Can’t agree on completion date

angel3130

This is the first time I’ve sold a house so I’m learning along the way. I’ll be moving into a rented house and the estate agent recommended I have 4 weeks between exchange and completion to find somewhere and for it to go through. My buyers are saying they want to move in in 3 weeks and aren’t waiting 4 weeks. We haven’t exchanged contracts yet and I’ve said I’m willing to exchange ASAP then will need 4 weeks from that date so I’m not at risk of losing my deposit/first months rent if it all falls through. Am I being unreasonable? This whole thing is really stressing me out.

eddddy

It's just negotiation. You want 4 weeks and your buyers want to move in 3 weeks. So the options are:

• You give in
• Your buyers give in
• You compromise (3.5 weeks?)
• You walk away (or your buyers walk away)

angel3130

I don’t know if I’m doing it the right way around saying I want to sign the contracts first before agreeing a date x

propertyrental

angel3130 said:

....... We haven’t exchanged contracts yet and I’ve said I’m willing to exchange ASAP then will need 4 weeks from that date so I’m not at risk of losing my deposit/first months rent if it all falls through. Am I being unreasonable? This whole thing is really stressing me out.

Not sure what you mean, Have you found a rental to move to? Have you paid a (holding) deposit/1st months rent? If so the quicker you Exchange the better, but why might 'it all fall through'? Do you mean your sale? Once you Exchange it is not going to fall through (well, 999 times out of 1000).

DE_612183

when you sign the contracts their should be a date - or you sign and the solicitor holds the contract and then exchanges when you both agree a date.

angel3130

No I’ve not put a holding deposit down because I’m worried the sale on my house could potentially fall through. Maybe I’m being too cautious wanting to exchange contracts first and then agree a completion date 

kingstreet

You can sign your contract any time. It won't become binding until your solicitor exchanges contracts with the other side and to do that a completion date has to be agreed, unless there's a newbuild in the chain then it's usually "on notice" ten days later.

DE_612183

you can't exchange contracts without setting a date - there would be no point.

you can sign - but then the contact hasn't been exchanged so it's worthless anyway.

Agree a date - then move forward.

Is there a reason why the buyers want three weeks? Perhaps they are in rented and have to move out....

mebu60

angel3130 said:

No I’ve not put a holding deposit down because I’m worried the sale on my house could potentially fall through. Maybe I’m being too cautious wanting to exchange contracts first and then agree a completion date 

You agree the completion date for your sale when you exchange contracts..

angel3130

They’re not in rented, they’ve sold their house and just want to move ASAP

DE_612183

angel3130 said:

They’re not in rented, they’ve sold their house and just want to move ASAP

so are they being pushed by their buyers?

If there is no over-riding factor I'd stick to 4 weeks - unlikely they will back down and pull out unless they are looking to do that anyway.