Long gap between exchange and completion - during a pandemic!

leila96

Hello,

as the title suggests, we have found a house we love but it has been part exchanged. The people who own the house are living in the property until there new build is completed (expected no later than September). It was all going smoothly, notice of completion to be agreed along with a long stop date etc, until I realised mortgage companies can withdraw there offer at any time. I stupidly didn’t realise this was a thing they could do. 

Me and my partner have no reason to believe we will be loosing our jobs in the near future. However, Coronavirus has understandably given most people a small feeling of uncertainty that wouldn’t have otherwise been there. I’m a massive over thinker, but would you say it’s super risky having such a large amount of time, possibly 2 -3 months in which anything could happen!? Is there anything that can be put in place in this scenario? 

any advice on what you would do?

thanks! 

Thrugelmir

You are the best judges of your workplace situations. No one can guide you, very much a personal decision. How close are you to exchange of contracts? 

leila96

Thrugelmir said:

You are the best judges of your workplace situations. No one can guide you, very much a personal decision. How close are you to exchange of contracts? 

Our jobs have always been very secure, and we have both been there 5+ years. Currently no indication of being affected by Coronavirus but I’m always very nervous/an over thinker by nature! Not close, our solicitor has only just received paperwork but they want to aim for a 28 day exchange (however they said they would give leeway due to Coronavirus slowing things down). People in the houses new build is ready by September, so would be looking at almost 3 months gap between exchange and completion. 

Thrugelmir

28 day exchange is somewhat unlikely. That's just to ensure that you are serious buyers. Providing that matters are progressing you can stretch matters out. A day lost here and there soon adds up. Just make sure there's a long stop in the contract that enables you to walk away should matters become delayed.