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Original poster

Buyer's buyers insisting on having a short gap between exchange and completion

27 replies

Blinktwice2 · 12/06/2019 12:49

Hi all,
We are selling in a short chain - our buyers are selling to FTB. We'll be moving to a rented place. We requested a 4 week gap between exchange and completion. Our EA told us today that the ftb's are absolutely desperate to get into their property and cannot agree to 4 weeks between exchange and completion. If they cant have their way they pull out and find something else !!

Anyway, please can anyone help us figure out how to manage this? We don't want to put in a deposit on a rented property until we've exchanged (we'll be liable for a lot of money if the sale falls through). How do people navigate this? Is it realistically possible to find a place and move in 2 weeks? I'm so stressed about this.

OP posts:
Mildura · 12/06/2019 13:30

It's possible, certainly, but depends a little on exactly what you're looking to rent, and how flexible you're prepared to be.

I would say that 2 weeks is a perfectly normal period between exchange and completion, and that you're looking to agree an slightly longer period than is usual.

Having said that, it would be pretty naive and petty of any FTB to pull out because they had to wait an extra 2 weeks between exchanging and completing.

RelocationRelocation · 12/06/2019 13:31

Yes it's possible - 2 years ago we were buying our first house and our LL had given us notice to vacate our flat by the 26th of the month. When our vendor pulled out just before exchange on the 8th of the month (she decided her new house wasn't big enough Hmm), we got straight on rightmove, made 3 appointments for rental viewings the next day, loved the last flat and put the holding deposit down there and then. The flat was empty which helped, and we explained the situation to the agents so they knew it was time critical. We got the keys on the 22nd and moved in on the 23rd, which was 2 weeks after we viewed it.

Original poster
Blinktwice2 · 12/06/2019 13:35

@RelocationRelocation That must have been so stressful ! very tight

OP posts:
PCohle · 12/06/2019 13:36

The FTB's are being very foolish if they think pulling out at this stage and starting the whole process all over again with another property will mean they complete any sooner.

That said, I think two weeks is possible to find a rental - especially if you're in a fast moving market.

Compromise on three weeks?

Didiusfalco · 12/06/2019 13:39

I think a two week gap is normal. The ftb are being right muppets though if they think it’s worth pulling out over. Do what a pp suggested and see if they will compromise on 3 weeks.

user1474894224 · 12/06/2019 13:42

4 weeks is crazy. I wouldn't wait that long. We insisted on exchange and completion on same day....for other reasons.

Why can't you put your stuff in storage and stay in a hotel or short term let for a week or so if needed? Caveat being if this was always your condition to the buyers. --- they might have a mortgage offer which is running out, they might not want to pay another month's rent on their own property, they might be waiting to accept a job offer which will expire after a certain date (it would impact the mortgage)....there could be a whole host of reasons they don't want to wait. I feel you are being a little unfair. Have you actually spoken to them?

Original poster
Blinktwice2 · 12/06/2019 13:42

Every extra day can help! I have a feeling my EA or their EA is inventing this pull-out stuff. Would anyone really threaten to pull out over this??

Also, if we find something vacant and can move next week, we'll be happy to complete within a week of exchange. The extra time is only to give us that cushion in case we struggle to find something. We'll put down a deposit the instant we exchange. Its pretty pointless to even view properties until then. I don't know what to do, really stressed :(

OP posts:
rodentforce · 12/06/2019 13:46

This sounds like bullshit, probably originating from the EA. It just doesn't make sense - the FTB are so desperate to get into their new home that they will give it up completely if they have to wait an extra 2 weeks??? Riiiiight. I'd calmly explain that this is not going to work for you.

rodentforce · 12/06/2019 13:49

OP - our posts crossed, both expressing the same suspicion about the EA!

I'm in the middle of a house purchase at the moment and there has been soooo much obvious EA bullshit. I was told that the sellers were downsizing and moving to Area X, which is significantly cheaper than the area they are currently in. Then he explained that they couldn't accept my offer because it would leave them unable to afford the place they wanted to buy (i.e. smaller house in cheaper area). There have been other instances too! My solicitor mentioned to me that he has come to realise that a lot of 'demands' made by the other party are actually invented by EAs for whatever reason (wanting to get it wrapped up, wanting to get their commission by a certain time, or whatever).

Mildura · 12/06/2019 13:49

We insisted on exchange and completion on same day
That is often equally difficult to accommodate.

rodentforce · 12/06/2019 13:51

Sorry, me again. One way to get to the bottom of this is to get the solicitors to speak to each other - working out exchange/completion date is usually their domain. Leave the bullshitting EAs out of it.

Original poster
Blinktwice2 · 12/06/2019 13:52

@rodentforce thank you. I will speak to my solicitor today.

OP posts:
ChicCroissant · 12/06/2019 13:52

People threaten to pull out for all kinds of reasons that don't make sense to the rest of the chain - it's a fraught process!

Obviously if the FTB do pull out, they won't be in any house within a month. It would be worth asking what the rush is.

I've had four weeks between exchange and completion because of the chain wanted to wait until exchange before giving notice to their Landlord. It is longer than most people expect though.

While I can see that you don't want to commit with a deposit until exchange, it's not going to work to say you'll complete sooner if you can - people need to book removal men and sort out utilities, etc. They are looking for a definite date, not a range of possibilities.

While you could play the same game (and refuse to do anything until after exchange) I really wouldn't recommend this - it took us a surprisingly long time to find the right rental property for us so no way would I leave it until exchange to actually start looking!

They want a definite date that you'll be out by. Is there a way you can make that happen even without a rental property to go to?

Original poster
Blinktwice2 · 12/06/2019 14:01

@ChicCroissant what if someone pulls out just before exchange? its a big risk - isn't it? We are happy to have a definite date and work accordingly, but that date needs to be set in stone before we commit money towards rental. Only exchange can guarantee that unfortunately.

OP posts:
ChicCroissant · 12/06/2019 14:06

What if you exchange and you can't find anything? You're going to have to move out on a set date at that point anyway! Start working on a plan B just in case.

PCohle · 12/06/2019 14:07

Someone pulling out right before exchange always costs everyone in the chain money though - surveys, legal fees etc. Your situation and the risk you would be taking on isn't particularly unusual. Moving house is an expensive business.

pingster · 12/06/2019 14:12

Another option is to have a maximum time between exchange and completion, with completion possible sooner if everyone agrees. That way you could push for 4 weeks, start looking for a rental straight after exchange and agree to sooner completion if you can move into your new rental quickly.

We did something similar with our last house sale. We pushed for exchange as soon as possible but our buyers weren’t sure when they’d be able to complete - we just wanted the certainty of exchange as we were moving into rented, had found a place and wanted to move as soon as possible. I think we had something like a maximum of 3 months to complete but ended up completing within about a month from exchange.

Mildura · 12/06/2019 14:13

As exchange becomes imminent have a short list of properties you might be interested in renting.

As soon as exchange takes place narrow down which is the preferred option and put deposit down ASAP.

Or call FTBs bluff, chances are they'll cave in and put up with 4 weeks.

Kennehora · 12/06/2019 14:30

This reply has been deleted

Message withdrawn at poster's request.

liverpoolbell · 12/06/2019 14:33

The FTB may be restricted by rental notice periods - perhaps they have already given notice to their landlord and therefore cannot wait 4 weeks? Either way, talk direct to your solicitor and not to the EA...

WhereDoesThisToiletGo · 12/06/2019 14:36

I don't know how people exchange and complete on the same day but I know that it happens.
How do you pack up and get removal people there if you have no certainty that you've got a house to move to?!

BruceAndNosh · 12/06/2019 14:39

Someone needs to tell the FTB to grow up. There has to be some flexibility and they're not going to be in a new house any quicker if they pull out now.
In the past, we have spent 2 weeks in a holiday let to span the time when we couldn't get all the dates to coincide.

Mildura · 12/06/2019 14:51

The FTB may be restricted by rental notice periods - perhaps they have already given notice to their landlord and therefore cannot wait 4 weeks?

That would have been very unwise

Either way, talk direct to your solicitor and not to the EA
No reason not to talk to both. Sometimes (often) solicitors have neither the time nor the inclination to referee protracted negotiations about completion dates.

Original poster
Blinktwice2 · 12/06/2019 15:01

The FTB may be restricted by rental notice periods - perhaps they have already given notice to their landlord and therefore cannot wait 4 weeks?
We don't even know how far we are from exchange. I don't think they did that

OP posts:
ilovecatsabittoomuch · 12/06/2019 15:35

I would say it's petty and probably an empty threat to pull out if they can't have a short time between exchange and completion. If you think about it from their side, they will have already spent money on solicitors fees and survey etc so not in their interest to throw this all away for the sake of 2 weeks- plus when you think about it, if the do pull out they start their search again and they will be going back to square 1 which will almost certainly push their moving date back.