Can’t agree on completion date

DullGreyGuy

angel3130 said:

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.

Do you have somewhere to live for 1 week as a backup if you cannot get somewhere to move into for 3 weeks? You're going to be paying for storage and a double move anyway.

Ultimately it's a negotiation and comes down to who's got the strongest views and if anyone is willing to walk away from the sale for the sake of a week.

Its odd that they are wanting to be prescriptive on the gap... most people care about the date of completion and dont mind too much the date of exchange moving as long as all checks are done, enough time to book removals etc. 

Exodi

angel3130 said:

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

You could kick the completion date into another century and there would be very little they could do about it once they've exchanged. It's normal to agree a completion date as part of the exchange process, personally I'd find it a major red flag otherwise.

I really think you're making a mountain out of a molehill. I'd just agree to 3 weeks if that's what it takes to get it over the line. I don't understand your fears about losing rent/deposits/things falling through, they can't back out after you've exchanged (without significant legal and financial ramifications). If you can't find a property you could just stay with family or in a B&B in the interim until you do.

It sounds like you don't even specifically need 4 weeks, it's just what the estate agent has recommended?

angel3130

I don’t know, I’ve asked my solicitor to ring me back so I can ask. Last week they said they wanted 3 weeks from then and I said then I need 4 weeks from exchange 

angel3130

From what I understand the house sale can fall through before completion without any penalties on their side 

DE_612183

angel3130 said:

From what I understand the house sale can fall through before completion without any penalties on their side 

Not true - once you exchange contracts you have agreed to a legally binding date to sell / buy the property - you can renege on that contract - but it will be costly.

DE_612183

You really need to talk to your solicitor about this - if you are asking these questions and getting worried about this stuff - they are not doing the job you are paying them for - are you using a solicitor you can go and see - or just the cheapest from the internet?

angel3130

sorry sorry before exchange is what I meant. That is why I asked to exchange  before committing to a rented house 

DE_612183

correct - anyone can walk away before a contract is exchanged - it's once it's exchanged that it becomes legally binding.

However if you exchange a contract WITHOUT a date - it means nothing anyway as you can't hold someone to legally buy your house if you haven't stated a date.

Your solicitor SHOULD explain this to you.

DE_612183

Get your buyer to agree a date - then you can move to the next step.

angel3130

No they didn’t tell me that but that’s why I’m saying I want to sign contracts then say 4 weeks from that date. Maybe I’m doing it the wrong way I don’t know