Exchange and Completion

20122013

I am the Seller and I have given the go ahead to Exchange and Complete on 21 August 2025. 

My solicitors had said they do not require anything else from me as they have everything they need.

I will need to settle and close my utility, insurance company and council tax accounts. 

May I check when I can do this and do I tell them the last date is 20th or 21 August?

Which bank / BS has the shortest CHAP clearing service?

As NSandI takes 2 working days and if I use them it will not come through till 25 August and they have a daily limit on how much transfer out. 

Is there anything else I have overlooked?  

user1977

20122013 said:

I will need to settle and close my utility, insurance company and council tax accounts. 

May I check when I can do this

When you've been told that completion has actually happened.

theartfullodger

You've taken photos of utility meters, file &  prepared emails to utility companies & council??

MyRealNameToo

20122013 said:

I am the Seller and I have given the go ahead to Exchange and Complete on 21 August 2025. 

My solicitors had said they do not require anything else from me as they have everything they need.

I will need to settle and close my utility, insurance company and council tax accounts. 

May I check when I can do this and do I tell them the last date is 20th or 21 August?

Which bank / BS has the shortest CHAP clearing service?

As NSandI takes 2 working days and if I use them it will not come through till 25 August and they have a daily limit on how much transfer out. 

Is there anything else I have overlooked?  

Why are you exchanging and completing on the same day? Unless there is damned good reason to I'd be putting a gap between the two. 

You will be able to do it in advance but having not exchanged the dates may change so you'll then be back in contact with them saying its now the 22nd or 23rd etc (one reason not to have exchange and completion on the same date). Certainly with the insurance that will be another service charge to pay. 

Is this where you currently live? Are you moving somewhere new? Some of the items may be better transferred to your new property rather than cancelled if you are. 

Removals is the thing you haven't mentioned and again will be difficult if your dates move unless you are moving to a property you already own in which case you can move out early and have the property vacant if dates change. 

20122013

MyRealNameToo said:

I am chain free, but the buyer is in a chain with his buyer.

Exchange and Complete on the same day. This is because  I want to get it all done in one day (personal issues) My thinking was that once Exchanged they can still move the Completion date or pay the penalty to move it. I have read that the risk is that may not complete on the same day due to bank loan etc, aslo whether it will leave the solicitors enough time to read the contract?

As my solicitor has not make any comment about this (and when I query with her does not want to 'advise')

I will do drafts email and send them to settle and close the accounts.

Already cleaned and vacated.

user1977

There's no advantage in you giving prior notice to the utilities or council tax department, and may be troublesome if completion is delayed (or doesn't happen at all).

Rodders53

All the utilities etc.,. are normally done after the event...  Take pictures of all meters (gas/water/electric - all registers if E7 or similar) as 'evidence'.  Ditto for mail redirection (via interweb).

Unless the whole chain of buyer-.seller/buyer->seller are happy and agreed for same day and that date (at least it's a Thursday)... there may still be another date (or dates) with/without a gap proposed. 
Check that is so via the Estate Agents?

MyRealNameToo

20122013 said:

MyRealNameToo said:

Exchange and Complete on the same day as  I want to get it done all in one day (personal issues going on so rather get this all done asap) My thinking was that once Exchanged they can still move the Completion date or pay the penalty to move it.  Is there any reason why it maybe better to put a gap between the two? is there more paper work to check etc?

As my solicitor has not make any comment about this (and when I query with her does not want to 'advise')

I will do drafts email and send them to settle and close the accounts.

Already cleaned and vacated.

Once exchanged the date is fixed and can only be changed by mutual agreement which typically would be bought when one party doesnt want to change the date. Until exchange has occurred there is no actual commitment to complete at all, let alone on a specified date, hence uncertainty and the ability for dates to move persists. 

20122013

@ Rodders53 

- Will do with the utilities.

- I did asked my EA to see what we do to get it all done asap and the EA had suggested to do Exchange and Complete on the same date, but he was asking why I want to do it all on the same day. The EA must have managed to get it arrange otherwise, the Buyer's solicitor would not have asked me to confirm '21 August 2025' which I had confirmed this morning,  since then I have asked my Solicitor to let me know if she thinks we need to leave a gap. (she charges a fee for 'Exchange and Complete on the same date') I hope this does not cloud her judgement, as she does not give advise.

20122013

I would like to ask some more questions, please:

1. AGENT FEE

My EA (sole agent) has just sent me their fees (anticipation upon completion) which is higher than what is on hthe signed TCs:

'Sole Agency ✓
If we are the only agency involved in selling your property we will charge a commission of 1.25% plus VAT. Based on the marketing price shown above, this would be equal to:'

The marketing price says £xx OIEO.

Would the 1.25% be based on the under offer price or fixed at  the marketing price ie '£xx OIEO.'

as the offer price is £16K more than the marketing price.

MyRealNameToo

it would be 1.5% of the sale price including the VAT so if you sell at £16k above list price then its an extra £240 fee inc vat. 

The theory is it motivates them to get a higher price for you but it's a bit of a fallacy unless there is a massive lack of properties coming onto the market.