Property Sales Chain - Compensate Overlap

Nm207

Hi everyone,
We are buying a property within a chain, and we are the last first link in a chain of 3 total sales, all orchestrated through the same agent.
We are the only ones in the chain with a notice period and while we have had all affairs in order for a while, ready to exchange, vendors at the top of the chain are still working through things. All parties agreed on a tentative completion date , but we made it clear from the outset, that we would need 27 days between exchange and completion. Parties and agents were informed that if the agreed exchange date is moved, then we would need to agree on a new completion date. We are now in a situation where the exchange due date has passed. We know for a fact that the rest of the chain are keen to exchange on the initially proposed date, but with the new exchange date, we will have an overlap of +1 week, meaning that we would be the only parties carrying the financial burden of the delayed exchange.
Considering that we pay 500 GBP/PW for rent, is it reasonable to ask the solicitors/agents to facilitate a deal whereby we are partially compensated for the overlap or is it easier to change the completion date altogether? Has anyone been successful in striking up a deal like this with the rest of the chain?

TripleH

I doubt you will get compensated for any overlap. I'd push for a revised completion date but bear in mind you may have to have an overlap on occupying 2 properties. Are they far from each other? 
If they are reasonably close it might be useful to use any overlap to clean the new property first (possibly decorate) whilst it is empty (assuming circumstances allow).

moneysavinghero

You are the ones being unreasonable in wanting 27 days between exchange and completion. If you can afford £2000 p/m rent, then just suck up the £500 and move into your new house and be happy.

davidmcn

As above, overlaps are useful - I'd pay extra in order to avoid having to do everything on one day.

MaryNB

There's no harm in asking but there's no obligation on them to compensate you and I doubt they'd do so willingly. They may only do so if they're worried you'll pull out. A month is a fairly long time between exchange and completion. Is your notice period a month or a rental period?
To be fair, a week overlap is not that bad. Given my notice is based on a rental period and given the time everybody wants between exchange and completion, if I can't exchange by next Monday (was supposed to happen last week) I'll be stuck with a 9 week overlap instead of 5 weeks. Although my rent is significantly cheaper it's still a fair bit of money but something I have budgeted for.

Thrugelmir

In the current climate difficult to see the other parties accepting a 27 day gap. That would on the advice of their respective conveyancers. 

Nm207

Thank you everyone for the responses. The top of the chain originally had tenants in the flat and they would have needed 1 month notice as well, and everyone would have honoured it. We made this clear to our vendors and the agents at the start (3 months ago now) so we accept this to be honoured. I am quite surprised that many here find the 1 month notice excessive, most people I know who have purchased opt for the least overlap unless there's work that needs to be done in the property.

@moneysavinghero how are we being unreasonable when we have requested this from the start of the process? Your logic of "you're paying this much so you can spare some" could be applied to every other party within the chain. Why should it default to us?

@TripleH thanks for the advice. We don't anticipate needing more than 3 days overlap. We have moved around a lot and have never needed more than a few day. The overlap would have been great if we needed to decorate but we don't intend to do so for the time being, so close to holidays as well, would be difficult to wrap things up.

@MaryNB Thanks, it's good to know that there are others in the same boat rushing up to the holidays. Our contract was a bit vague so spoke to the landlord and they are happy with 1 month from the day of notice being served (which we have not served as exchange was yet again pushed back). The agents are quite frustrating as they are unashamedly counting on us being the easy targets and having extra wiggle room.

Thrugelmir

Nm207 said:

 I am quite surprised that many here find the 1 month notice excessive, most people I know who have purchased opt for the least overlap unless there's work that needs to be done in the property.

Covid has increased the downsides considerably. There's no return after exchange of contracts. Could result in a messy, financially costly and complex situation. 

AdrianC

Nm207 said:

how are we being unreasonable when we have requested this from the start of the process?

Everybody in the chain has their preferences and requirements from exchange and completion dates. Nobody gets everything they want.

You are in the best position of any to compromise - because there's no actual logistical issues to a compromise for you, merely a minor (in the grand scale of house purchasing) financial one. In fact, it confers a logistical benefit on you.

You can, of course, stick to your guns and refuse to exchange unless your demands are met. 

eddddy

Nm207 said:
The agents are quite frustrating as they are unashamedly counting on us being the easy targets and having extra wiggle room.

TBH. I doubt they are specifically picking on you - I suspect they are putting similar pressure on everyone in the chain.

Looking at the date 27 days from now...
Have you checked with your solicitor (and other solicitors in the chain) about the dates they're prepared to complete - many solicitors close for 2 weeks over Christmas?  And, anyway, it's not too surprising that others in the chain don't want to complete in Christmas week.

So are you wanting to push completion into January?

Also, 31 December will be the agents quarter end - or maybe even their year end.  So they'll want to get as many sales to completion by then as possible - hence the pressure.

Slithery

You should have already budgeted for the up to 8 weeks of rent that you will still be liable for after exchange and handing in your notice. Why should anyone else pay?