1 week between exchange and completion

mm1985

Would you be comfortable with a week between exchange and completion given the current uncertainty. Is it likely that the housing market will be halted at short notice. Our buyers and our sellers would like to exchange today. I’m just wondering if we hold off and exchange on Monday for completion on Wednesday 

Browntoa

Unless you are exchanging and completing on the same day the risk remains if it's 5 days or 3 days does it not ? 

GDB2222

One approach is to leave it until Wednesday to exchange, then complete at the same time. That’s the lowest risk.

mm1985

GDB2222 said:

One approach is to leave it until Wednesday to exchange, then complete at the same time. That’s the lowest risk.

Our sellers will not agree to this. They are an older couple moving in with family and need the certainty of the sale to put furniture etc. Into storage. I guess reducing it to just a couple of days give the government fewers days to make any drastic changes but of course the risk is still there. Hopefully no such stop on moves is implemented 

pinkteapot

mm1985 said:

Would you be comfortable with a week between exchange and completion given the current uncertainty. Is it likely that the housing market will be halted at short notice. Our buyers and our sellers would like to exchange today. I’m just wondering if we hold off and exchange on Monday for completion on Wednesday 

It's VERY unlikely the housing market will be "halted". The reason people are doing same-day exchange-completion is to remove the risk of someone developing Covid between exchange and completion and being unable to move because they have to self-isolate.

For me, the hassle of trying to organise removals when you haven't exchanged yet is worse, so I'd exchange ASAP so long as my solicitor let me. But then I've been working from home and seeing literally no-one so my chances of getting ill are very low. Depends if that's the case in your household. Point being, if you're the one in the chain who is ill and causes completion not to happen, you could be in for a huge cost. 

mm1985

pinkteapot said:

mm1985 said:

Would you be comfortable with a week between exchange and completion given the current uncertainty. Is it likely that the housing market will be halted at short notice. Our buyers and our sellers would like to exchange today. I’m just wondering if we hold off and exchange on Monday for completion on Wednesday 

It's VERY unlikely the housing market will be "halted". The reason people are doing same-day exchange-completion is to remove the risk of someone developing Covid between exchange and completion and being unable to move because they have to self-isolate.

For me, the hassle of trying to organise removals when you haven't exchanged yet is worse, so I'd exchange ASAP so long as my solicitor let me. But then I've been working from home and seeing literally no-one so my chances of getting ill are very low. Depends if that's the case in your household. Point being, if you're the one in the chain who is ill and causes completion not to happen, you could be in for a huge cost. 

@p@pinkteapot do you mind me asking what makes you think it is VERY unlikely? I would like to think this too so your opinion would be valued. 

We are practically self isolating snd following the government guidelines of “act like you have the virus” the only time I will be leaving the house between now and next Wednesday is to get the food shop and will be taking all precautions as usual. 

davidmcn

Any changes are unlikely to come with as much as a week's notice, typically it's been just a few days before the law is changed (eg yesterday lunchtime's Scottish announcement on amendments to retail take effect from Saturday). But I think a significant lockdown on house moves is unlikely, and even if it happens, I would expect those who were already contractually committed before any announcement to be high on the list of likely exceptions. As above, I would be more concerned about indirect problems due to somebody self-isolating etc. 

GDB2222

If one of the people in the chain loses their job, their mortgage application is cancelled. That strikes me as a bigger issue than having to isolate. 

ccfc1972

This is all stressing me the hell out.
We were due to complete this week but all of the issues previously discussed mean we can now not. We have taken the decision to break the chain and push our sale through, hoping that our purchase then goes through a week or two after.
If anything then happens with our purchase re: Covid or anything else, we will be homeless and will be massively up poo creek.

pinkteapot

mm1985 said:

pinkteapot said:

mm1985 said:

Would you be comfortable with a week between exchange and completion given the current uncertainty. Is it likely that the housing market will be halted at short notice. Our buyers and our sellers would like to exchange today. I’m just wondering if we hold off and exchange on Monday for completion on Wednesday 

It's VERY unlikely the housing market will be "halted". The reason people are doing same-day exchange-completion is to remove the risk of someone developing Covid between exchange and completion and being unable to move because they have to self-isolate.

For me, the hassle of trying to organise removals when you haven't exchanged yet is worse, so I'd exchange ASAP so long as my solicitor let me. But then I've been working from home and seeing literally no-one so my chances of getting ill are very low. Depends if that's the case in your household. Point being, if you're the one in the chain who is ill and causes completion not to happen, you could be in for a huge cost. 

@p@pinkteapot do you mind me asking what makes you think it is VERY unlikely? I would like to think this too so your opinion would be valued. 

We are practically self isolating snd following the government guidelines of “act like you have the virus” the only time I will be leaving the house between now and next Wednesday is to get the food shop and will be taking all precautions as usual. 

I *think* (someone correct me if I'm wrong) that house moves weren't banned even in the first lockdown. I just can't see it being an activity the government make illegal - there are far less essential things that could go first. And the news today suggests they're leaning away from tightening restrictions further. 

I mean, it's *possible*... I just think it's unlikely. No qualifications or inside knowledge behind that opinion though so it is just that! 

pinkteapot

GDB2222 said:

If one of the people in the chain loses their job, their mortgage application is cancelled. That strikes me as a bigger issue than having to isolate. 

Also possible. Again, like the potential self-isolation, my advice to OP would be to not worry about everyone else in the chain and just think about their position. If there is a chance of their job going in the next week and they are getting a mortgage that relies on the job then yes, consider refusing a week between exchange and completion. Again, it's all about balancing risk. Even in normal times someone could lose their job unexpectedly and has to take a view on how likely that is between exchange and completion. Right now, likelihood of imminent job loss varies massively between different people depending on the job they do.