delay between exchange and completion, what can I resonably get away with?

R.j.Belcher

So our house is about to go on the market because we want to relocate from Hampshire to Lincolnshire. We will be left with about £150k equity which will buy our new property. In November I become 55 and can take money from my pension, about £50k which will pay for costs and maybe boost out buying price by £10k . That money may take a week or so to come through, maybe more they are very vague. So it is likely that we can not complete until early December. It it resonable for a buyer to wait that long, assuming we find something within that time too, we do have some targets we are going to see in a few weeks. Here it seems to be a sellers market but very much a slow buyers market up there. O Been here 18 years so a little out of touch with what goes on.
thanks
Rob

GrumpyDil

Delay between exchange and completion can be whatever you agree but generally speaking it is kept to a minimum now as that removes the increased risk of changes in circumstances causing issues with long delays (buyer losing mortgage offer because they lose their job/get made redundant etc).

But at this point you haven't got a buyer so don't have and idea when you will be ready to exchange anyway.

Not asked but I assume you are aware of the possible implications of taking money from a pension, particularly if taxable and you intend to keep contributing, although not relevant if the pension is a defined benefit one. 

Jemma01

You'd be lucky to have someone actually waiting for that long without shopping around and walking out if a better house comes their way. It's not clear to me if you are buying cash or will be on a mortgage, also you're creating a chain for the buyer which isn't attractive. The property you want may fall through leaving the buyer with even more delays.

I suggest you get your funds in order first before you spend time and money on conveyancing fees and agent fees and what not. No one wants to move homes on Christmas.

itsthelittlethings

Why not wait to put your home on the market?

Hoenir

Might as well start marketing your property in August if you've no plans to move yet. 

R.j.Belcher

Thanks for your comments. The c£150k equity will fund the new house, plus some wiggle room from my pension. At the moment we do not have the money to pay the fees, and all the other stuff we need when we move so thats what the pension provides, plus a few months rest once we move before getting a job. I am aware of the pension situation and this is one of my two pensions, I will take 25% from the other but know that one is a slower process because it is an old with profits fund. 

km1500

it is perfectly reasonable for a buyer to wait until say December for completion as long as you're honest at the very beginning

in other words when you market the property you tell the agent that if you accept an offer you will be able to exchange whenever everything is ready but the completion date will be December

buyers can then factor this into their willingness to make an offer or not

Slinky

km1500 said:

it is perfectly reasonable for a buyer to wait until say December for completion as long as you're honest at the very beginning

in other words when you market the property you tell the agent that if you accept an offer you will be able to exchange whenever everything is ready but the completion date will be December

buyers can then factor this into their willingness to make an offer or not

You will be offering your property to a very limited pool of buyers with that approach. And you're still at risk of them changing their mind or finding something else they prefer. Better to wait until a more realistic timescale.

knightstyle

We live in Lincolnshire, hope you enjoy it as much as we do...  Can you get a credit transfer to a credit card to pay the fees etc?  We just did for our DD to buy a car, Barclaycard 1.99% for 20 months.