Is covid delaying exchanges?

stressedout45

Called our EA today to try and get a progress update on our chain.  (I have another thread on here with my situation on).  Asked if they have any rough idea when exchange may happen.  She said that currently, exchange is happening as late as possible due to covid and the risk of someone in the chain contracting it and not being able to complete. This is the first time anyone has mentioned this to us, and this whole process began back in March for us!   Has anyone else heard of this happening? Very concerned now - our onwards purchase is a new build which should be ready in September and developer is wanting to exchange ASAP. 

[Deleted User]

stressedout45 said:

Called our EA today to try and get a progress update on our chain.  (I have another thread on here with my situation on).  Asked if they have any rough idea when exchange may happen.  She said that currently, exchange is happening as late as possible due to covid and the risk of someone in the chain contracting it and not being able to complete. This is the first time anyone has mentioned this to us, and this whole process began back in March for us!   Has anyone else heard of this happening? Very concerned now - our onwards purchase is a new build which should be ready in September and developer is wanting to exchange ASAP. 

Just from reading this forum it would seem more sales appear to involve exchanging and completing on the same day since covid.  Buying a new build is different in that the builders generally want buyers to exchange ASAP with a long stop date for completion. 

Weathergirl_76

I’m guessing this is to avoid the self isolation risk of someone in the chain contracting Covid and not being able to leave their property. I think now, with all the testing available and vaccination programme progress, it may well be less of a risk than say a year ago. 

I am at the stage of having a survey booked on my purchase and survey on my property was completed Monday. I have not heard what you’re mentioning before,but I have been told (by the agent I am purchasing from) the whole process is taking 16-20 weeks due to the workload of agencies and professionals involved.  I guess every case is different given the amount of people in a chain etc. 

hazyjo

Can you afford to sell and rent for 6 months? It may mean paying rent and mortgage for 3 months ish. Although new builds are often delayed, so it may be less.

Are your buyers happy to wait that long (presuming you're getting close to exchange. Haven't dug out the other thread). Do they need a mortgage? Chances are it'll expire before they buy your house which could be a major problem.

davilown

I’ve repeatedly told my solicitor that we won’t be doing a same day exchange/complete. We are breaking the chain and going into rented so our buyers don’t have to pay all of the stamp duty, and we need that time in between to organise storage and/or a short term rental.

Just worried that they’ll come back and reduce the offer to compensate for it if we miss the deadline. Though the OH and I had a discussion about this at the weekend, and we decided we won’t accept any reduction (even if it costs us the sale).