Stupid question about completion and moving out....durrrrr!

[ElspethFlashman]

Ok this is a dumb question but I can't figure it out.

Say you've bid on a house and paid your 10% deposit. Meanwhile someone buys yours and gives you a 10% deposit too. Happy days.

You ask for 6 weeks to move out. So...you don't get the remaining 90% until the last day of that 6 week period, right? Till you're walking out the door leaving the keys behind?

Cos if that's the case does that mean you have to wait till that day to pass YOUR 90% onto the vendors of the house your buying? Like, you can't get those keys till you're literally homeless?

How do people do it? There has to be a less stressful last minute way!

I have visions of us waiting in a car with a removal van behind us, waiting for the cheque to clear, not knowing where we're spending the night!

No, am in ROI where auctions are big business. So yes, once the gavel falls that's it. No backing out. Essentially auction day is exchange day. Suits me, tbh. It's efficient. But there's no 28 day clause so I'd say I could get 6 weeks. I have to give my preferred closing date beforehand.

So I guess I have to offer on a property prior to auction (we have one we want), hope to exchange as soon as possible, and try to get a completion date on the same day. No pressure!

We have no family to put us up, so if I mess this up we face the upheaval of a short term rental.

I've seen stories here of people in a 7 house chain. I think I'd go on the drink, trying to get 7 families to agree on the same day!

But you've got 7 families who all want to move and want to do it ASAP - and you usually move on a Friday.
Unless they've got holidays booked or unavoidable work stuff then it's prob pretty easy...

Elspeth we were at the top of a four part chain this time of year. We arrived outside the new place, just ahead of the removal lorry, with our 2 yr old and 2 cats (moved 3 hrs away). It was pouring with rain and yes, the cash hadn't cleared into our vendor's account. It was the day before Good Friday and we knew the removals guys wanted to unload and be on their way. We ended up wandering to the pub for lunch (leaving the cats in the car) and holing up there until we had the call from the agent (handily opposite). As others have said it was stressful!

There is no normal exchange completion gap, it is whatever is agreed. One week is minimum given you cannot confirm anything until exchange.

It is usually Friday because people want the weekend to settle in. If that can be avoided things can move quicker, and if there is a cockup it can be sorted next day.

It doesn't hurt to have a plan b regarding a hotel.

Yup. In England anyway, it's a stress inducing nightmare.
I'd have probably moved house twice since I last moved, if there were a sensible way of doing it.
It's another reason why vendors will accept lower offers from people who are chain free, and a reason why people will often sell, move into rented accommodation, and then buy as 'cash buyers', to break the chain.
Sometimes you get lucky and there are empty houses for one reason or another which can make it easier.

We just moved. Exchanged on weds, completed yesterday. We moved in with family whilst we await our new build completion. We were supposed to exchange with the builders back in April, but obvs didn't until end of June.

Builders can't have it both ways. They want people who've already sold, but that then puts you on a timescales set by your buyers mortgage offer. We had to move now as their offer was expiring. If it weren't for family we'd be homeless, so the builders could go sing for their bloody April exchange date. (Building is delayed, completion likely to be another 8 weeks!)

Tatlerer what on earth was your Plan B that day?

None Elspeth! Stubborn, blind faith.

So the upshot of the whole thing is that regardless of what method, unless you have completed with your own house you can't complete with another.

So you either commit to a rental for an indefinite period or complete on the same day. It's madness really.

We managed to break the chain by completing on our new house a week before we completed on our old one. The bank agreed we could have a short period with two mortgages but I know that's rare.

We managed to break the chain by completing on our new house a week before we completed on our old one. The bank agreed we could have a short period with two mortgages but I know that's rare.

Elspeth I think it's quite rare though, for anything to go wrong on completion day? Delayed, yes, stressful, perhaps, but I've not yet heard of anyone who didn't manage to take possession.

We moved recently. We had to be out of our house by around 12.30. We left the keys to the EA shortly after. Our solicitor rang at 1300 to say all money had safely changed hands. We then had to ring our vendor, he rang his solicitor to confirm and then came to the new house with the keys at around 1430. Very stressful...... but without hiccups!

We moved recently. We had to be out of our house by around 12.30. We left the keys to the EA shortly after. Our solicitor rang at 1300 to say all money had safely changed hands. We then had to ring our vendor, he rang his solicitor to confirm and then came to the new house with the keys at around 1430. Very stressful...... but without hiccups!

We're definitely not looking for a mortgage, we're going for cheaper than our house is worth. So we will be cash buyers - but only when we get paid for our house!

Oh boy...the next couple of weeks are going to be interesting.....!

We've just exchanged and are at the top of a 5-person chain

The Friday before the August bank holiday was suggested as the completion date but I've pushed it forward a few days to the Wednesday on the advice of a solicitor, as long chains the day before the banks are closed for 3 days is a recipe for disaster!
I didn't fancy living in a hotel until Tuesday morning because our buyers had missed the deadline for the bank transfer

Yes that's what I'm starting to realise Heart. We'll have to get onto offering pronto.

We have been renting since we sold our house so that we could break the chain. We have been very lucky with past sales though:

1. As FTB we bought from an old couple who were going to live with family.
2. Our buyers were selling to their friends so chain below us was secure and our vendors were moving into rented.
3. Our buyer was coming out of rented and we were moving into rented.

The 10k we will have spent on rent is worth it for the lack of stress and purchasing power of being FTB again!

The way to break the chain is to have funds available to buy the next house without having to sell one earlier the same day. So - sell first and move into rented acomodation, family etc and have funds in bank; or have funds available though some other source - loan/mortgage, inheritance, savings, whatever.

There is no law that says you have to complete one sale before buying the next house, buy selling one house is usually the way that most people fund their next purchase.

There's no need to exchange and complete on the same day, I'd never heard of that before mn.

Once there is exchange everyone is committed. Cock ups happen - bank trouble, useless solicitors that can't delegate, stupid vendors who don't realise that completion.means get out, stuff like that. Hence a hotel number and storage company in your back pocket.