Exchange beforehand, or hold off?

lucasharrison

Hi all

Looking for some advice. We're ready to exchange, with agreed completion date of 2nd April. Solicitor has now advised to exchange & complete on same day 2nd April, in light of corona situation. I'm worried that seller might want to delay by then if we're in lockdown, and we're in a rental that has tenancy ending 23rd April.

I'm considering we exchange anyway - the only real risk I can see is if the lender (TSB) does not provide funds. Any thoughts?

Thanks

AdrianC

Can't see why the lender would refuse to provide funds.

Remember - your notice (whichever way) might end on the 23rd, but that doesn't mean you're sleeping in a cardboard box that night. It's going to be months before your soon-to-be-ex landlord can actually turf you out. Speak to them now, and you may find them very amenable to flexability.

lucasharrison

Thanks for the reply. I just thought that in a weeks time we'll likely be in fuller lockdown which could have other knock on effects

MovingForwards

If you haven't given notice on your rental you just go onto a rolling contract.

You need a period of cross over with the two anyway, saves rushing to get everything moved and cleaned in a day.

lucasharrison

The landlord has already handed notice on rental, to end 23rd April

We were aiming to complete 2nd April to provide cross-over

We're thinking of exchanging tomorrow with date set 2nd April

Slithery

lucasharrison said:

The landlord has already handed notice on rental, to end 23rd April

That's just notice that after the 23rd of April the LL may start applying to the courts to ask them to end the tenancy - a process which takes several months under the best of conditions.

mrblackers1

Im in a similar situation...looking to exchange imminently. The issue is if we are forced into isolation after signing exchange and can then not do the exchange. This carries a 10% penalty which isn’t currently exempt due to corona.

davidmcn

mrblackers1 said:

Im in a similar situation...looking to exchange imminently. The issue is if we are forced into isolation after signing exchange and can then not do the exchange. This carries a 10% penalty which isn’t currently exempt due to corona.

"Not do completion" I presume? I doubt we'll literally be forced to stay inside, even the countries under "lockdown" are (mostly) allowed to go out for essential purposes.

lucasharrison

davidmcn said:

mrblackers1 said:

Im in a similar situation...looking to exchange imminently. The issue is if we are forced into isolation after signing exchange and can then not do the exchange. This carries a 10% penalty which isn’t currently exempt due to corona.

"Not do completion" I presume? I doubt we'll literally be forced to stay inside, even the countries under "lockdown" are (mostly) allowed to go out for essential purposes.

That's my thinking - the only thing that would stop us completing is the lender not being able to complete admin required to drawdown funds