We’d like to remind Forumites to please avoid political debate on the Forum.

This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.

PLEASE READ BEFORE POSTING: Hello Forumites! In order to help keep the Forum a useful, safe and friendly place for our users, discussions around non-MoneySaving matters are not permitted per the Forum rules. While we understand that mentioning house prices may sometimes be relevant to a user's specific MoneySaving situation, we ask that you please avoid veering into broad, general debates about the market, the economy and politics, as these can unfortunately lead to abusive or hateful behaviour. Threads that are found to have derailed into wider discussions may be removed. Users who repeatedly disregard this may have their Forum account banned. Please also avoid posting personally identifiable information, including links to your own online property listing which may reveal your address. Thank you for your understanding.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!

Exchange of Contract / Completion deadlines.

2»

Comments

  • Missy79
    Missy79 Posts: 217 Forumite
    Part of the Furniture 100 Posts Name Dropper Combo Breaker
    I'm in a very similar position, hoping to exchange and complete ASAP on an empty property which would let me move out my mum's and my partner move out of his HMO, we're both currently still working so reduced risk all round that way if the practical problems can be overcome.
  • Thrugelmir
    Thrugelmir Posts: 89,546 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    homeless9 said:
    homeless9 said:
    Has your vendor specified a date that the transaction must be completed by? 
    Exchange of contracts date is: 6th April

    Completion date: 31st April.
    6th April is just a hoped for date. You and vendor may or may not achieve it.
    31st (30th?) April is mad in the current situation!

    Those are the dates written onto the reservation form before all this corona madness happened.

    The Solicitor has said that they are aiming for exchange of contracts and completion on the same day.

    I am unsure of exactly whether I can continue with the purchase or not....

    -There is some rule stating that if you have exchanged you can continue. I have not exchanged.

    -There is some rule stating that if you are moving into a occupied house, ie. there is a chain of people that need to move - then you should hold off. If you are moving into an empty home then that is ok. (the home I am buying is empty).

    -There is a rule stating you should try to hold off unless you can't agree to.


    I am not sure if it's actually better off for me to pause the sale and see what happens with the economy/house prices and maybe offer less for the property when everything opens up again after this devastation.

    Or

    Just go ahead with the purchase and get in my own home. On a health and safety basis it is better for me to move. I am moving into an empty home (new build), I do not need a removals company as I can just move my things with my car. I am a key worker so I am still going out to work with other colleagues and bumping into customers. I live in a HMO with other tenants. Therefore I am a risk to them and they are a risk to me. I'd be safer and they'd be safer if I was in my own home on my own. So it's safer to move. It just means that I need to get hold of the keys in a safe manner. Surely a few keys could just be sent in the post if necessary. Or the seller just leaves them under doormat at a designated time. 5 minutes before I arrive and drives off when he sees me take them and enter the house. Done.
    Little point in speculating. Reaching the point of exchange is fraught with uncertainty at the best of times. When's there's factors outside of everybody's control as well. Better to work through matters on a day by day basis as events unfold. 
  • homeless9
    homeless9 Posts: 375 Forumite
    Sixth Anniversary 100 Posts Name Dropper
    Missy79 said:
    I'm in a very similar position, hoping to exchange and complete ASAP on an empty property which would let me move out my mum's and my partner move out of his HMO, we're both currently still working so reduced risk all round that way if the practical problems can be overcome.

    I am just not 100% clear if we are allowed to continue, but yeah, for you and me it is safer for us to move. So if the government has no flexibility it's ridiculous, as if they are saying I am not allowed to continue with the purchase then they are locking me into a house with other tenants who are coming in and out as well as me coming in and out from work.

    I believe the buying process is almost complete. A couple of searches to come back and then I believe we exchange contracts and complete. Will contact solicitor tomorrow and see what's going on.
This discussion has been closed.
Meet your Ambassadors

🚀 Getting Started

Hi new member!

Our Getting Started Guide will help you get the most out of the Forum

Categories

  • All Categories
  • 352.1K Banking & Borrowing
  • 253.5K Reduce Debt & Boost Income
  • 454.2K Spending & Discounts
  • 245.1K Work, Benefits & Business
  • 600.7K Mortgages, Homes & Bills
  • 177.5K Life & Family
  • 258.9K Travel & Transport
  • 1.5M Hobbies & Leisure
  • 16.2K Discuss & Feedback
  • 37.6K Read-Only Boards

Is this how you want to be seen?

We see you are using a default avatar. It takes only a few seconds to pick a picture.