Transfer of money dates

[jelly79]

I am in the process of moving (buying and selling) and was hoping for an end of August for a few good reasons.

Today I was sorting some of the paperwork and realised my early repayment fee drops early Sept so I would be foolish to move just before this. However I need to get it done as close to this day as possible

Can the money be paid on the Monday and I move on the Tuesday?

(First time seller, second time buyer)

[mumsy27]

you can port the existing mortgage to the new property and you don't pay any early redemption charges.
speak to your lender about it.

[redastherose]

Presumably you already have your new mortgage in place. If it is with the same bank then they usually let you port that part of the mortgage to the new property and you don't pay the early repayment fee. However, if you are taking a new mortgage with another bank or your bank for whatever reason won't agree to suspend the early repayment fee then you simply say to your conveyancer that's you want to move on or after 1st September (or whatever date your fees drop) and make sure that the bank accept that the fee will be the lower rate on that day.

[jelly79]

I definitely can't port and the early repayment will be £1000 more if I pay before 7th sept. So I was hoping this could be paid on the 7th and we could move on that day or day after rather than there being days in between.

The solicitor keeps talking jargon 🙄🤨

[PigletJohn]

I'm guessing you haven't exchanged contracts yet. Is that right?

[jelly79]

@PigletJohn not yet :)

[titchy]

Just aim to complete on the 7th.

[PigletJohn]

When you're preparing to exchange contracts, one of the things you and the vendor will agree, is the completion date. You can specify the date you want.

The vendor has the choice of accepting your preferred date, proposing a different one, or telling you to piss off and take your money selsewhere.

Although vendors like to threaten the third option, they seldom actually take it.

It's quite likely the vendor also has things they need to arrange, and might want to defer into September, October, November, December...

Try to avoid agreeing to exchange and complete on the same day. You won't actually know when exchange will occur, until it has done. Even if the promise to exchange on 7th September, they have no obligation and might decide not to.

Only when exchange has actually happened can you safely commit to move out of your old home, load your belongings into a van, and hand over the money. Doing it on the same day makes you a hostage to fortune.

You can't trust anybody.

[jelly79]

Thanks @PigletJohn

I keep getting confused about the completion and exchange. Whether the money is transferred on day of completion

My vendor is great and e property is empty so he is ready for me to move ASAP. My buyer is FTB and I think may delay due to a holiday but we were all looking at end of August timeline so I can't see this being much of an issue for anyone. My ideal scenario due to schools / logistics etc would be to move 8th Sept so this seems doable by the sounds of it. I just didn't want the money to transfer 7th and have to wait for 5 days to complete and move

[redastherose]

You are worrying about nothing. The mortgage repayment and draw down will happen on the same day as completion (that is when you actually have to move out of one property and will get your keys to your new home). Just say you need completion to be on or after the 8th of September and see if everyone else in the chain can agree that date as soon as possible.

[jelly79]

@redastherose amazing! That's what I thought but wanted to be clear! Something someone said threw some doubt in! I am gearing to that date and will confirm soon hopefully!

Thank you for your reply :)