Nearing completion and I have a few questions

[Deleted User]

I would be surprised f you exchanged on monday and completed on Friday. Most mortgage companies need 5 working days to guarantee funds (even though its instant 99.9% kf times) so solicitors usually don't exchange with less than 5 clear days (Friday to Friday usually)

eddddy

comedyseeker123 wrote: »

@edddy I’m not sure if they are living in the house, I just drove by.

So it sounds like you don't even know if you're in a chain.

Given your lack of understanding of what's going on, it might be difficult for you (or anyone here) to judge the likelihood of you exchanging/completing this week.

comedyseeker123 wrote: »

@Slithery we will exchange early in the week and complete on Friday.

If you're in a chain, you will only exchange/complete if everyone in the chain is ready to exchange/complete.


Maybe give the EA that you're buying through a call. Ask the EA to ask the seller if they are expecting to exchange/complete this week.

Also ask if your seller has a linked purchase, and if so, is there a chain above your seller. (That will give you a better indication of the risk of not exchanging/completing this week.)

comedyseeker123

Thanks I will sort our the insurance today

comedyseeker123

The vendor is expecting to exchange this Friday as she's emailed the EA asking why my sol hasn't responded.


I am in a chain (see previous thread) and the vendor is moving in/buying with her partner. My response that I'm not sure if she's living in the house was because I didn't know, if you asked if I was in a chain, I could have answered. She is moving into a house with no central heating so it's not unreasonable to think that she will be putting some stuff in storage, or moving in with her partner, or living in rented accommodation until the house is 'done up'. I don't know what her plans are.


Is it not unreasonable to think that the seller may sell the house to me, even if her one isn't ready? Houses are constantly coming on the market and having cash is a lot easier than going through the selling process.

eddddy

comedyseeker123 wrote: »

I am in a chain (see previous thread) and the vendor is moving in/buying with her partner. My response that I'm not sure if she's living in the house was because I didn't know, if you asked if I was in a chain, I could have answered. She is moving into a house with no central heating so it's not unreasonable to think that she will be putting some stuff in storage, or moving in with her partner, or living in rented accommodation until the house is 'done up'. I don't know what her plans are.

If your vendor is moving in with her partner, it's very likely that you're not in a chain.

If your vendor is selling/buying on the same day, you're in a chain.

If you're in a chain, everyone in the chain has to be ready, willing and able to exchange/complete this week - not just you and your vendor.

Ask the EA whether there is a chain, and if so, what is the status of the chain.


Edit to add...

In fact, if the vendor's partner hasn't sold their place yet, it's even more likely that you're not in a chain. They probably need cash from both sales to make their purchase.

Unless they are trying to synchronise two sales with one purchase. In which case, you're in an extra complicated/risky chain.

hazyjo

comedyseeker123 wrote: »

Is it not unreasonable to think that the seller may sell the house to me, even if her one isn't ready? Houses are constantly coming on the market and having cash is a lot easier than going through the selling process.

Most people need the cash from their sale to buy the next house. So, no, not 'unreasonable', just 'unusual'.


Yes, lots of cash buyers out there, but a lot have already sold up and have the cash in the bank.

comedyseeker123

Yes my point was that I'm at the bottom of the chain and if the house the vendor is buying isn't sold on the day, for whatever reason, the vendor may still sell her house to me. Because why would she want to lose me a buyer and go through the process of getting a new seller when she can move in with her boyfriend.

hazyjo

Ah, yes, that's different. She may sell sooner than buying.

comedyseeker123

She ticked the box that she's buying and selling on the same day.

Alfrescodave

comedyseeker123 wrote: »

Thanks I will sort our the insurance today

Only obtain insurance when you are certain that exchange has actually taken place.
Otherwise, if there is a problem and the house is not yet yours then you've insured someone else's house - not sure if that's even legal.