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Hello Forumites! In order to help keep the Forum a useful, safe and friendly place for our users, discussions around non-MoneySaving matters are not permitted per the Forum rules. While we understand that mentioning house prices may sometimes be relevant to a user's specific MoneySaving situation, we ask that you please avoid veering into broad, general debates about the market, the economy and politics, as these can unfortunately lead to abusive or hateful behaviour. Threads that are found to have derailed into wider discussions may be removed. Users who repeatedly disregard this may have their Forum account banned. Please also avoid posting personally identifiable information, including links to your own online property listing which may reveal your address. Thank you for your understanding.Asking to complete 2 months after exchange - how off-putting?
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If you are in a chain then always best to be open in comms from the outset. No one likes people trying to pull a stunt at the last minute.
You don't have to move in on the day you complete though. Many would consider being able to continue living elsewhere for a week or two whilst any decorating and other works that may need doing are undertaken an advantage, assuming you are buying reasonably close to where you live now
Unfortunately we're looking at moving to a completely different area.
A couple of weeks is ok (agree it could be a good thing), but 2 months is unnecessary, I'd rather have more money left to spend on decorating/furnishing the place. Clearly it's not a deal breaker though and I don't want to annoy everyone else in the chain!
I guess its on a case-by-case basis but some compromise is probably helpful.0 -
Hi all,
We are first time buyers currently renting, and have to give our landlord 2 months notice to end the tenancy.
We've made a couple of offers recently that have been rejected. One of the things we've included in the offers is a wish to complete 6-8 weeks after exchange, so that we can give notice to our landlord only once we've completed. If we exchange/complete on the same day, it will cost us £2,400 paying rent for those two months as well as a mortgage.
Just wanted to get a feel for how off-putting this might be to a seller? We could technically afford to lose the £2k in that we have a reasonably comfortable deposit, but outside the context of house-buying, £2,400 is a lot of money!
Would there be any merit in asking the EA how important completion timescales are to the vendor so we can factor that into our offer?
Or would you not even raise this until later in the process?
If you think about it you won't actually be saving the £2,400 no matter what you do:
If you exchange and complete 2 weeks later or exchange and complete 2 months later you will still be giving two months notice so will always have to pay that £2,400.
In regards to the mortgage if complete 2 months after exchange rather than two weeks it just means you start paying the mortgage later and it doesn't actually save you any money overall.
So yes you will have abit more cash in the sort term but you won't actually save any money either way, so it's good to remember that when negotiating the time between exchange and completion.0 -
If you think about it you won't actually be saving the £2,400 no matter what you do:
If you exchange and complete 2 weeks later or exchange and complete 2 months later you will still be giving two months notice so will always have to pay that £2,400.
In regards to the mortgage if complete 2 months after exchange rather than two weeks it just means you start paying the mortgage later and it doesn't actually save you any money overall.
So yes you will have abit more cash in the sort term but you won't actually save any money either way, so it's good to remember that when negotiating the time between exchange and completion.
Fair point! Just means less money for decorating/furniture, but yes - the fact we’re not losing out overall, just in the short term, does make it easier to accept. Thanks for pointing that out.0 -
One way to ensure quick completion is to buy an auction property. You have to be able to complete within either 28 or 56 days unless otherwise stated, I believe.0
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We wanted 4 weeks between exchange and completion for similar reasons but we only had to give 1 months notice.
If you give your landlord a heads up once you've had an offer accepted then you might be able to negotiate 6 weeks notice since they will then already have an idea they need to get ready to remarked the property. Many landlords willbe happy to help if you can also make their life easier, identify any repairs that need doing, be accommodating for estate agent photos or viewings for new tenants.
We didn't mention until a couple of weeks into conveyancing that we wanted the 4 week gap but it wasn't a problem.0 -
Just be aware that if there are two bidders then if the sellers want to move without unnecessary delays (who doesn't?!) then they are likely to favour the people without stipulations.0
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