Exchange then completion question

curtis122

I suppose in that case then another question would be, how far in advance does an exchange date get agreed? Is it a case of we could be told  'we are looking at next week for the exchange date' or 'We are looking at 3 weeks time'?
At what point does that get decided, bearing in mind like I said there is only us and the buyer, no chain. I'm assuming after surveys and as long as they are ok.

ritz55

It is kind of set it stone. Only option would be as follows. 

1) Don't complete but the buyer can then force the completion and any costs you are liable for. This could end up costing thousands and won't recommend it. 
2) Go back to the buyer and agree to a different date, Normally the solicitors are not happy with this and the buyer is under no obligation to change the date either. However if agreed by all parties then the date can be moved. I had this on a house I was purchasing where the seller wanted to move the date out by a few weeks as there son had broken there leg and in fairness made no difference to me so agreed to it. 

saajan_12

curtis122 said:

I suppose in that case then another question would be, how far in advance does an exchange date get agreed? Is it a case of we could be told  'we are looking at next week for the exchange date' or 'We are looking at 3 weeks time'?
At what point does that get decided, bearing in mind like I said there is only us and the buyer, no chain. I'm assuming after surveys and as long as they are ok.

The solicitor / agent may give you a heads up any number of weeks before, but that'll never be accurate or even meaningful. If there are still standing issues, then its very hard to predict how long they will take to resolve. Once the issues are resolved, then the parties are essentially ready to exchange and there wouldn't be much point in waiting. 

So you'd need to start looking for rentals before being 'ready'. If it took a couple of days to finish off references or confirm the start date verbally with the LL before you exchange then that's probably fine, but much more and the buyer will start to get antsy. 

Albermarle

Regarding finding a rental property generally.
That can be difficult in some areas due to high demand for decent places. 
They may insist on a 12 month contract ( the law is changing so not sure about that)

It might be easier to put your belongings in store and stay in an Airbnb, or similar. This will give you more flexibility on start and end dates and less stress around fixing a completion date. Just a thought.

kingstreet

curtis122 said:

So does that mean in a chain no one can exchange until everyone decides on a completion date?

Spot on. Exchange of contracts takes place once a completion date has been agreed by all parties. You don't really set an exchange date it's the culmination of all the legal work being done, deposits obtained and a completion date agreed enabling each solicitor to release their contract to the next party in the chain.

sheramber

How long are your buyer willing to wait once everything is completed?

If they are using a mortgage there will be a time limit on that offer.   

Albermarle

kingstreet said:

curtis122 said:

So does that mean in a chain no one can exchange until everyone decides on a completion date?

Spot on. Exchange of contracts takes place once a completion date has been agreed by all parties. You don't really set an exchange date it's the culmination of all the legal work being done, deposits obtained and a completion date agreed enabling each solicitor to release their contract to the next party in the chain.

Yes and sometimes the proposed exchange date keeps getting delayed, especially if there is a long chain, but of course there no penalties for that because until exchange you have not officially agreed anything.
Unlike the completion date, which is pretty fixed.