How long would you wait for completion?

[HapHap]

Our house sale is due to exchange very soon but we will need to delay completion for at least a month, would you be happy with waiting 4-6 weeks between exchange and completion?

Its risky for a purchaser to wait that long. We waited 3 weeks once and that was long enough. What if the house gets trashed after exchange from a flood or something else? They will still have to buy it and have all the hassle that would entail. I would probably want a couple of viewings between exchange and completion if I waited that long.

If your purchasers knew this though when they offered then maybe it doesn't bother them. Did you write on the solicitors forms you wanted a 4-6 week period for completion after exchange?

If you have just sprung this on the buyers I would be pissed off if I was them.

Depends on the reason, why do you need to delay?

Well 4 weeks is pretty standard, although with covid it's currently much less. You've nothing to lose by asking.

The reason is that our purchase has fallen through, and I need time to get organised to sort out temporary accommodation, especially as lockdown has hampered everything now too.

If the chain isn't happy to wait then I would need to pull out sadly.

I doubt your chain will be very happy to be honest. I’d be fuming but we are on a school application deadline & have young children. 6 weeks takes you to the week before Christmas. No thank you with kids, it’d be really rubbish for them.
I think it also depends how long it’s taken to get to this point. We are 3 months in & don’t want to wait much longer. Hoping to exchange next week & move the week after. We are packed up on the whole bar day to day items..

Can you not find somewere quicker? You could be in an air bnb in a few days? Pop your things into storage? Stay with family for a short period until you can get into rented/air bnb? In this very volatile market, I wouldn’t much want to lose my sale, if you are really keen to move?

Either way, you need to let your chain know ASAP. They’ll be expecting to move pretty quickly after you exchange I imagine..

@HapHap

The reason is that our purchase has fallen through, and I need time to get organised to sort out temporary accommodation, especially as lockdown has hampered everything now too.

If the chain isn't happy to wait then I would need to pull out sadly.

Oh what a pain so sorry! I think in the circumstances yes I would wait. We did simultaneous exchange and completion on the 20th of Dec a couple of years ago due to a legal issue (the vendor's problem but they blamed us )

By that point everyone is so committed- its not ideal but obviously its a situation you haven't chosen for yourselves x

Thank you busy bee!

It's just the worst news for us, we were due to start IVF as soon as we had moved but now that will have to be postponed. :( slowly losing the will here.

The soonest I can organise a affordable airbnb and suitable storage is 4ish weeks, it's not that easy to 'pop' stuff into storage and just move out

I'm hoping they'll understand and wait an extra bit of time rather than it fall through completely?

We have lost our dream house, a lot of money and our lives will be upside down as we will have no fixed abode. Never moving again!!!

I think if you say you’ve lost your buyer but are prepared to make arrangements to enable the sale to go through with a slight delay, they’ll be relieved you haven’t pulled out completely!

As the vendor, I would be ok with the extra time so long as the exchange had taken place. Then if it falls through, they get a deposit for the wasted time.
No exchange - no way. It would be back the market if they're delaying exchange too.

I would be happy to wait four weeks between exchange and completion but any longer I think you could upset people. 28 days between exchange and completion used to be the norm many years ago.

Thanks for the replies!

I think we'll ask to exchange this coming week if possible and then ask for a 3 week gap that should just about give us time and not cause the chain to be annoyed.

@HapHap

Thanks for the replies!

I think we'll ask to exchange this coming week if possible and then ask for a 3 week gap that should just about give us time and not cause the chain to be annoyed.

Hope it all goes to plan OP. You've got a lot on your plate, I'm crossing my fingers for you that everything works out in the end x

Thank you so much.

When we finally have dates set I will be celebrating with a lot of chocolate!

We had 4 weeks between exchange and completion but this was because Xmas and New Years was in between.

I’d ask for the longer time and negotiate less if they are adamant.

Our buyers waited 3 months between exchange and completion! but that was a particular situation and that knew the timescale when we accepted their offer.

Your buyers will probably just be exceptionally grateful you aren’t pulling out - a lot of vendors would if their chain collapsed at the top.

Pullimg out was my first instinct!! But trying to think of the bigger picture and consider everyone else too.

It's such a shame this has happened to you. But I think you're right to grit your teeth and continue with the sale of your house. Thinking of the big picture, while its a total hassle to move into temporary accommodation and obviously are disappointed not to get the house you wanted, you'll be in prime position to buy something else as soon as it appears on the market.

We managed to get into a rental in under 4 weeks when our buy fell through. Also my dream home, we arranged a rental then exchanged and signed contracts on the rental at the same time, had a delay of 2.5 weeks from exchange to completion. The rental is not perfect but it is what it is.

Depends on the market where you are and what limiting factors you have, we had pets which made it harder.

Thanks for the help here, I wanted to update that we have now exchanged and are due to complete 10th December, chain was happy to wait and just glad I wasnt pulling out.