Do we complete on the same day as sellers?

robinsonad86

Our sellers are buying a new build which has been slightly delayed however we are now nearing exchange and I know we will need to agree a completion date. Do we complete on the same day they complete? First time buying so didn't know if it was done this way or if they complete and we complete a few days later when they have moved their stuff?

Myci85

Usually same day unless they've requested otherwise. Most people need the funds from their sale to pay to complete on their next purchase.

Albermarle

They should have moved their stuff/be ready to move out on the completion date.

Unless you specifically agree that they can say leave some stuff for a week or two ( in a garage for example).

RelievedSheff

In a chain all parties complete on the same day.

TheJP

https://forums.moneysavingexpert.com/discussion/comment/81974653#Comment_81974653

What? This sale is no different to any other, they need to vacate the property with their belongings upon completion.

gwynlas

They will likely be given short notice of their completion date to suit the builder so you cannot agree a date on exchange unless it is within a short time frame unless they are prepared to complete and move into temporary accommodation which is unlikely.

It is up to you whether you move in immediately or gradually

eddddy

Myci85 said

Our sellers are buying a new build…

You need to check the exchange/completion terms that the seller is asking you for.

Typically (but not always), people buying newbuilds will have to agree the following terms with the builder…

• They will exchange contracts asap

• They have a target completion date - not a fixed completion date. Target completion dates often slip, sometimes by many months.

• They will complete on notice. i.e. When their newbuild house is ready, the builder will say "You must complete in 10 days time"

• They will have a longstop date. For example, if the longstop date is 1st November 2026, if the new house isn't ready by 1st November, your sellers can walk away

If that's the case, your sellers might want you to agree to the same terms. So risks include…

• Your mortgage offer might only last 6 months, so it might expire before you complete (which could be a disaster, if you can't get an extension or get a mortgage offer from elsewhere.)

• You might reach the longstop date (e.g. 1st November) and find that your sellers pull out of their purchase, so you have to pull out as well.

Albermarle

We sometimes have posts from people buying a new house, who have trouble holding onto buyers due to the uncertainty/delays over when the new house would be ready/ completion dates.

Sometimes of course it all works out OK, so fingers crossed !