Which comes first, exchange of contracts or finalising completion date?

GS..

Which comes first, exchange of contracts or finalising completion date?

Our solicitor asked us to commit to a move out date but contracts have not yet been exchanged and no deposit made?
I queried next day with our solicitor who said we shouldn't book moving van until the contracts have been exchanged???
Contacted our buyer who says her is sending his deposit today?
I'm wondering what the order of events should be because neither of our solicitors seems to have a clue, or simply don't care

davidmcn

You're not contractually committed until exchange of contracts. But the completion date is in the contract, so you need to agree that in principle before exchange.

G_M

You cannot Exchange without inserting a Completion Date into the contract. Your solicitor will add that date at the last minute, by agreement.
That is why (in most cases) when you signed the contract and returned it to your solicitor, the Completion date was left blank.


Once the contract is Exchanged, the Completion date is fixed and you can insure the property, book van, and make other definitive arrangements (eg book time off work)

ThePants999

Your solicitor is being slightly loose with language. They're really asking you to offer a move out date that you will later commit to - if you give the solicitor a date now but change your mind before exchange happens, you're legally fine. However:
- your solicitor plans to agree this date in good faith with the other party, so you'll annoy people if you change your mind later
- your solicitor will exchange on your behalf, and while they're usually pretty good at double-checking you're happy with everything before they do so, you could technically find yourself committed to that date at any point after you've given it

GS..

Our solicitor now says we have agreed a move date 'in principle'. So I guess we make plans to move, Order a van and book days off in the hope that exchange occurs

davidmcn

GS.. wrote: »

Our solicitor now says we have agreed a move date 'in principle'. So I guess we make plans to move, Order a van and book days off in the hope that exchange occurs

In case it wasn't clear, the point at which it's safe to make commitments is after exchange has actually happened, not before.

Richard_Webster

Our solicitor now says we have agreed a move date 'in principle'. So I guess we make plans to move, Order a van and book days off in the hope that exchange occurs

In principle - and sadly when it comes to actually trying to exchange someone far up or down a chain isn't ready or can't do the date - so be carefull what you commit to before exchange.

pinkteapot

What I do:

1. When exchange looks imminent, get insurance and removals quotes. Simultaneously discuss preferred dates with rest of chain via EA (quicker than solicitor in my experience). If you have a proposed completion date when you get removers round to quote, they will provisionally hold a date for a while without you having to confirm or pay a deposit.

2. Tell solicitor what’s been agreed re completion date (if discussion wasn’t through them. Give solicitor authority to exchange (tell them by phone/email we’re happy to exchange with that completion date).

3. On day exchange is expected, ring solicitor to see if it’s happened, ring EA if it hasn’t and get them to chase the chain. Repeat as necessary.

4. As soon as solicitor has confirmed exchange has happened, phone preferred remover to confirm booking and take out house insurance.

All of the above normally happens within a week, sometimes two.