What can go wrong between exchange and completion?

[DeludedDay]

We've had a nightmare in buying our new house, we exchanged last week to move next week. Am I right in thinking it's ok to feel a bit more confident that it will actually happen now?

[Bearbehind]

If it doesn't happen then the vendor will be massively financially punished so you can breathe a sigh of relief.

[SmellTheGlove]

Yep, all got to go ahead now. Such a relief once you exchange, enjoy your new house!

[ElinoristhenewEnid]

I had a problem on completion day when I sold our(empty)house. Purchaser's useless solicitor forgot to ask for drawdown of mortgage funds before going on holiday so there was not enough money to complete.

Also separate solicitors for mortgage company then stated they had not given permission for the exchange of contracts that had happened the previous week and that they had unanswered queries!

My purchaser did a sit in at her solicitor's office the next day refusing to leave until completion was sorted. Finally sorted that afternoon.

Luckily as the house was empty all it cost us was 10p to keep the building insurance active for another day - we did not charge our purchaser any interest - not her fault her solicitor proved to be incompetent.

[ThroughThickAndThin01]

Death, or a change of mind. Nothing drastic!

It very very rarely happens.

[PigletJohn]

house might burn down

waterpipe might burst in loft and cause thousands of pounds worth of damage (I got new kitchen, new carpets, new appliances, new ceiling, redec, on the insurance, so not all bad)

squatters

vendor might die

Probably nothing, though.

[AdventureMathematical]

You can and should get your buildings and contents insurance started now to cover you in case of Piglet's doomsday scenarios. Otherwise relax and get the champagne ready for completion!

[Thecatknowsshesboss]

Once experienced the (very elderly) vendor dying between. Very unusual and sale did go through eventually after grant of probate.

[wowfudge]

The money didn't reach our vendor so we didn't complete as planned. That was fun. Luckily we had planned to move the day after as we had booked cleaners (it was filthy) to go in and bottom the place. We managed to get a key undertaking so we had access to get the place scrubbed.

Luckily we weren't penalised as it was an issue at the bank and the vendor's tenants had left a skip's worth of junk we had to clear out. Completion took place around 11am the following day.

[specialsubject]

any solicitor worth the name should have reminded you that you need to insure from exchange.

[NoPlanYet]

What happens if buyer is made redundant between exchange and completion? We nearly had that- actually happened a few days before xch so it all fell through but I did wonder if they'd been made redundant a week later what would follow?

[specialsubject]

they would still be committed to buy the place. If they couldn't, they have to pay the penalties for non-completion. If they couldn't, they might end up bankrupt.

not good for anyone.

[EcclefechanTart]

The vendor fails to move out on time and you turn up with all your worldly belongings to find them still faffing with a house full of junk.

[mysteryfairy]

My grandad died after my grandparents had exchanged on a bungalow and their current house in a chain. It was a nightmare at the time for my gran who still had to go through with the move. So even quite extreme events nothing holds it up.

Good luck - you'll be in soon!

[wowfudge]

The vendors do their own removals with the help of a mate and his van. It always takes them waaaaaaay longer than they think it will and you can't get into your new house.

[ThroughThickAndThin01]

There could be enormous Storm which puts all the banks systems on the blink so money can't be passed up the chain for anyone in it to complete. That's fun

[lljkk]

Happened to us, the buyer had committed fraud to get his mortgage. Luckily we only had to pay for legal advice to terminate the contract cleanly.

There was a problem with my name on the bank account for transfer (next time we sold the house). But sorted in a few hours!