Completion Day Timing

ccfc1972

We are due to complete on the 15th Jan (hopefully)
There are 5 in the chain. I know it's probably a "how long is a piece of string" question, but does anyone have any idea what sort of time all funds should be passed up the chain by and we should be set to actually move stuff?
Trying to work out what time to say to the removal firm. That's if Boris doesn't have us in Tier 8 by then and we can actually use a removal firm.
Are there likely to be any restrictions on that if we go into another lockdown? Which looks likely.

greatcrested

Depends if you are at the top, bottom, or middle of the chain.

FTB transfers money at (perhaps!) 9.00 am.  By 10.00 his seller confirms receipt, and passes the money on up (along with any 'top up') and it's received at, say 11.00. and so on.

Of course those timescales depend on each solicitor noting receipt failrly immediately (they may not - especially on a Friday when there are multiple sales completing at the same time). Also dependant on how fast their admin/finance staff process the banking, and then of course how fast the actual bank transfers take.

Also depends on whether mortgage funds have been released in advanced or perhaps one party in the chain has to wait for these funds....

So there are many variables.

Hence the string in my kitchen drawer!

Book the removalmen for 1st thing. Get the lorry loaded, and then wait.

That assumes of course you have already Exchanged and the Completion date is firm.

melliejab

I’m moving on Friday and my removals company is arriving at 8am at their suggestion. 

ccfc1972

greatcrested said:

Depends if you are at the top, bottom, or middle of the chain.

FTB transfers money at (perhaps!) 9.00 am.  By 10.00 his seller confirms receipt, and passes the money on up (along with any 'top up') and it's received at, say 11.00. and so on.

Of course those timescales depend on each solicitor noting receipt failrly immediately (they may not - especially on a Friday when there are multiple sales completing at the same time). Also dependant on how fast their admin/finance staff process the banking, and then of course how fast the actual bank transfers take.

Also depends on whether mortgage funds have been released in advanced or perhaps one party in the chain has to wait for these funds....

So there are many variables.

Hence the string in my kitchen drawer!

Book the removalmen for 1st thing. Get the lorry loaded, and then wait.

That assumes of course you have already Exchanged and the Completion date is firm.

Thanks mate. We're second in the chain...do we not have to wait until all of the monies have been passed all the way up the chain before we get the go ahead?
We don't have a firm date as such yet...looks like we will be exchanging and completing on the same day.

Grabs39

ccfc1972 said:

greatcrested said:

Depends if you are at the top, bottom, or middle of the chain.

FTB transfers money at (perhaps!) 9.00 am.  By 10.00 his seller confirms receipt, and passes the money on up (along with any 'top up') and it's received at, say 11.00. and so on.

Of course those timescales depend on each solicitor noting receipt failrly immediately (they may not - especially on a Friday when there are multiple sales completing at the same time). Also dependant on how fast their admin/finance staff process the banking, and then of course how fast the actual bank transfers take.

Also depends on whether mortgage funds have been released in advanced or perhaps one party in the chain has to wait for these funds....

So there are many variables.

Hence the string in my kitchen drawer!

Book the removalmen for 1st thing. Get the lorry loaded, and then wait.

That assumes of course you have already Exchanged and the Completion date is firm.

Thanks mate. We're second in the chain...do we not have to wait until all of the monies have been passed all the way up the chain before we get the go ahead?
We don't have a firm date as such yet...looks like we will be exchanging and completing on the same day.

We did that in May, in a three property chain.  We got the keys at about 14:30 and we were in the middle.  All our stuff was in vans, cars and storage as we couldn’t get movers.  I’d think you’ll need to hire the movers for at least the full day, and potentially find out what they’ll charge to store your stuff in case it all falls apart at the last minute.

You might have to wait for everyone to be done.  Realistically you’ll sell your house, then not have a property, then buy the next house but practically speaking the people moving out need to go somewhere, and so on.

ccfc1972

Sounds like it could be a nightmare. If Boris sticks us in full lockdown tonight, can removal firms still ship our stuff?

UnderOffer

On your contract it normally states a time (1pm generally) that you need to vacate by, then you just wait for the phone call to collect the keys for your new place, this can be anytime after 1pm up to 5pm or later but sounds like you are not far up the chain so maybe in your new home by early afternoon? 

greatcrested

ccfc1972 said:

greatcrested said:

Depends if you are at the top, bottom, or middle of the chain.

FTB transfers money at (perhaps!) 9.00 am.  By 10.00 his seller confirms receipt, and passes the money on up (along with any 'top up') and it's received at, say 11.00. and so on.

Of course those timescales depend on each solicitor noting receipt failrly immediately (they may not - especially on a Friday when there are multiple sales completing at the same time). Also dependant on how fast their admin/finance staff process the banking, and then of course how fast the actual bank transfers take.

Also depends on whether mortgage funds have been released in advanced or perhaps one party in the chain has to wait for these funds....

So there are many variables.

Hence the string in my kitchen drawer!

Book the removalmen for 1st thing. Get the lorry loaded, and then wait.

That assumes of course you have already Exchanged and the Completion date is firm.

Thanks mate. We're second in the chain...do we not have to wait until all of the monies have been passed all the way up the chain before we get the go ahead?
We don't have a firm date as such yet...looks like we will be exchanging and completing on the same day.

If Exchange had already taken place (a day or week before) then once you receive the money from your buyer, you should vacate the property and Completion with your buyer will go ahead.

You then pay your seller. Once they receive your money, they should vacate and that deal can Complete.

However if Exchange is the same day, exchange cannot happen unless all parties in the chain are contacted to agree the Exchange (which will take some time in the morning). I've never done simultaeous E/C so don't know the exact process but imaging the Completion part is the same as above, but the start will be delayed by the need to agree Exchange first.

David might verify...

hazyjo

My last sale completed by 9.30am! Others have been much later in the day. Friend of mine completed in the morning and the buyers turned up demanding access. She'd not even cleaned or vacuumed yet and the removal bods were still emptying the house. They had to rush out and leave it as it was. Added to much stress on the day! (Saved her a lot of cleaning though lol.)

Presuming actual removal lorry and not a man with a van - and that you have a fair amount of stuff, they will prob fill it the day before and leave you 'comfortable', then load up the remainder (sofa/chair/tv/bed etc) on the morning of the move.

If you're exchanging and completing on the same day, you obviously risk it all falling through completely or being delayed. Might be worth seeing if there's a storage option with your removal company in case you're delayed a day or three. If it collapses entirely, they'll have to move you back in.

You'll obviously be paying them (at least the deposit, quite possibly the entire amount) - even if you don't use them.