Chain fighting over completion date

dodo1990

We are 20 weeks into the process and it has been hell to say the least. Managed to get our buyers to agree to exchange this Friday and complete next Friday, but now our sellers are saying they don't want to complete on a Friday (apparently it's risky if funds going in are delayed?). Buyers saying they won't have funds to do earlier. Sellers can't do later. Really stuck now. We are being flexible with whatever date but feel like piggy in the middle, and both sides are fed up and threatening to drop it all. Feel so anxious it's just going to fall apart.

Trying to sit on my hands while solicitors sort it out. Has anyone been in this situation? What normally happens? We have been boxed up for 6 weeks and have removals booked for the Friday!

Ahhhhhhhhhhhhhhhhhhh

Moneybear

Would agreeing to request mortgage funds for the day before completion help your sellers get peace of mind? That way the money will be ready to complete quickly on the Friday?

p00hsticks

People on this board generally recommend to avoid completing on a Friday if possible - as your sellers say, if there are any complications or delays then it means that, rather than being dealt with the following day,  they can't be addressed until the Monday when the solicitors are in again. Having said that, many people who still work the traditional Monday-Friday like it because, if all goes to plan, it means they have the weekend to unpack and sort things out - which is probably why I understand it's the the busiest day for both conveyancers and removal companies (another general reason why other days of the week may be peferable).

Knowing that doesn't help you though, I'm afraid

dodo1990

Moneybear said:

Would agreeing to request mortgage funds for the day before completion help your sellers get peace of mind? That way the money will be ready to complete quickly on the Friday?

Thank you - didn't realise that was an option and assumed the hold up would be on our buyers who need to release their funds first? We have an existing mortgage on our current house we are "porting" to the next house purchase and have another mortgage to make up the difference. I guess it's a pretty common set up for people upsizing. 

Our buyers are cash buyers. I'm happy for the solicitor to do whatever needs to be done, so do I just agree for our mortgage funds to be requested a day earlier and send across, even if our buyers are delayed? Is that not super risky for us?

RS2OOO

A worst case scenario option to hold it all together might be to agree completion for Friday on the sale and completion for Monday on the purchase.

And see if removal firm can store contents over the weekend.

Then book a hotel for the weekend.

You will of course want to exchange contracts on both sides at the same time.

dodo1990

p00hsticks said:

People on this board generally recommend to avoid completing on a Friday if possible - as your sellers say, if there are any complications or delays then it means that, rather than being dealt with the following day,  they can't be addressed until the Monday when the solicitors are in again. Having said that, many people who still work the traditional Monday-Friday like it because, if all goes to plan, it means they have the weekend to unpack and sort things out - which is probably why I understand it's the the busiest day for both conveyancers and removal companies (another general reason why other days of the week may be peferable).

Knowing that doesn't help you though, I'm afraid

Yeah, I thought so. We are happy to do Thursday but our buyers are saying they financially won't be able to. Quite concerning really if it won't be until Friday they will have the funds... what if something goes wrong there!

What are the common complications or delays with completion on a Friday?

dodo1990

RS2OOO said:

A worst case scenario option to hold it all together might be to agree completion for Friday on the sale and completion for Monday on the purchase.

And see if removal firm can store contents over the weekend.

Then book a hotel for the weekend.

Unfortunately solicitors either side have said they don't do split completions, all have to complete on same day

saajan_12

• Have the buyers said why they won't have the funds a day earlier? 

• Have the sellers said why they can't do later? They're right Friday isn't advisable, but its not the end of the world either. Whats wrong with the Monday after? 

• Have the solicitors said why they can't do split completions - it shouldn't be up to them, you instruct them to complete on a sale which isn't inherently linked to the purchase. The only link is the mortgage you're porting, as either you return the money or its unsecured over the weekend. Might take some back and forth to agree that with the lender, and not ideal, but not impossible. 

Until you exchange, nothing is set in stone, so hopefully your removals are cancellable? Don't go bookign anything else until you actually exchange. 

In the meantime, get the agents on it to speed up the negotiating. 

lookstraightahead

Split it, sell to your buyers and then negotiate a date with your sellers, store your stuff and go into a hotel 

GoogleMeNow

Have all the solicitors completed all the legal work?  

dodo1990

GoogleMeNow said:

Have all the solicitors completed all the legal work?  

They have yes. We are waiting for exchange but can't until everyone agrees on a completion date!