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7week gap between exchange and completion, any risk?
Orchid96
Posts: 63 Forumite
Hi All,
Thank you all for giving the support in our house purchase.
All enquiries are resolved now and we are ready for exchange and completion.
We were expecting completion before Christmas, but the vendors now want to do contract exchange now and completion in January 2022.
Is there any risk in having such a big gap between exchange and completion?
We will be paying the building insurance from exchange date, other than this are there any issues?
Please advise.
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Comments
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Not really. I suppose if they were to have some life altering issues then they might pull out but there is huge financial cost for this.
It should therefore all be fine.2 -
... In which case surely there'd be a greater risk for the OP in not exchanging and then having no right to compensation if the other side did pull out...Snookie12cat said:Not really. I suppose if they were to have some life altering issues then they might pull out but there is huge financial cost for this.2 -
What has your solicitor said?0
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@ThrugelmirSolicitor didn't mention any risk as the mortgage offer is valid until MarchThrugelmir said:What has your solicitor said?0 -
I don't see the issue? If they exchange they are all legally bound to the sale.user1977 said:
... In which case surely there'd be a greater risk for the OP in not exchanging and then having no right to compensation if the other side did pull out...Snookie12cat said:Not really. I suppose if they were to have some life altering issues then they might pull out but there is huge financial cost for this.
They would therefore be financially compensated if the seller changed their mind between Christmas and January?1 -
Oh 'eck - we had 8 weeks last year, exchanged beginning of March to complete end of April ... by the time completion came round we were knee-deep on lockdown, only positive was that the motorways were very empty!
wouldn't leave such a gap again2 -
Yes, that's what I'm saying. Sorry, you sounded like you thought that was somehow a risk in exchanging.Snookie12cat said:
I don't see the issue? If they exchange they are all legally bound to the sale.user1977 said:
... In which case surely there'd be a greater risk for the OP in not exchanging and then having no right to compensation if the other side did pull out...Snookie12cat said:Not really. I suppose if they were to have some life altering issues then they might pull out but there is huge financial cost for this.
They would therefore be financially compensated if the seller changed their mind between Christmas and January?1 -
Thanks everyone for the quick replies, we are going ahead with the contract exchange at the earliest possible date.1
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Then any risk relates to the property and the vendors themselves. Which exists whatever the time gap between exchange and completion.Orchid96 said:
@ThrugelmirSolicitor didn't mention any risk as the mortgage offer is valid until MarchThrugelmir said:What has your solicitor said?1 -
Does your mortgage offer last at least upto the completion date?Orchid96 said:Hi All,Thank you all for giving the support in our house purchase.All enquiries are resolved now and we are ready for exchange and completion.We were expecting completion before Christmas, but the vendors now want to do contract exchange now and completion in January 2022.Is there any risk in having such a big gap between exchange and completion?We will be paying the building insurance from exchange date, other than this are there any issues?Please advise.
Also there's the risk that your circumstances change and your mortgage offer is withdrawn, meaning you can't complete.
With a longer gap, there is more time for something to change, but for many people's circumstances, this won't be a big concern.1
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