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How dodgy is it to move two days after completion?

(46 Posts)
CoffeeMum Tue 14-Jun-11 09:21:28

We are selling one property and buying another one. We want to complete on the Friday and move on the Sunday [assuming both our buyers and vendors are up for it] - anything else would cause massive inconvenience. But is it okay to wait two days between completing and moving? Our solicitor says it's 'at our own risk' if we do this, but what kind of risk would we be taking? The only thing I can think of is that we won't be in the house [but it'll be empty, so won't get burgled] and i can't imagine you'd get squatters within two days.

Is it quite standard to wait to move, or do people generally move on the day of completion? I would have thought people would often want to move at the weekend, but you can't complete at the weekend, so people must do it.

Thanks in advance for any advice smile

Lovethesea Tue 14-Jun-11 09:41:32

Presumably you'd have the keys and the vendors would have definitely moved out? Could someone go round to check they've locked up? Turned off taps etc? Is that the risk the solicitor imagines?

Or does he think they won't rush a move if they know you aren't coming yet?

Do you have buildings insurance for the house yet? We've exchanged but not completed and had to get insurance to keep the mortgage company happy so we already have insurance that would cover those couple of days.

WkdSM Tue 14-Jun-11 09:48:00

Technically you would be living in a house you have no legal rights to. The people buying your house may well want to move in or at least access.
As far as I am aware you have to give up 'vacant possession' (ie no personal items left etc) when the monies are confirmed as received - and hand over all keys.
I must admit if I was buying a house I would not be best please at having to wait till you moved your stuff out on the Sunday - I would want vacant possession on the Friday when I paid for it so I could move in and get sorted over the weekend. Once you have exchanged and set the completion date the purchasers can reasonably expect to have possession of the house on the day of completion.
Also - not sure if removal companies would generally work on a Sunday - that would cause problems for the other parties.

SarkyLady Tue 14-Jun-11 10:16:52

I would rather take a Friday off work than have people that I didn't know living in a house that I owned and that I was paying the insurance for.

Wasn't there a nightmare thread where there was a house fire between exchange and completion. At least on that case the legal responsibilities were clear cut. You would def need to look into the insurance implications of leaving your house in the 'care' of strangers.

Pagwatch Tue 14-Jun-11 10:23:07

I have always moved the day I complete.
Once the house is not yours you need to get out.
I wouldn't let you faff about for two days.
I would demand you move out to be honest. What makes you think your buyers will agree? I wouldn't.

HettyAmaretti Tue 14-Jun-11 10:29:28

No, I can't imagine the buyer is going to let you stay in the house after completion. It would be madness. I'd certainly never do it.

Could you complete on the house you're buying on the Friday and on the house you're selling on the Monday or the following Friday?

I'm surprised to hear of people moving on the day of completion what do you do about decorating and cleaning the new house? Where I am it's normal to have at least a month cross over between completing on a new house on and completing on the on you're leaving, mind you, I'm not in teh UK.

HettyAmaretti Tue 14-Jun-11 10:35:01

And, WTF do you do if you need to make alterations to a new property? Move in and live in a building site without unpacking confused

UniS Tue 14-Jun-11 10:42:50

unlikely that you will get buyers willing to let you stay in the house you are selling after completion.
We were hacked off that the sellers were still moving out as we arrived with removal truck 3 hours after completion. We needed to move IN. Had moved out the previous day 200 miles away and spent one night in hotel ,our stuff spent one night in Removals Truck.

Can you get your stuff stored by a removal firm for a few days if you need to be out before you are willing to move in.

lalalonglegs Tue 14-Jun-11 11:09:05

No solicitor would allow your buyer to let you stay after completion - legally it would be very shaky ground. I think you will have to put up with a certain amount of inconvenience.

Isthreetoomany Tue 14-Jun-11 11:10:45

When we bought our first house we ended up in a nightmare chain, where due to various major issues we ended up exchanging and completing on the same day. But due to ridiculous communication breakdowns of the sort that do happen in chains, we as the first time buyers, and the people whose house we were buying, did not discover that we had completed that day until around 3pm in the afternoon! (when I was at work!). We knew we would be moving soon, and most of the packing was done, but even so we couldn't move that day.
But we did end up moving in the very next day, despite the vendors trying to get extra time. The property they were moving to was already vacant, and due to the short notice they wanted to move in over a few days. Plus they knew we were in rented accomodation and had a week before we needed to be out of our old place - but I wasn't happy with letting them stay any longer than the one night in our new house for all the reasons mentioned above - insurance etc.

Isthreetoomany Tue 14-Jun-11 11:15:09

Also, just to add that I would never have planned to do what I did, if the sellers had asked us beforehand I would have said no, it was just the circumstances we were forced into. Just take a day off work (as I did at short notice to move on the following morning).

RustyBear Tue 14-Jun-11 11:17:20

hetty - how do you fund the new house purchase if you haven't completed on the one you're selling? Presumably you'd have to get a bridging loan? And what do you do then if the sale of the one you're moving out of doesn't go through?

I have bitter memories of a buyer further down our carefully-constructed chain disappearing the day before completion - and I mean literally disappearing, as far as I know no-one ever saw him again. But at least we hadn't completed on the house we were buying, so we didn't have the problem of maintaining a bridging loan while we tried to re-sell our house.

I definitely wouldn't want the sellers staying on in a house I'd completed on - what if they didn't move out when they said they would?

MyNameIsInigoMontoya Tue 14-Jun-11 11:27:50

Maybe the OP was not very clear. If you meant you plan to complete on BOTH houses on Friday but only move on Sunday then that would not be OK (as you would need to move out once you have sold), but maybe you actually meant you would complete the sale of your old house later and it was just the new house you were asking about?

If it is just the new house where you plan to do this, then I don't think there's any problem with completing first and you moving in later, as long as you make sure the previous people do move out on the day of completion. Then you can complete on your old house later.

I am sure we did something like this last time - in fact we had already sold the old house and were living with family temporarily, but it suited us better not to move into the new place on the day of completion but at the weekend. So one of us popped round to get keys once it was "ours" and make sure the moving-out had gone OK, but then we went back to where we were staying till the weekend. It worked well because then we didn't have the stress of worrying whether they would have finished moving out in time and whether we would have to pay the removal people extra!

If you do this it is definitely a good idea to get someone to pop round when you have completed though, just to check they are out and that it's all gone OK.

MyNameIsInigoMontoya Tue 14-Jun-11 11:29:33

Oh yes I forgot the thing about the bridging loans though, as then you wouldn't get the money for your house in time to pay for the new one. Those can be a pain I think. That didn't apply to us of course as we had already sold ours...

Isthreetoomany Tue 14-Jun-11 11:32:45

MyNameIs but how does that work with the money? do you get a loan - how else do you complete on your new house (i.e. pay for it) without the funds from selling your old house?

Isthreetoomany Tue 14-Jun-11 11:33:07

sorry - x posted

KvetaBarry Tue 14-Jun-11 11:36:40

we moved 3 weeks after completing - we were in a rental place, just got the keys to our own house, and 3 weeks later we moved in. It was (still is!) in the same town, so we could come and go as we pleased, but there was no problem with it. The house across from us completed the week after we did and the new folk haven't moved in yet. this is now a month on.

also, we are having major works done - new kitchen, new bathroom, whole house redecorated top to bottom - and we're living in the middle of it. Not fun. but livable.

PigletJohn Tue 14-Jun-11 11:54:11

many people, after completion at 12:00 will say "may I use the toilet?" at 12:01

and so they should. It's not theirs any more.

I would say "It's my house not yours. Get out"

HettyAmaretti Tue 14-Jun-11 11:57:34

Rusty - I think it must be a totally different system here. I don't know, I've never bought in the UK.

Here, after you exchange contracts, the buyer has a certain amount of time to sort the mortgage (usually 6 weeks), the house is effectively sold in this period, the buyer can only get out of the contract by proving that they have been refused all forms of mortgage by two mortgage providers.

After the six weeks house is definitively sold - the buyer can only pull out by paying a fine of 10% of the cost of the house to the seller. Because of that buyers almost never pull out, but in the rare cases that it does happen the 10% fine covers the sellers bridging loan (and more).

There's usually a period of several months between the house being definitively sold and completion. This is when the seller usually moves to buy their next house, safe in the knowledge that their house is sold and that in the worst case scenario all costs/loans will be covered by the fine their buyer would have to pay, should they pull out.

Pagwatch Tue 14-Jun-11 12:00:34

If your new house needs substantial work before you move on then you don't sell the house you are in (if you can afford that) or you rent for 1 or 2 months with your furniture etc in storage.

And I clean the house by cleaning it. WTF would I be decorating? I have sold it as it is confused

Pagwatch Tue 14-Jun-11 12:01:28

Sorry - Not Betty but hetty.

HauntedLittleLunatic Tue 14-Jun-11 12:05:06

If buyer is in rented accommodation then surely no issue?

We exchanged and completed on the Friday, moved on the Saturday.

SoupDragon Tue 14-Jun-11 12:06:14

Personally, if I were buying your property I would not agree to this. arranging to move on a Sunday would be extremely inconvenient.

a cautionary tale: You say that your new, empty house, wouldn't be burgled as it will be empty. Friends did a couple of days work on their flat before moving in and burglars came and stripped the house of all light fittings, bath, hot water tank...

HettyAmaretti Tue 14-Jun-11 12:09:31

Pg - no, no, not decorating and cleaning the sold house that would be madness (well, the decorating anyway), I meant the house you're moving into.

I'm just about to make our first move since having DC so am managing to panic about / overthink every possible aspect of moving, even those that don't apply to me (we're selling and going to rental) confusedgrin

HettyAmaretti Tue 14-Jun-11 12:10:02

pg = pag

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