Exchange of Contracts and Completion Date

ironlady2022

Does exchange of contracts all happen on the same date? I'm in a chain of 3.

When you do the above, do you need to include a completion date on? 

babyblade41

exchange will happen all on the same day, completion is set & put on the contract when everyone agrees . That day is when everyone vacates the properties

GrumpyDil

Yes all the houses in a chain would normally exchange on the same day. 

You would also expect to include a completion date other than when new build properties are involved.

Assuming there's something underlying the question what's the context? 

ironlady2022

Me and my Buyer are ready as he's renting his house out.

My Vendor is saying they will move to her Mum's and i think they will, just need encouragement. However, they are actively looking for a house and have been offering, so i think we are weeks away from them finding a house. 

GrumpyDil

Ah. That old chestnut.it's one of the rare occasions where it's not standard. In that scenario all three of you would exchange on your chain as normal and your vendor would move to mum's. 

However many vendors seem to start by saying that but when they realise they'll have two moves etc change their mind. If they do find a house and insist on completing their purchase as well expect it to be another 8 to 12 weeks, given their vendor would also likely need to tie their onward move up as well. 

babyblade41

You have the enquiries stage to go through first which can take some time , so probably about 3 months off 

eddddy

mayling03 said:

Me and my Buyer are ready as he's renting his house out.

Do you mean ready to exchange contracts?

Your other posts say that you only accepted the offer a week ago - so it's probably going to be some weeks (or months) before your buyer is ready to exchange contracts.


But to answer your original question - all 3 of you would exchange contracts at the same time. If you exchanged contracts with your buyer before exchanging contracts with your seller, there's a big risk that you could end up homeless.

ironlady2022

eddddy said:

mayling03 said:

Me and my Buyer are ready as he's renting his house out.

Do you mean ready to exchange contracts?

Your other posts say that you only accepted the offer a week ago - so it's probably going to be some weeks (or months) before your buyer is ready to exchange contracts.


But to answer your original question - all 3 of you would exchange contracts at the same time. If you exchanged contracts with your buyer before exchanging contracts with your seller, there's a big risk that you could end up homeless.

Thank you, this answers my question. One date is what I'm after. 

UnderOffer

mayling03 said:

Me and my Buyer are ready as he's renting his house out.

My Vendor is saying they will move to her Mum's and i think they will, just need encouragement. However, they are actively looking for a house and have been offering, so i think we are weeks away from them finding a house. 

Your buyer is ready to exchange? That’s amazing as I think you accepted their offer last week. I guess they are cash, no mortgage required and not having a survey on your home. Very lucky. 

badger09

mayling03 said:

Does exchange of contracts all happen on the same date? I'm in a chain of 3.

When you do the above, do you need to include a completion date on? 

You’ve started no fewer than 29 threads on this forum since 5 March. 

May I very politely suggest that you read the various guides in the very 1st post at the top of this thread, before starting number 30. 

Slithery

Could you please continue with one of your many other threads regarding this exact same situation rather than starting yet another one (which is against the forum rules)....