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  • FIRST POST
    • WatsonL212
    • By WatsonL212 15th Apr 18, 10:40 AM
    • 8Posts
    • 1Thanks
    WatsonL212
    Completion date?
    • #1
    • 15th Apr 18, 10:40 AM
    Completion date? 15th Apr 18 at 10:40 AM
    We have just had an offer accepted on a new property. We are also selling our current property.

    However we can't get a completion date agreed to move into our new house. The seller wants us to move into the new house sooner than the couple can move into our house, and neither seems to be able to change. It's a difference of 3 weeks!

    Without us backing out and the sale falling through, is there anything else that we can do?

    We can move out of our house sooner if needed as we can stay with family but it's the opposite way around. Hope that makes sense.

    Thanks
Page 1
    • eddddy
    • By eddddy 15th Apr 18, 10:50 AM
    • 6,115 Posts
    • 5,898 Thanks
    eddddy
    • #2
    • 15th Apr 18, 10:50 AM
    • #2
    • 15th Apr 18, 10:50 AM
    We have just had an offer accepted on a new property.
    Originally posted by WatsonL212
    It sounds like it's a bit early to be trying to set a firm completion date.

    At this stage there's a big risk that you'll spend lots of time arguing/agreeing on a completion date, then find that it's unachievable anyway because one or more people in the chain aren't ready.

    (I assume the chain is complete!)


    Edit to add...

    If your buyers and your sellers are getting stressed about this, I would just back out of the discussion - and let your buyers and your sellers talk directly to each other (or perhaps via their EAs), and try to reach an agreement.
    Last edited by eddddy; 15-04-2018 at 11:02 AM.
    • p00hsticks
    • By p00hsticks 15th Apr 18, 11:11 AM
    • 6,084 Posts
    • 6,347 Thanks
    p00hsticks
    • #3
    • 15th Apr 18, 11:11 AM
    • #3
    • 15th Apr 18, 11:11 AM
    We have just had an offer accepted on a new property. We are also selling our current property.

    However we can't get a completion date agreed to move into our new house. The seller wants us to move into the new house sooner than the couple can move into our house, and neither seems to be able to change. It's a difference of 3 weeks!

    Without us backing out and the sale falling through, is there anything else that we can do?

    We can move out of our house sooner if needed as we can stay with family but it's the opposite way around. Hope that makes sense.

    Thanks
    Originally posted by WatsonL212
    Presumably you need the money from the sale of your existing property to fund the purchase of the new one ? If that's the case then there's no real way you can get round having to complete on both properties on the same day, so it's down to negotiating with both parties to find a mutually agreeable date.
    • WatsonL212
    • By WatsonL212 15th Apr 18, 11:31 AM
    • 8 Posts
    • 1 Thanks
    WatsonL212
    • #4
    • 15th Apr 18, 11:31 AM
    • #4
    • 15th Apr 18, 11:31 AM
    Thank you both. Yes we need the funds from the current property to buy the new property. I am aware that you can no longer bridge so we do need to exchange on the same day.

    As for the chain being complete I'm not sure what the situation is with our seller, I know he's buying another property but him and a new partner both have properties to sell. From below us the chain is complete.

    The seller wants us to move in the beginning of June, we can move any time, but our buyer is saying they can't move in until about 3 weeks after that. Personally it's me that's getting stressed, I'm worried we won't be able to come to an agreement and we'll loose our dream house.

    I'm waiting on the solicitor getting back to me 're the sellers date. I'm stressed and I'm worried!
    • shortcrust
    • By shortcrust 15th Apr 18, 11:38 AM
    • 1,731 Posts
    • 2,467 Thanks
    shortcrust
    • #5
    • 15th Apr 18, 11:38 AM
    • #5
    • 15th Apr 18, 11:38 AM
    It sounds like it's a bit early to be trying to set a firm completion date...
    Originally posted by eddddy
    That's what I was thinking. Completion dates at this stage are in the realms of horoscopes and tea leaves.
    • eddddy
    • By eddddy 15th Apr 18, 11:58 AM
    • 6,115 Posts
    • 5,898 Thanks
    eddddy
    • #6
    • 15th Apr 18, 11:58 AM
    • #6
    • 15th Apr 18, 11:58 AM
    As for the chain being complete I'm not sure what the situation is with our seller, I know he's buying another property but him and a new partner both have properties to sell.
    Originally posted by WatsonL212
    If they need to sell both properties in order to buy...

    ... you have a chain with 2 tails, and you're not even sure if the top of the chain is fully formed.

    You need to take a step back and not invest any time / effort /angst in this discussion.

    If your solicitor is asking for your desired completion date - it's just a default question. Maybe say something like "any time after xyz"
    • G_M
    • By G_M 15th Apr 18, 12:49 PM
    • 43,765 Posts
    • 51,723 Thanks
    G_M
    • #7
    • 15th Apr 18, 12:49 PM
    • #7
    • 15th Apr 18, 12:49 PM
    We have just had an offer accepted on a new property. ....

    However we can't get a completion date agreed
    Originally posted by WatsonL212
    Of course not.

    There are so many factors that will affect this date that it is a waste of time to even discuss it yet.
    • WatsonL212
    • By WatsonL212 15th Apr 18, 1:03 PM
    • 8 Posts
    • 1 Thanks
    WatsonL212
    • #8
    • 15th Apr 18, 1:03 PM
    • #8
    • 15th Apr 18, 1:03 PM
    Ok thank you all. I didn't realise it was too early to agree upon a date. I assumed a date had to be agreed upon before things were signed.

    I'll leave it as is just now and let it be sorted in due course.

    Thanks
    • G_M
    • By G_M 15th Apr 18, 1:14 PM
    • 43,765 Posts
    • 51,723 Thanks
    G_M
    • #9
    • 15th Apr 18, 1:14 PM
    • #9
    • 15th Apr 18, 1:14 PM
    Ok thank you all. I didn't realise it was too early to agree upon a date. I assumed a date had to be agreed upon before things were signedcontracts are exchanged.
    Originally posted by WatsonL212
    As you are nowhere near Exchanging contracts, you are equally nowhere near agreeing a Completion date.

    You can consider, and advise your conveyancer, what sort of gap (if any) you prefer between Exchange and Completion eg same day? 1 week? 10 days? 1 month? More?
    • WatsonL212
    • By WatsonL212 15th Apr 18, 1:18 PM
    • 8 Posts
    • 1 Thanks
    WatsonL212
    As you are nowhere near Exchanging contracts, you are equally nowhere near agreeing a Completion date.

    You can consider, and advise your conveyancer, what sort of gap (if any) you prefer between Exchange and Completion eg same day? 1 week? 10 days? 1 month? More?
    Originally posted by G_M
    Thank you.

    I didn't believe there could be a gap as we can't bridge? Ideally I would have liked a week/ a few days to do some work on the new property without two little children about but was told it wasn't possible.
    • alex_163163
    • By alex_163163 15th Apr 18, 1:41 PM
    • 231 Posts
    • 156 Thanks
    alex_163163
    The exchange date and the completion date are two different things, but they can happen on the same day if you wish. Or they can happen on separate days.
    Exchange occurs first, and this is when the signed contracts are exchanged between the sets of solicitors and you are now legally obliged to purchase the house on the named chosen day written into the contract (completion day) But you do not own the property at this point.

    The transfer of ownership of the property then occurs on the completion day. This is the day you can get the keys.

    Ideally most people like a gap (2 weeks seems common) between exchange and completion so there is time to organise movers, utilities etc. However some people ask for exchange and completion to happen on the same day. This is just a bit of a risk in case of any last minute hiccups with mortgages, etc.
    • Tiglet2
    • By Tiglet2 15th Apr 18, 2:53 PM
    • 95 Posts
    • 55 Thanks
    Tiglet2
    You've only just had an offer accepted on a property. There is now a lot of work needed by your solicitor and all the other solicitors acting for the various parties in the chain. It's a complete waste of time even speculating about completion dates. No-one can decide a completion date before the "work" investigating the title has even got off the starting block. So, the conversation regarding when your sellers want to complete and when your buyers want to complete is irrelevant at this point.
    • G_M
    • By G_M 15th Apr 18, 3:10 PM
    • 43,765 Posts
    • 51,723 Thanks
    G_M
    Thank you.

    I didn't believe there could be a gap as we can't bridge? Ideally I would have liked a week/ a few days to do some work on the new property without two little children about but was told it wasn't possible.
    Originally posted by WatsonL212
    No. You competely misunderstand.

    And I suggest you read up on how property-buying works. You are embarking on by far the biggest financal commitment of your life and need to understand it.

    Don't just rely on professionals to do it all for you without understanding what they are doing.

    And dont rely on haphazard queries on the internet as things occur to you.

    Do some research.

    Your local library will lend you books to explain the entire process, show you what decisions, and when, you'll have to take, and warn you of issues that might arise.

    eg
    https://www.amazon.co.uk/How-Your-First-Home-Sell/dp/0091935377

    https://www.amazon.co.uk/Buying-Your-First-House-2016/dp/1522929061/ref=pd_bxgy_14_img_3/260-7422276-2085539?_encoding=UTF8&psc=1&refRID=73WXNSX53PB7EW Z0GR2Y
    Last edited by G_M; 15-04-2018 at 3:12 PM.
    • WatsonL212
    • By WatsonL212 15th Apr 18, 6:28 PM
    • 8 Posts
    • 1 Thanks
    WatsonL212
    Thank you for your reply, although slightly condescending. I'll have a look at those books.
    • G_M
    • By G_M 15th Apr 18, 6:40 PM
    • 43,765 Posts
    • 51,723 Thanks
    G_M
    Thank you for your reply, although slightly condescending. I'll have a look at those books.
    Originally posted by WatsonL212
    Not condescending at all. It was meant to be constructive.

    We all have areas of knowledge/experience, and other areas where we lack knowledge/experience.

    Ask me how to fly a plane, fix a broken-down car, or prepare sushi, and I'd need a book, or expert, to help me.

    You posts suggested a fundamental gap in understanding of a topic on which you are embarking, and which can easily result in stress and/or financial loss, so I gave you a warning, together with a way forward.
    • Lavendyr
    • By Lavendyr 15th Apr 18, 6:49 PM
    • 2,079 Posts
    • 1,885 Thanks
    Lavendyr
    Having a gap between exchange and completion isn't "bridging". It's fairly normal to have a space of time between the two. However, you don't have access to the house until completion.

    Bridging is where you take out a loan to fund the purchase of a house before you have sold yours. It's generally not possible to do this any longer.

    As others have said I'd focus first on getting things like surveys, searches etc done (not just yours but making sure the others in the chain are doing the same) and discuss exchange/completion dates a bit further down the line.
    • YoungBlueEyes
    • By YoungBlueEyes 15th Apr 18, 10:18 PM
    • 120 Posts
    • 128 Thanks
    YoungBlueEyes
    Could I ask a question, to clarify something?

    If you don't own the new property til completion day, why do you have to have insurance sorted after exchange of contracts? How can you insure a house you don't technically own?
    • shirlgirl2004
    • By shirlgirl2004 15th Apr 18, 10:28 PM
    • 2,800 Posts
    • 4,483 Thanks
    shirlgirl2004
    You have to insure from exchange because from that point you legally have to buy the house. Do you want to buy a pile of smoking rubble if the house burns down?
    • G_M
    • By G_M 16th Apr 18, 5:36 AM
    • 43,765 Posts
    • 51,723 Thanks
    G_M
    Could I ask a question, to clarify something?

    If you don't own the new property till completion day, why do you have to have insurance sorted after exchange of contracts? How can you insure a house you don't technically own?
    Originally posted by YoungBlueEyes
    As shygirl says, Exchange of Contracts means (as the name suggests!) that both sides are legally committed. The property will be the buyer's on the Completion date, even if it's been hit by lightening in the meantime..

    The contract usually used these days is the Standard Conditions of Sale version 5 which says:

    5. RISK, INSURANCE AND OCCUPATION PENDING COMPLETION
    5.1.1 The property is at the risk of the buyer from the date of the contract

    5.1.2 The seller is under no obligation to the buyer to insure the property unless:

    (a) the contract provides that a policy effected by or for the seller and insuring the
    property or any part of it against liability for loss or damage is to continue in force, or
    (b) the property or any part of it is let on terms under which the seller...
    etc
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