Can you exchange on the sale but not on the purchase and time completion

LostSocks

We exchanged on our purchase at the end of Feb and we are not due to complete until April. We have no firm completion date as the top house in the chain (3 of us altogether and we are the bottom) are buying a new build.

Richard_Webster

Of course you can exchange on your sale but you must fix a completion date or a means of setting such date when you exchange.

If the buyers are really desperate you might get them to agree a floating date e.g. completion is 2 weeks after your solicitor serves a notice on their solcitor requiring completion but in any event in 3 months time. Most people don't like these floating dates, but they are standard on new build where the new house is not completed at the point of exchange. Someone who is buying a new build would try to foist this kind of formula on their buyer, but many buyers won't accept it.

I routinely ask people buying new builds if the house is finished or not, and if not, point out that their buyer may not be prepared to wait around (and even less those in a chain below), and so they will have to complete their sale before their purchase and find somewhere to go in the meantime.

OP is in a similar position, he/she needs to be sure he has somewhere to go if the purchase cannot be synchronised with the sale. People letting property are not generally interested in a let for a few weeks or a month or two they want at least 6 months usually, so it will often be down to staying with family or friends for a time. is this possible?.

JanCee

PasturesNew wrote: »

I wanted 2 weeks, got 2 days in the end.

Same for us. It was a total nightmare.

N79

You can negotiate whatever period you like between exchange and completion.

For example, when I've been buying and want to get the purchase agreed quickly and the sellers are not ready then I will normally offer to exchange quickly (I usually set a dealine of 4 weeks but have never taken longer than 3!) and then offer to complete at their convenience within the next 6 months. I have always had people agree to this once it is pointed out that they can then negotiate on their purchase as they have "no chain" and I know that I will get the house in the end.

You could ask your buyer to do something similar, although you may need to offer an incentive.