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  • FIRST POST
    • JJMayer
    • By JJMayer 27th Jul 18, 8:44 AM
    • 17Posts
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    JJMayer
    Housing Association say we have to complete on 05/10/18. Is achievable?
    • #1
    • 27th Jul 18, 8:44 AM
    Housing Association say we have to complete on 05/10/18. Is achievable? 27th Jul 18 at 8:44 AM
    HI everyone,

    Myself and my husband have purchased a shared ownership property. Here is our time line so far:

    20/06/2018 - Viewed flat and put offer in
    25/06/2018 - Offer accepted
    04/07/2018 - Affordability assessment approved by housing association & Full application made to lender
    11/07/2018 - More info requested
    20/07/2018 - Mortgage offer received
    20/07/2018 - instructed solicitor
    23/07/2018 - Picked up paperwork from solicitor
    25/07/2018 - Handed paperwork back to solicitor and asked to start searches. Paid initial fee for searches.

    Our housing association are saying we HAVE to complete on or before the 5th October 2018. Our sellers have been fantastic so far and have communicated everything with us, they have given us their personal mobile so we can go round at anytime and take family or take measurements etc... we have also been keeping each other up to date on our timelines. Both sides have now had their mortgage offer and we have both agreed on the same completion date of the 10th September (we know this is soon). however, i am very worried as i know there are lots of third parties involved and our solicitors know we have to complete on or before the 5th but is this even achievable?!?
Page 1
    • Fosterdog
    • By Fosterdog 27th Jul 18, 8:51 AM
    • 4,081 Posts
    • 7,047 Thanks
    Fosterdog
    • #2
    • 27th Jul 18, 8:51 AM
    • #2
    • 27th Jul 18, 8:51 AM
    It is very achievable, you are already almost 5 weeks in and seem to have the financial side sorted and all lined up so it really shouldn't be too much longer. Even the September date seems very doable, you still have the whole month of August to get through first and for everything else to fall into place.
    • JJMayer
    • By JJMayer 27th Jul 18, 8:54 AM
    • 17 Posts
    • 4 Thanks
    JJMayer
    • #3
    • 27th Jul 18, 8:54 AM
    • #3
    • 27th Jul 18, 8:54 AM
    I am glad to hear this! I definitely don't want to be one of those people who call their solicitor every day as i don't think it will help. Do you know roughly how long i should wait before i start hearing some progress?
    • AdrianC
    • By AdrianC 27th Jul 18, 9:02 AM
    • 19,751 Posts
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    AdrianC
    • #4
    • 27th Jul 18, 9:02 AM
    • #4
    • 27th Jul 18, 9:02 AM
    Your solicitors all agree that 10th Sept is realistic and doable, but you're worried about 5th Oct? Chill!


    Anyway, what'll happen if you don't meet 5th October? The worst that'll happen is that they might perhaps think about remarketing. But you're still waaaaaaaaaay ahead of any other potential buyer. They won't get near exchange until Xmas.


    Or do you mean exchange on 10th Sept? Completion date will be set in stone as part of that, and the sale will legally have to go through or the side that fails will face penalties.
    • JJMayer
    • By JJMayer 27th Jul 18, 9:35 AM
    • 17 Posts
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    JJMayer
    • #5
    • 27th Jul 18, 9:35 AM
    • #5
    • 27th Jul 18, 9:35 AM
    Thanks Adrian! I have just re-read the memorandum of sale and it says " 05/10/2018 contracts must be exchanged on or before this date. If you are unable to exchange by this date, the valuation report will need to be extended or a new one obtained by the vendor before we can proceed. Please note this may affect the sale price and your mortgage offer if the valuation amount changes."

    So far the solicitor hasn't agreed an exchange date yet so just waiting on this to come through and i think i will be a lot more at ease.
    • AdrianC
    • By AdrianC 27th Jul 18, 10:29 AM
    • 19,751 Posts
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    AdrianC
    • #6
    • 27th Jul 18, 10:29 AM
    • #6
    • 27th Jul 18, 10:29 AM
    So it's actually a question of whether you'll exchange by October? Not complete... Exchange...

    And, if not, it's simply a new valuation.

    Panic over! Put the kettle on.
    • ToasterScheme
    • By ToasterScheme 27th Jul 18, 1:07 PM
    • 89 Posts
    • 89 Thanks
    ToasterScheme
    • #7
    • 27th Jul 18, 1:07 PM
    • #7
    • 27th Jul 18, 1:07 PM
    Yes, all that's really saying is that the valuation expires on that date - not even that they will re-market on that date.

    Nothing to worry about.
    • Throwaway1
    • By Throwaway1 27th Jul 18, 1:54 PM
    • 371 Posts
    • 635 Thanks
    Throwaway1
    • #8
    • 27th Jul 18, 1:54 PM
    • #8
    • 27th Jul 18, 1:54 PM
    Thanks Adrian! I have just re-read the memorandum of sale and it says " 05/10/2018 contracts must be exchanged on or before this date. If you are unable to exchange by this date, the valuation report will need to be extended or a new one obtained by the vendor before we can proceed. Please note this may affect the sale price and your mortgage offer if the valuation amount changes."

    So far the solicitor hasn't agreed an exchange date yet so just waiting on this to come through and i think i will be a lot more at ease.
    Originally posted by JJMayer

    Good news - you're panicking over nothing. Not only is it very, very doable that you will exchange by then but even it you didn't you only need a new valuation or extension. October is ages away and you've already got your mortgage offer through.
    • JJMayer
    • By JJMayer 9th Aug 18, 8:22 AM
    • 17 Posts
    • 4 Thanks
    JJMayer
    • #9
    • 9th Aug 18, 8:22 AM
    • #9
    • 9th Aug 18, 8:22 AM
    So i Spoke to our solicitor on Monday and she thinks we will be exchanging in the next 2-3 weeks!
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