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Different completion dates within same chain
DD92
Posts: 34 Forumite
Trying to Google and not getting a clear answer.
Due to solicitor mess ups our exchange date has been missed. Chain as follows
1. FTB
2. Our Buyers
3. Us
4. Our sellers
5. Empty house
Basically we're in a situation where 1 and 4 can't agree on a date and neither budging. As a back up we could break the chain if needs be but its a last resort.
My plan would be. Complete on my sale 3rd December, move stuff into storage and stay with parents for a week. Complete on purchase on 10th December. I would want to exchange on both at the same time to avoid the possibility of committing to sell but having purchase collapse.
So I guess I wanted to know if there is any risk to doing this, is it even possible and other things to look out for in my over simplified way of looking at the world.
Due to solicitor mess ups our exchange date has been missed. Chain as follows
1. FTB
2. Our Buyers
3. Us
4. Our sellers
5. Empty house
Basically we're in a situation where 1 and 4 can't agree on a date and neither budging. As a back up we could break the chain if needs be but its a last resort.
My plan would be. Complete on my sale 3rd December, move stuff into storage and stay with parents for a week. Complete on purchase on 10th December. I would want to exchange on both at the same time to avoid the possibility of committing to sell but having purchase collapse.
So I guess I wanted to know if there is any risk to doing this, is it even possible and other things to look out for in my over simplified way of looking at the world.
0
Comments
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If you are currently in a chain, and a completion date cannot be agreed, then your exchange date surely can have been missed - exchange does happen until the chain is agreed on dates…
the risk in your plan is if something happens to prevent your purchase completing as planned. How long are your parents prepared for you to be there should the worst happen?🎉 MORTGAGE FREE (First time!) 30/09/2016 🎉 And now we go again…New mortgage taken 01/09/23 🏡
Balance as at 01/09/23 = £115,000.00 Balance as at 31/12/23 = £112,000.00
Balance as at 31/08/24 = £105,400.00 Balance as at 31/12/24 = £102,500.00
Balance as at 31/08/25 = £ 95,450.00
£100k barrier broken 1/4/25SOA CALCULATOR (for DFW newbies): SOA Calculatorshe/her1 -
Well aware of that. I'm asking if I can break the chain, sell my house effectively be homeless for a week and then compelte the purchase. I'm trying to think of back up solutions to this.Hoenir said:
Then the chain collapses.DD92 said:
Basically we're in a situation where 1 and 4 can't agree on a date and neither budging.0 -
So what happened is we all agreed to the 3rd. Number 4 in the chain (there's a long story about how awful they are as people) demanded that if we hadn't exchanged by today then they would no longer agree the 3rd as a completion date. Solicitors all said we were good to exchange today but there were last minute !!!!!! ups and we couldn't exchange.EssexHebridean said:If you are currently in a chain, and a completion date cannot be agreed, then your exchange date surely can have been missed - exchange does happen until the chain is agreed on dates…
the risk in your plan is if something happens to prevent your purchase completing as planned. How long are your parents prepared for you to be there should the worst happen?
Bottom of the chain won't budge from 3rd, number 4 won't agree to 3rd. I'm hoping it will resolve on Monday but if it can't be resolved I want a back up to avoid a complete collapse which could be us breaking the chain.
What are the risks that would stop completion after exchange?
0 -
The same that exist if you all had the same completion date (if what you're asking is whether there are additional risks). Somebody has problems with their financing / loses their job / drops dead / their house burns down / Putin sabotages our banking system, etc etc.DD92 said:
What are the risks that would stop completion after exchange?EssexHebridean said:If you are currently in a chain, and a completion date cannot be agreed, then your exchange date surely can have been missed - exchange does happen until the chain is agreed on dates…
the risk in your plan is if something happens to prevent your purchase completing as planned. How long are your parents prepared for you to be there should the worst happen?1 -
If I were in your position I would probably just let them both know that the chain has collapsed. At least one of them will back down.
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In answer to your question, if you all exchange on the same day, but you pick a later exchange date then the risk is minimal, assuming you have all exchanged. . Once exchange happens it's extremely rare to not complete so I would say you can be confident you will be moving in a week later. Obviously things can happen, maybe the seller dies and that delays things, but they are still committed to selling it to you once you have exchanged.
Just ensure your exchange happens at the same time as the exchange with your buyer, but just on the later date.2
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