Waiting for my solicitor to get back to me with their recommendation on this, and google not giving me many answers, so thought I’d ask here.
We are buying and selling, exchange hopefully today if we can agree on a completion date. Problem is that our seller and buyer want different dates for completion, neither willing to budge, and we are stuck in the middle able to do any date.
Without running it past the rest of the chain, our buyers made a contract with their buyers that they would complete on their sale no later than 24th March. Meanwhile, due to mortgage reasons, our seller wants to complete in April, which we were told about weeks ago, before it was announced that our buyers had this earlier deadline and had already exchanged with their buyers without running it past the onward chain (I suspect our EAs probably told them it would be fine).
Obviously our buyers aren’t keen on April as they will need to find temporary a accommodation and storage. It is being suggested that we, the middle party in the chain, exchange with both sale and purchase today, complete our sale in line with our buyers deadline, move into our new property that day (which is vacant as it was a rental property) and complete on our new property in April in line with our seller’s completion requirements.
Just wondering if anyone has done similar, and if there are any particular risks to us doing it this way that might not have occurred to me? Obviously it’s a PITA doing it this way when all the inconvenience is on us, despite it being on our EA and possibly the buyer’s solicitor giving them poor advice to proceed with a contract with their buyer without consulting the rest of the chains requirements first, or being prepared that doing things this way might mean they’d have to think of a plan B for temporary accommodation. And I’m quite pissed off at our EAs management of this when we are paying them a decent amount in sales fees. But if there’s little risk to us than I suppose we could complete on different days?