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Completion date
Comments
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Would it be possible to do that?theoretica said:Your buyers and sellers will presumably have their own
preferred completion days too - and any chains they are in. So you alone do not get to pick the days - but you can request and negotiate.One thing to look out for is if your buyer wants to exchange and complete on the same day there is the possibility the sale will fall through at the very last minute after your purchase. If this would be a crisis for you you might want to try to negotiate for the exchange of contracts for both purchase and sale to be on the same day, even though the completion is different.0 -
YesGam2015 said:
Would it be possible to do that?theoretica said:Your buyers and sellers will presumably have their own
preferred completion days too - and any chains they are in. So you alone do not get to pick the days - but you can request and negotiate.One thing to look out for is if your buyer wants to exchange and complete on the same day there is the possibility the sale will fall through at the very last minute after your purchase. If this would be a crisis for you you might want to try to negotiate for the exchange of contracts for both purchase and sale to be on the same day, even though the completion is different.
Exchange and completion dates have to be agreed by all parties. So your buyer has to agree both dates with you (& with their buyer if applicable) and your vendor has to do the same.
If you can fund your purchase with savings and mortgage, and therefore don't need money from your sale, (so both sale & purchase don't have to to complete on the same day), you are in a good position.
Exchanging on the same date gives you the certainty that you won't be homeless if your vendor pulls out at the last minute when you have already exchanged on your sale.0 -
We completed on our purchase in April 2015 but didn't sell our other house until the September because we were renovating the newly-bought one. Like the OP we had a deposit and mortgage in place for the new one.
So yes, quite possible in those circumstances to delay completion on the sale.(AKA HRH_MUngo)
Member #10 of £2 savers club
Imagine someone holding forth on biology whose only knowledge of the subject is the Book of British Birds, and you have a rough idea of what it feels like to read Richard Dawkins on theology: Terry Eagleton0
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