Exchange and leave completion date open?

[Clarabellawilliamson]

We were very close to exchange of contracts just before lockdown was announced, and have all agreed to pause for the time being, which seems sensible. I am worried that if it goes on for too long, our mortgage offer will run out and we won't be offered as good a deal again! I've seen that if people have exchanged but not completed, they are being extended by 3 months but not sure where we stand?
I know lots of people are pulling out, but we really love this house and plan to stay for a long time/ forever so really thinking long term.

Should we push to exchange? Write some special clauses in? What are our options? We are currently in rented and we think the vendor is moving into rented too, but she doesn't have anywhere lined up!

I discussed this with my solicitor and the conclusion was that you can try to fit some clauses in but it may not cover all eventualities because the whole situation is unprecedented.

Solicitor suggested to exchange and complete on same day as any gaps between exchange and completion brings uncertainty and risk. Can you do that? Maybe ask the vendor to move out first?

I wouldn't exchange. You would be paying insurance on a property that you have no idea what the sellers are doing to it! You can't go and check the condition of the property either which you are contracted to buy if you exchange. Leave it bubbling away till lock down is over and exchange and complete on the same day.

Thanks guys, sensible advice!

Gah, that's a tricky one! I can see both sides of it here, at least if you exchange you know that you've got the property - however the point about insurance/owners still being there is a really good one and you'll be wondering when you'll actually get in.

Would they consider extending your mortgage offer anyway (might be worth asking) or see if they are willing to release the money in a shorter timescale? Ours had a minimum of 5 days to release the money but they can do it sooner by arrangement especially when the mortgage company makes the mistake, for instance

Sorry you've got stuck in this way, so frustrating to nearly get to the end and then have a hitch come up