When to exchange and complete

C1emen7s

I'm in the process of purchasing my first property and am in a chain with two other parties. The seller at the top of the chain has completed their onward purchase and their house is now vacant so they're keen to get exchange before christmas so they can 'receive certainty' that we're going to complete and the chain won't collapse leaving them having lost out on rental income apparently. The plan would be to exchange before christmas and complete mid-January but if I'm honest, i'm worried about such a gap between exchange and completion, particularly with a no-deal brexit likely to happen in the middle and worrying about what this means for my mortage. Am i being paranoid? Should i just exchange before christmas to lock this in and keep everyone happy?

My solicitor suggested exchanging in the new year and completing a week later (my preferred option) but the seller's at the top of the chain aren't happy with this and said they'd push completion to February so i'd still be stuck with a long gap between exchange and completion which I'm not happy with. Thanks.

eddddy

I don't really see how a no-deal brexit could affect your mortgage. (It's unlikely that your mortgage will be stuck on a lorry in Calais, awaiting customs clearance!)

But if you exchanged contracts in early Jan, why would the sellers at the top of the chain (with a vacant property) want to wait until February to complete?  That would be shooting themselves in the foot.

Unless there is something you haven't mentioned, that just sounds like a slightly pathetic attempt to make you exchange contracts sooner.

C1emen7s

eddddy said:

I don't really see how a no-deal brexit could affect your mortgage. (It's unlikely that your mortgage will be stuck on a lorry in Calais, awaiting customs clearance!)

But if you exchanged contracts in early Jan, why would the sellers at the top of the chain (with a vacant property) want to wait until February to complete?  That would be shooting themselves in the foot.

Unless there is something you haven't mentioned, that just sounds like a slightly pathetic attempt to make you exchange contracts sooner.

I think your final comment hits the nail on the head. I think they're just trying to bully me into exchanging sooner. Ultimately, if i pulled out because they don't want to complete when i need to complete (mid Jan) they'd be screwed. 

greatcrested

What is your probem with exchanging this month? Surely that gives you certainty that your purchase will go ahead.

Put off Exchange and there's a possibility of 'something' happening and the whole deal collapsing.

C1emen7s

greatcrested said:

What is your probem with exchanging this month? Surely that gives you certainty that your purchase will go ahead.

Put off Exchange and there's a possibility of 'something' happening and the whole deal collapsing.

I'm in two minds. Part of me agrees and wants certainty but i'm worried that the longer the gap between exchange and completion the more risk of something going wrong, or are my fears unfounded? 

DairyQueen

C1emen7s said:

greatcrested said:

What is your probem with exchanging this month? Surely that gives you certainty that your purchase will go ahead.

Put off Exchange and there's a possibility of 'something' happening and the whole deal collapsing.

 or are my fears unfounded? 

Yes, completely unfounded.

It is extreme;y rare for anything to go wrong between exchange and completion. I have been in the property market for over 40 years and have never suffered such a thing - nor have I heard of anyone else suffering.

The big risk is leading up to exchange. Once exchanged, breathe a sigh of relief.

We exchanged on our latest sale today. Completion is on the 13th Jan as that's the earliest date available for our removals company.

Brexit will have zero impact on your property transaction. It's kinda ridiculous that you should consider that it would. What scaremonger media sources have you been reading?

C1emen7s

It looks like it may be out of my hands anyway. My solicitor can't exchange on time before christmas as he's under the pump and there's still enquiries outstanding. Vendor at the top of the chain is having an absolute fit and threatening to pull out entirely. 

Thrugelmir

C1emen7s said:

Vendor at the top of the chain is having an absolute fit and threatening to pull out entirely. 

And do what precisely?  Don't be bullied nor intimidated. Hold your nerve and it will all come together in the New Year. 

C1emen7s

Thrugelmir said:

C1emen7s said:

Vendor at the top of the chain is having an absolute fit and threatening to pull out entirely. 

And do what precisely?  Don't be bullied nor intimidated. Hold your nerve and it will all come together in the New Year. 

Well there's nothing i can do anyway - my solicitor has said categorically we cannot exchange by this friday (when they wanted to). They'd be incredibly foolish to pull out in my opinion - cutting off their own nose to spite their face comes to mind. I've urged patience - we're talking a few weeks of delay so I don't understand why you would just pull out and collapse the chain. 

greatcrested

C1emen7s said:

....My solicitor can't exchange on time before christmas as he's under the pump .....

..............

C1emen7s

I've now had a super shirty email from the vendor's solicitor blaming me for the lot and threatening to put the property on the market. How quickly do they think they'd get a buyer? They're not going to get anyone in before i would be in a position to exchange next month. Feel like i'm dealing with a bunch of right !!!!!!.