advice needed re exchanging on property

[Macey78]

Hello
Much needed advice needed please. We have just signed contracts on a property we are buying. A couple of weeks ago found out that the couple buying our house are getting a buy to let mortgage and therefore need to complete by the 31st in order to avoid the new charges being brought in. I am no way ready am going to call round removal companies tomorrow.... But on the 31st my brother is getting married so cannot move on that day so will need to be the 30th! Is this doable. What else do I need to be doing!

we are in this position but we are the buyers intending the house to be a btl we have said that they can have an extra week to move out our solicitor is drawing up a contract so we will exchange and complete before the 31st but they don't have to move or at least that's the plan it's been a complete nightmare we were happy to pay the extra stamp (I actually think it's an ok idea) but our buyers are raging and refusing to pay it so we need the chain complete or they will drop out. The mortgage companies at both bits of the chain also undervalued the houses, the one we are selling buy 20% so we've also had to take a drop in price Its a very bad time to sell if it doesn't work out we will pull out and wait a year.

Sorry if it wasn't clear to be useful what I meant was could you exchange and complete but actually move out the following week like our sellers. Offer to sign an undertaking that you will go but your buyers don't need vacant possession they are going to leave it empty for a week at least to get it ready for renting (gas checks, electrics, viewings).

OP if you cannot get hold of your solicitor (and she won't thank you for the hourly calls someone else suggested when they are up against over the next few days) get the estate agent to properly clarify the position of your buyer. They do expect to do this kind of thing. Our EA is keeping everyone informed and reporting back to us as exchange is imminent, but we're not quite there. We don't have the stamp duty changes to worry about and everyone has agreed a completion date.

Lightening that is a huge can of worms and most solicitors would strenuously advise against it. What would happen in such a situation if the previous owners, temporarily now not owners but still in residence, accidentally did something to seriously damage the property and reduce its value? Pretty sure insurance wouldn't cover the property unless there was a formal tenancy agreement for the overlap.

OP, no one on here can advise you whether it is achievable to complete by 31st but your solicitor can.

Given that there only 5 working days between now and then and you can't move on 31st you only have 4 working days to sort this. I'm a bit that you seem to have such a limited understanding of where you are at with 4 days to go.

Have you got your mortgage offer in place (assuming you need one)?

Booking removals is impossible until you establish when completion will take place so that's the least of your worries at this stage.

I wouldn't be surprised if the chain falls apart unless you get a wriggle on as the deadline has a large financal impact on your buyers and it is likely that they'd at least look for another property if they are going to have to pay this premium anyway.

Today contact your solicitor to find out what still needs to be done. If the solicitor is too busy to talk to you, perhaps send an email but assume that if the solicitor is not in a hurry to contact you, that it is unlikely that you will be exchanging and completing next week.

Whether or not your buyer is a first time buyer or multiple btl landlord, if there is still outstanding stuff on the legal side, then exchange and completion will not take place as the solicitor is supposed to be acting in their client's legal best interests.

It is not your problem (or fault) if completion can't happen until after the end of March. If your buyers don't own any other property, they won't be liable for the extra stamp duty - it is a tax on second properties not just buy to lets.

Certainly worth ringing round for removal quotes but only book a provisional date (unless the completion date has been agreed between all parties).

Yes it's a huge can of worms but desperate times our chain will collapse if not done by the 31st and the people whose house we are buying are desperate to move under normal circs I wouldn't consider it but we are now.

Ok sympathies with your plight. We have just reluctantly been through a similar situation. We exchanged yesterday and complete today, but are not moving out. We are staying under licence for up to 8 weeks, licence is £1 and solicitor cost for licence was £75. We are staying because our buyer wanted to avoid stamp duty but due to our exceptionally short timescale we couldn't move out and give vacant possession in time (and were reluctant to)

Our timeline was 26 Feb house on market with online agent, offer on 1 March from buyer who was keeping his own house as BTL. On 12 March our buyer discovered he had to pay Stamp Duty surcharge. Buyer had full structural survey on 15 March and also separate mortgage valuation same day. 21 March we learned at 6.00pm that we could stay under licence, 22 March exchanged and today we complete.

We had very good estate agents who communicated and negotiated really well, our solicitor wasn't paid anything extra but I guess our buyers solicitor was.

I am not that comfortable staying and not owning house but I am sure it is all legal and above board as we have trust in our conveyancers.

You need however to decide whether you are prepared to work hard to keep your buyer. Absolutely confirm they need to pay stamp duty. Will they pull out if they can't complete and it looks tight for you. Think our buyer didn't want to wait till next week in case unforeseen problem in banking meltdown etc.

You need to know what is possible and what you risk either way. Sorry it is so stressful.

Snowspider that's really helpful glad it worked out and thankyou

Perhaps not entirely clear our mirtgage is redeemed today as you would expect and we are staying rent free (nominal licence £1 as mentioned above)

The amount our buyer is saving is significant £20k and he really wanted our house

We have not found another house to buy

snow spider thats really interesting. No one mentioned this licence had they then I would have taken the same option as yourself.

Bearbehind I totally agree I think I have had my head in the clouds. Also recently gone back to work after mat leave and there have been so many changes that it has been overwhelming, DH has started to work for himself meaning he is around less, adjusting from 1 child to 2 has taken me some time. Then trying to move house, oh yes and my sister gets married on the 31st too so all a bit much.

I have an update, solicitor states that all parties have agreed on a completion date of the 31st. With assistance of our estate agent found a removals firm, they all seem to be exceptionally busy trying to keep to this deadline! So am hoping things will go ahead.

Good luck, Macey. Will you keep posting to keep us all up to date? I am in the betwixt exchange and completion stage myself with a temporary move to a short term let in the offing before we can move in, so I'm cheering on all spring movers...

Of course MrsSteptoe and good luck to you too. Have found this forum invaluable. Thank you everyone for taking the time to reply and give advice.

We exchanged this morning and I've organised everything to go on 30/3 as our people need to be in by 1st April - we're getting people to pack us up and move us out and the same removal company then moved on to their house to pack them up and move them in here. It has to have exchanged today to work for 31st!! They need FIVE working days from exchange to complete.....
And yes you can organise a move...sift through your stuff this weekend and do a run to the dump once or twice and pay for packers (it's worth it!!) to come to you on 30th and you enjoy the wedding and come home to a weekend of unpacking and playing house!

We have just completed! Feels very odd, as we have done no packing and have no forward plans all to be done in the next 8 weeks while we stay in our "old" house.

Good luck to movers rushing to meet deadlines

I thought it was your brother getting married on the 31st, not your sister?

Marrying each other perhaps!

Hi, yes it is my brother. Have I put sister down! My brain is going mush.

Just FYI there doesn't have to be Five days between exchange and completion for solicitors etc. I have done it twice on the same day - a couple of hours apart! never again

We'd moved out prior to the day thankfully due to circumstances but it was still immensely stressful.

Suddenly thought of another thing you might need to do once you're past exchange with a completion date

I don't know what happens with people who have water meters, but we aren't on metered supply in our flat (too difficult to fit a water meter) so we get two bills a year for a standard charge - in our case, we fall into the new six month period by only six days before completing, so I had to ring Thames Water to ask for an apportioned bill and for the old bill to be cancelled.

If I'd been midway through the period, then I think I could have sent the bill to my solicitor to ensure that half the period was reimbursed to me in the final conveyancing arrangements.

I guess maybe if you have a water meter, though, it's more like electricity and gas and you just take a reading when you move out, so this may be irrelevant.

That's handy to know Mrs Steptoe we are currently not on a meter. Job for today is to call round all the utility companies.