Same day exchange completion v a gap?

p00hsticks

purplebutterfly said:

Seashell517 said:

purplebutterfly said:

Followingthis with interest as we are also FTB,  no chain,  no mortgage and currently renting.
When we eventually find a property, we're hoping to have at least a fortnight between exchange and completion so we can get some small things done in the house before we move in.  It will also mean we can give notice on our flat and know that we'll be okay.   I  would rather pay a few extra weeks rent than risk things going wrong and leaving us with nowhere to live!  

We're using money from an inheritance property which we sold and the completion date on that changed 3 times - so we are aware of issues with getting timing right! 

Has your vendor agreed to let you have keys at exchange? You normally wouldn't be able to do any work before completion... 

I was under the impression that exchange of contracts formalised the sale to the extent where the vendor would allow small things to be done.  I didn't think you could pull out of the sale after contracts were exchanged?  
Otherwise  we'd just use the time to arrange removals. My best friend ended up with their stuff in storage for 5 days following a last-minute change in completion day and the removals firms all being booked up so they had to keep their original date.  

I don't think you should assume that you'll get access to the property between exchange and completion, other than to have another look round / measure up - it;s not usually the case. Don't foget that usually the vendor is still living in the property until the day of completion. 

AnotherJoe

purplebutterfly said:

Followingthis with interest as we are also FTB,  no chain,  no mortgage and currently renting.
When we eventually find a property, we're hoping to have at least a fortnight between exchange and completion so we can get some small things done in the house before we move in.  It will also mean we can give notice on our flat and know that we'll be okay.   I  would rather pay a few extra weeks rent than risk things going wrong and leaving us with nowhere to live!  

We're using money from an inheritance property which we sold and the completion date on that changed 3 times - so we are aware of issues with getting timing right! 

That is not going to happen !

Unless the house is vacant when you buy it there will be someone living there !!!!

Were you expecting to go in and decorate round them? Pull up the carpets and lay new ones?

And even if its vacant it would be unusual to be allowed in. Once in a while you'll see professional decorators being allowed in, or other trades. But not the buyers. Too much liability and risk. And if its occupied, well fuggedaboudit.

You'd do your small stuff after you completed. That's what my daughter is doing right now, living with me whilst her new house is being decorated. After completion.

Bobziz

AnotherJoe said:

purplebutterfly said:

Followingthis with interest as we are also FTB,  no chain,  no mortgage and currently renting.
When we eventually find a property, we're hoping to have at least a fortnight between exchange and completion so we can get some small things done in the house before we move in.  It will also mean we can give notice on our flat and know that we'll be okay.   I  would rather pay a few extra weeks rent than risk things going wrong and leaving us with nowhere to live!  

We're using money from an inheritance property which we sold and the completion date on that changed 3 times - so we are aware of issues with getting timing right! 

That is not going to happen !

Unless the house is vacant when you buy it there will be someone living there !!!!

Were you expecting to go in and decorate round them? Pull up the carpets and lay new ones?

And even if its vacant it would be unusual to be allowed in. Once in a while you'll see professional decorators being allowed in, or other trades. But not the buyers. Too much liability and risk. And if its occupied, well fuggedaboudit.

You'd do your small stuff after you completed. That's what my daughter is doing right now, living with me whilst her new house is being decorated. After completion.

It can happen, but should be covered legally via a key undertaking.

AnotherJoe

Bobziz said:

AnotherJoe said:

purplebutterfly said:

Followingthis with interest as we are also FTB,  no chain,  no mortgage and currently renting.
When we eventually find a property, we're hoping to have at least a fortnight between exchange and completion so we can get some small things done in the house before we move in.  It will also mean we can give notice on our flat and know that we'll be okay.   I  would rather pay a few extra weeks rent than risk things going wrong and leaving us with nowhere to live!  

We're using money from an inheritance property which we sold and the completion date on that changed 3 times - so we are aware of issues with getting timing right! 

That is not going to happen !

Unless the house is vacant when you buy it there will be someone living there !!!!

Were you expecting to go in and decorate round them? Pull up the carpets and lay new ones?

And even if its vacant it would be unusual to be allowed in. Once in a while you'll see professional decorators being allowed in, or other trades. But not the buyers. Too much liability and risk. And if its occupied, well fuggedaboudit.

You'd do your small stuff after you completed. That's what my daughter is doing right now, living with me whilst her new house is being decorated. After completion.

It can happen, but should be covered legally via a key undertaking.

If the vendors agree. The poster seems to think its a right / or standard procedure, but it isn't and pretty much no solicitor would advise a vendor to agree to it.

Irishpearce26

purplebutterfly said:

Followingthis with interest as we are also FTB,  no chain,  no mortgage and currently renting.
When we eventually find a property, we're hoping to have at least a fortnight between exchange and completion so we can get some small things done in the house before we move in.  It will also mean we can give notice on our flat and know that we'll be okay.   I  would rather pay a few extra weeks rent than risk things going wrong and leaving us with nowhere to live!  

We're using money from an inheritance property which we sold and the completion date on that changed 3 times - so we are aware of issues with getting timing right! 

Its very unlikely you will get the keys before completion and you wouldn't be able to do anything to the house either as legally its not yours. The seller can still pull out after exchange they would be liable for a breach though. In some cases if the house is vacant at exchange and you have very trusting seller then maybe but if they are still living there be prepared to be sat on the driveway waiting for them to get the rest of their stuff out of the house.

Mahsroh

I've exchanged and completed on the same day in a similar situation to you before. I was a FTB living with parents. Wasn't planning on moving in on the day of completion as I had no furniture as a FTB, and bits of decoration to do etc.  The vendor was selling the property to move in with a new partner in a house they already owned (they'd already vacated the property prior to exchange / completion).

I moved in around 2 weeks later. 

In that scenario it worked absolutely fine. 

TBagpuss

purplebutterfly said:

Followingthis with interest as we are also FTB,  no chain,  no mortgage and currently renting.
When we eventually find a property, we're hoping to have at least a fortnight between exchange and completion so we can get some small things done in the house before we move in.  It will also mean we can give notice on our flat and know that we'll be okay.   I  would rather pay a few extra weeks rent than risk things going wrong and leaving us with nowhere to live!  

We're using money from an inheritance property which we sold and the completion date on that changed 3 times - so we are aware of issues with getting timing right! 

Normally you won't have access to the property until completion - exchange means that you are committed to buy, and they are committed to sell to you, but the house is still theirs and in most cases they will be living there until completion day.
In rae cases a seller may be willing to allow access subject to key undertakings but this would more usually be to allow you to go in to take measurements, get quotes for further work etc rather than actually making any changes. 

However, if you are currently renting or living with family you can of course complete and then move in a week or so later, to allow you to do any work in an empty house. You will at some point have to decide when you give notice to your landlord - ideally, you don't do that until you have exchanged, as until that point no moving date is fixed. and you don't want to be in a position where you have given notice and have to move out of your rented accommodation, but have not completed so can't move into yor new home. 

davidmcn

purplebutterfly said:

Seashell517 said:

purplebutterfly said:

Followingthis with interest as we are also FTB,  no chain,  no mortgage and currently renting.
When we eventually find a property, we're hoping to have at least a fortnight between exchange and completion so we can get some small things done in the house before we move in.  It will also mean we can give notice on our flat and know that we'll be okay.   I  would rather pay a few extra weeks rent than risk things going wrong and leaving us with nowhere to live!  

We're using money from an inheritance property which we sold and the completion date on that changed 3 times - so we are aware of issues with getting timing right! 

Has your vendor agreed to let you have keys at exchange? You normally wouldn't be able to do any work before completion... 

I was under the impression that exchange of contracts formalised the sale to the extent where the vendor would allow small things to be done.  I didn't think you could pull out of the sale after contracts were exchanged?  

Where did you get that impression from? Yes, the parties are contractually obliged to proceed with the transaction, but that doesn't necessarily mean it will actually happen, and even if it does, you can't expect the vendors to be content with you doing even small "things" while it is still their property.

purplebutterfly

Thanks everyone for your help, this forum is a godsend. 
 We've only been looking at vacant properties anyway and the small things that need doing are to do with disability modifications that need doing before moving in.  
We will just rent for an extra month after completion to give us time to get the house ready. 

boots_babe

I'd never choose the stress of having a same day exchange and completion, I'd always want a gap. However, when we moved in December we were told that due to Covid, we would likely need to either do it same-day, or get all parties in the chain to agree to the addition of a Covid clause in the contract. This is to deal with the case where you exchange, but then you/your removals/your solicitor get Covid and are unable to complete on time.

Unfortunately one person in our chain declined the Covid clause, but thankfully we were able to arrange exchange the day prior to completion to reduce the stress at least a little bit.