Possible problems from exchange to completion?

Doorlock21

What are some problems that can happen after you exchange to completion?

Can mortgage offers fall through? Etc?

Flugelhorn

Only problem we had was agreeing far too long a gap between exchange and completion and then covid happened. 

there is a famous thread on here where the vendors decided they didn't want to complete the sale after they had exchanged - very rare event fortunately 

user1977

Mortgage offers don't simply "fall through" by the whims of the lender, if that's what you mean? They expire at a certain date. They may be withdrawn if your financial circumstances materially change (e.g. you lose your job). It is very rare for people to exchange and then be unable to complete. You can't eliminate all risks.

Doorlock21

user1977 said:

Mortgage offers don't simply "fall through" by the whims of the lender, if that's what you mean? They expire at a certain date. They may be withdrawn if your financial circumstances materially change (e.g. you lose your job). It is very rare for people to exchange and then be unable to complete. You can't eliminate all risks.

I think the mortgage offer falling through is my biggest worry.
like it’s taken us 7 weeks to get our offer and it was hard work!
Obviously we wouldn’t change anything and not take out any credit but I’m scared something may happen on our credit report and that will be it!

user1977

You're selling a house, so presumably you've been through all this before?

housebuyer143

Your buyer could die I suppose 🤷‍♀️ that's probably one to derail completion.

macman

housebuyer143 said:

Your buyer could die I suppose 🤷‍♀️ that's probably one to derail completion.

That should delay, but not derail it entirely. The estate would be bound to proceed with the sale, unless the buyer decides to withdraw and get their deposit back.

Doorlock21

user1977 said:

You're selling a house, so presumably you've been through all this before?

Yes but was a first time buyer so nothing to lose.

UnderOffer

My friends were in the unfortunate position that they exchanged, then the elderly owner died unexpectedly the very next day 🙁. Despite probate supposedly being expedited and the will etc., being very straight forward, it took another 6 months to get the keys. Incredibly stressful and upsetting as they were advised to continue and complete on their sale, to minimise costs, so were homeless within a week and stayed with relatives with the continued promise of, “it will only take another couple of weeks” being repeated continuously. In hindsight they should have immediately gone to a rental and those costs would have been covered. 

They got there in the end and this scenario is very rare, but they really are “never moving again”. 

Doorlock21

UnderOffer said:

My friends were in the unfortunate position that they exchanged, then the elderly owner died unexpectedly the very next day 🙁. Despite probate supposedly being expedited and the will etc., being very straight forward, it took another 6 months to get the keys. Incredibly stressful and upsetting as they were advised to continue and complete on their sale, to minimise costs, so were homeless within a week and stayed with relatives with the continued promise of, “it will only take another couple of weeks” being repeated continuously. In hindsight they should have immediately gone to a rental and those costs would have been covered. 

They got there in the end and this scenario is very rare, but they really are “never moving again”. 

Oh wow!

Yes I can imagine