exchange/completion and compensation for 'delays'

[owlets]

Hi there,
We accepted an offer on our flat in November. The buyers had their survey done and mortgage confirmed about a month after, and coversations between our 2 solicitors plodded on until Christmas, with no exchange date mentioned until last Friday when the estate agent rang to say it was due to be this week. He rang me at 5pm today, saying they want to exchange today and complete next Friday. So a week to get out of our home for the last 6 years.
I told him this was too soon - we both work full time and simply can't organise it in a week. Also the place we are moving into is having major building works done, and is uninhabitable for the next 3 weeks at least (although we could move into my mums if pressed). Estate agent said that our buyers rental agreement ends next week, so if we don't agree to moving on the date they suggest we'll probably have to pay compensation. Is this normal?
I feel a weeks notice is ridiculous really. Its probably made worse because the place we're moving to is my Nans old place and just a stop gap for up to 6 months till we find somewhere to buy, which is obviously not the buyers fault, but there is no 'excitment' about going there.
Thanks for reading!

[owlets]

Sorry about all the spelling mistakes. I'm evidently too stressed to proof read!

[twosoups]

We are due to exchange tomorrow and we have two weeks. I know how you feel, we've been here 13 years.

The last time we sold, we exchanged and completed on the same day.

My understanding is that you agree a date when you exchange. That means you all have to agree. It's completely ridiculous to suddenly expect you out next week.

On the other hand (without being rude!) you don;t seem to have thought about a completion date. I think it's important to have exchange/completion dates mooted some weeks beforehand. We've been mooting ours for about 6 weeks now - you have to be pro-active about these things otherwise you end up with a situation like this - sorry!

I think you need more time. It's not your problem that they are in rented. DO you have kids? Do they? If they don't then it's far more inconveneient for you to be the one who rushes things. Can they find a weeks holiday rental after their lease runs out?

[twosoups]

sorry, should have said, I think you only pay compensation if you agree a completion date and then go back on the agreement.

[owlets]

Thanks, and don't worry - you weren't rude!
I thought the same about compensation, so glad about that.
We were expecting to complete sometime within the next 4 weeks,and have already taken a lot of our stuff round to my mums to store. 2 - 3 weeks will allow us plenty of time to sort out the rest, but 1 week is probably pushing it. but point taken, I should have been more organised! I'll be better prepared next time! I think I was just expecting to have been warned in advance that they expected completion within a week.
Good luck with your move!

[twosoups]

Good luck with yours too - and don't be pushed into doing it all in a hurry!

[unavailable]

"Estate agent said that our buyers rental agreement ends next week, so if we don't agree to moving on the date they suggest we'll probably have to pay compensation."

The estate agent is trying to bully you (and lying through their teeth!). If there was no agreement on exhange/completion dates your buyer should not have handed in their notice. Perhaps the EA misled the buyers about dates and is now in panic.

Call their bluff, and good luck with the move.