Delayed completion implications?

CeibaTree · 22/12/2021 20:40

It’s normal to have exchange and completion a week apart these days (although I’ve heard of them happening the same day), I don’t see any problem with the long period as long as you are happy with that - but I really can’t see why it would take 4-8 weeks to pack up a house, I’d be suspicious of something, but I’m not sure what!

Original poster

PoloMintHum · 22/12/2021 20:48

@CeibaTree I did find it a bit peculiar too, especially as the seller has been chasing for exchange but then wants this 4-8 weeks (we haven't exchanged yet). I dont mind tbh as more notice for me to book time off work etc for the move.

OP posts:

Kite22 · 22/12/2021 21:05

Like @CeibaTree it sounds quite odd to me, but, again like CeibaTree I can't quite articulate why.

Surely it is not coming as a surprise to them that they will have to pack up to move ? I mean, don't you think about this before you even get photos taken and put house on the market ?

If it really suits you, then I guess I would check with solicitors and check with EAs and ask them all what possible issues it might throw out.

cherrywhite · 22/12/2021 21:19

My MIL requested 4 weeks. The sale took 14 months between going on the market and actually moving. She was downsizing from her family home that she'd been in for 35 years. Nothing was certain until exchange and she'd previously got stressed about booking removals etc only to have to cancel. The 4 week window allowed her time to do it at her own pace, be confident with the removal date, sort out all the admin, clean etc.

PointyMcguire · 22/12/2021 21:22

I wouldn’t. As soon as you exchange you’re legally committed to completing the sale regardless of what happens in that 4-8 weeks.

Flowers500 · 22/12/2021 22:44

I wouldn’t agree to a long exchange—completion period. You can agree a completion date now for 2 months in the future and they can pack now, then exchange a week in advance.

ProseccoLimoncello · 22/12/2021 23:23

The potential issue you have, is during those 4-8 weeks you have no control over the property. They could cause damage etc and you would still have to complete I think & possibly sue afterwards. A flat we were buying once had a fire outside its bathroom wall on the day of exchange, the bathroom needed gutting, had we already have exchanged before the fire
It could have been difficult to establish who needed to cover repairs/ get them done before completion. Also you may struggle to get insurance for more than 4 weeks when you don’t own it due to the risk of something outside your control happening.

WouldIBeATwat · 22/12/2021 23:26

We had a month between exchange and completion. We were moving from 3 other properties to this one with a radius of 250 miles so needed clear space to sort that all out!

TragoCardboardCopper · 22/12/2021 23:29

When we bought I specified a minimum of a month between exchange and completion. We were renting and I wasn't going to give my month's notice to the landlord until I had some legal reassurance it was all happening! Could that be a factor here?

RavingAnnie · 22/12/2021 23:43

I think it sounds very sensible. It's very stressful having a short period between exchange and completion.

PickAChew · 22/12/2021 23:44

@PoloMintHum

In the process of buying, my seller has said they'd like 4 to 8 weeks between exchange and completion. I asked the reason why, apparently its because they have a lot to pack up, home office, pets etc so want time to do so.

I'm fine with this. However, other than me needs buildings insurance from exchange date, are there any other implications for having this 4-8 week gap?

They know they're moving, sooner or later. They just need to get the majority of their shit packed sooner!

LittleBearPad · 22/12/2021 23:44

8 weeks is absurd. Two to three is normal - four weeks would be ample.

PickAChew · 22/12/2021 23:47

@WouldIBeATwat

We had a month between exchange and completion. We were moving from 3 other properties to this one with a radius of 250 miles so needed clear space to sort that all out!

Surely you only needed to live in one of those properties, in the meantime?

PickAChew · 22/12/2021 23:50

@TragoCardboardCopper

When we bought I specified a minimum of a month between exchange and completion. We were renting and I wasn't going to give my month's notice to the landlord until I had some legal reassurance it was all happening! Could that be a factor here?

Exchange is legal assurance. A renting overlap gives you time to sort out your new home and sort out removals at your place. Less stressful than having to move on day of completion. (we exchanged and completed the same day after renting, in the dim and distant!)

Starseeking · 22/12/2021 23:53

Personally, I think 8 weeks is too long. Literally anything could happen during that time, from a minor leak on the bathroom, to the house burning down, or losing your job (so mortgage withdrawn) in extreme. Granted any of those things could happen at any time, however the risk increases here as you have no control over the property during that time.

Once you exchange, you are legally obliged to complete, unless you fancy forfeiting your deposit (and potentially more for pulling out). I'd agree to an absolute maximum of 4 weeks, and push for 2 weeks ideally.

Talkwhilstyouwalk · 23/12/2021 00:05

Bit ridiculous. You can pay removal companies to do all the packing, moving and putting back together for you in a day or 2.

WouldIBeATwat · 23/12/2021 07:54

One was where we worked (2 bed flat), one was in DH’s hometown (250 miles north of flat) and mine was 200 miles of the flat. We had to work but didn’t have space there for the furniture from a 3 bed and a 4 bed. So we had a weekend packing my stuff, another two weekends packing and moving DH’s stuff to mine, the fourth packing up the flat and then moved that when we completed followed by all the stuff from mine over the course of a week. Never moving again!

CeibaTree · 23/12/2021 11:12

@Talkwhilstyouwalk

Bit ridiculous. You can pay removal companies to do all the packing, moving and putting back together for you in a day or 2.

Exactly, we moved over the summer from a house we’d lived in for over 10 years, it was bursting at the seams but a removal company packed it up in a day. I think what would bother me about this is it’s such an odd excuse for wanting such a long gap, it makes me think they have a different reason which maybe completely innocent but there is a certain amount of trust needed in the English house buying process so something that feels a bit dodgy like this would definitely put me on edge.