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Original poster

Exchange to completion query

12 replies

Dizzycow79 · 01/07/2021 18:16

Hi

The people buying are house are happy and ready to exchange.

The house we are buying - we have some queries to sort out still but shouldn't take too long now.

The house we are buying, owners are splitting up - and are planning on moving to rented - apparently the split is amicable and they are currently living together in the house we are buying.

We are trying to get dates for exchange and completion as our buyers want a time frame as do we. The people we are buying from won't look for a rental until we exchange but obviously we don't want to exchange without any idea of when we will complete.

Anyone been in similar scenario? What's the best way to approach it? Thanks

OP posts:
Blossomtoes · 01/07/2021 18:21

It’s been ages since we bought but I seem to remember the contract contains a completion date, so exchange is impossible until a date has been agreed. I may be mis-remembering though.

m0therofdragons · 01/07/2021 19:16

You need a date to be able to exchange surely?

Mariposa123 · 01/07/2021 19:30

We had this when we bought last year. Top of the chain was moving into rental but were dragging their feet in finding somewhere. It seemed a chicken and egg situation as they needed a completion date before they could commit to a rental, but wouldn’t commit to a date until they’d found somewhere. Quite stressful.

We ended up forcing their hand by exchanging with our buyer and then threatening to pull out if they didn’t agree, but we were in a position where we could move in with family if necessary. It paid off but understandable if you aren’t in a position to take that risk!

Andthenanothercupoftea · 01/07/2021 21:53

You set the completion date at exchange.

Cantbebotheredtothinkofaname · 01/07/2021 22:20

They would need to set the completion date when they exchange so I’m not sure how they are going to get that to work for them!

QueenStromba · 02/07/2021 06:44

You all need to figure out completion dates that work for everyone then the top need to find a rental that works with one of those dates - they can then sign the rental contract on the day of exchange.

Mayaspecialist · 02/07/2021 06:56

When we have done this, the completion date was arranged when we exchanged.

And has always been a week apart.

How long do the people going into rented what between exchange and completion, to find somewhere?

Twice, I have had to force peolels hands when they are dragging their feet by threatening to pull out.

The first time, the people who were buying mine were trying to drag it out as they moving to the area for work and decided wanted to wait. But I was buying a new build so couldn't and was going to lose that house anyway if it didn't go ahead.

The second time was where I am now. Someone dragging their feet. I was staying with a friend after leaving my abusive ex, and it was going on and on. The day before exchange, my solicitor called and said one solicitor wasn't replying to emails and it probably wasn't happening. I told her, that if it didn't go ahead, the next day I wasn't doing it at all and I would rent somewhere instead because I needed somewhere for me and my kids to live that wasn't a friends living room.

It exchanged the next day and completed the week after.

Sometimes you do have to force people's hands. If they are in no rush it impacts everyone else in the chain.

Didicat · 02/07/2021 07:04

We broke the chain last year. We waited until everyone was ready to exchange, but had been keeping an eye on rentals. Warned the buyers we were going viewing and they had to be ready to exchange ASAP if we found a property to rent and we had 2 weeks between exchange and completion.As we had to pay a deposit to hold the property so we didn’t want to waste that money if the buyers didn’t exchange/complete.

I will caveat the rental market is really hot and they might be struggling to find anything suitable. If they are splitting up they have to find two properties....

Marshy86 · 02/07/2021 07:09

Hi Op, you have a couple of options:-

Exchange on notice - so you can exchange and request a notice period when sellers find a property so you could say 1 months notice so you have time to prepare for completion.

Exchange with a fixed date - sellers will have to provide you with a date

Or exchange with a long stop date - so exchange with a date further away to give seller more time to find a rental however they have to complete by that date however if they find something sooner they can bring that date forward.

pilates · 02/07/2021 07:09

You need to agree a completion date before you can exchange. Speak to the Estate Agents and they can spell it out to your vendors.

mayblossominapril · 02/07/2021 07:18

Just agree to exchange with a completion date 3 or 4 weeks later. That gives them time to find somewhere and time for everyone else to book their removals.
Start pushing hard for exchange. You May have to say if we don’t exchange by x I’m going back on the market.

Original poster
Dizzycow79 · 02/07/2021 09:58

Thanks - all very helpful - speaking to solicitor today so will see where we get to xx

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