicitor has advised it's still too early to be thinking about exchange and competion. It could still be months before you're all ready to exchange.

mazibee

Slithery wrote: »

It's to early to think about exchange and competion. It could still be months before you're all ready to exchange.

Thanks for the reply as the FTB we have no idea why the EA , vendors and even their solicitors are saying that if legally possible they will do the completion on June 08,

Also as we are in the rented accomodation and the landlady is good, we have told her that we will keep her updated on the progress and will vacate the property either by end of June or end of July depending on our completion date. ( too much worried /confused)

Searches are back and our solicitors said they will now raise enquiries? So how long it can take from here? We have not received any content form ( any related information also)

Any idea when we have to pay our first mortgage installment?


Sorry again for asking these questions basic questions.

Slithery

mazibee wrote: »

So how long it can take from here?

How long is a piece of string?

Any idea when we have to pay our first mortgage installment?

It all depends on when you complete. Again, far to early to be thinking about this.

AnotherJoe

mazibee wrote: »

Thanks for the reply as the FTB we have no idea why the EA , vendors and even their solicitors are saying that if legally possible they will do the completion on June 08,

Probably because they are getting a lot of pressure from the builders wanting them to move in then.

Also as we are in the rented accomodation and the landlady is good, we have told her that we will keep her updated on the progress and will vacate the property either by end of June or end of July depending on our completion date. ( too much worried /confused)

Searches are back and our solicitors said they will now raise enquiries? So how long it can take from here? We have not received any content form ( any related information also)

Any idea when we have to pay our first mortgage installment?
When you complete !

Sorry again for asking these questions basic questions.

I think you haven't fully taken on board that the completion date is negotiable. That means you get a say. If it doesn't suit you to complete before say June 30, tell the vendors this.

So, given your solicitor is in no position to exchange yet, and you have rental notice to give, I suggest you go back and say that before June 8 is impossible for you so you now need to be looking at dates in July (s thats what the vendor has said, thats their problem they can only do before June 8 or after end June) , however you are happy to exchange as early as is possible once documentation is done.


Your vendors are probably getting pressure from the new build company to move in by June 8 but thats only 3 weeks away. Ask your solicitor what they estimate the possibilities are, suppose they said "yes we can do June 8" would you be happy to complete then? You would have a big overlap with your rental. If thats an issue, tell vendors you'd need financial recompense since you'd be paying mortgage and rental for say a 6 week overlap.

-taff

Your first mortgage installment, if you have arranged the completion date, will be the first date that you have agreed to pay on. So say you completed on the 30th, and you'd agreed to pay on the 18th, you would pay the next 18th, with about 2 weeks interest added. Thereafter, you'd pay on the 18th as normal for the monthly price you agreed.


The mortgage doesn't [usually] start until youve completed, because before that, you don't actually own the house [ or whoever's financing it doesn't]