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Original poster

Buyer wants to complete now… what would you do ?

25 replies

Fidgety31 · 03/10/2023 14:34

I am selling my house vacant as I am in rented .
my buyer wants to complete next week… I have only just been informed today .

the house I am purchasing isn’t near to completion date yet … so I won’t be completing with that one on the same day.

does this matter ?
mMy buyers are first time buyers so chain free .
I haven’t sold before so not sure what is best - let them complete and sell me house next week or make them wait until my own purchase is ready ?

thanks

OP posts:
Deathbyfluffy · 03/10/2023 14:36

It matters if you still want to live in the house - you won't be able to complete while you're living there; they'll want vacant possession.

You'll need to either move out and rent somewhere, or tell them to wait.

OldTinHat · 03/10/2023 14:36

Complete, get the cash.

PurpleBananaSmoothie · 03/10/2023 14:36

Completing next week will mean the money is in your account when your house completes and you aren’t waiting on them. You’re in rented already so you don’t have to move again. There isn’t an issue.

anniegun · 03/10/2023 14:37

Complete and get the cash in the bank. Why are you even questioning this?

Twiglets1 · 03/10/2023 14:37

Your house is vacant and you aren't getting any money for it in rent or living there yourself, is that right? If so, why not allow the Sale to reach Completion as soon as possible.

PurpleBananaSmoothie · 03/10/2023 14:38

Deathbyfluffy · 03/10/2023 14:36

It matters if you still want to live in the house - you won't be able to complete while you're living there; they'll want vacant possession.

You'll need to either move out and rent somewhere, or tell them to wait.

OP is already in rented and advertising her house as vacant.

Allthegoodnamesarechosen · 03/10/2023 14:38

I’d knock their hands off

FallingAutumnLeaf · 03/10/2023 14:41

Do you need to port a mortgage from the house you are selling to the house you are buying? If so, you need to check the rules of your particular lendeelr/product.
If the plan is to totally repay any mortgage outstanding on the old house, complete the sale. You have a place to live. Get the cash!!!

senua · 03/10/2023 14:42

Are you porting a mortgage, does the gap between selling and buying create problems?

Blackcoffee1 · 03/10/2023 14:47

If you (or your agent) told your buyers that you are renting and chain-free, then yes, of course you should complete.

You can’t turn around now and say “oh but my onward purchase isn’t ready yet” - as that purchase isn’t part of the chain.

Someone pulled this last time I moved house and it had such a huge negative impact on everyone else - the chain nearly collapsed.

Spaghettihulahoops · 03/10/2023 14:52

As others have said unless you need to port your mortgage go for it. Surely that is why you are already in rented?

Original poster
Fidgety31 · 03/10/2023 14:59

Hi thanks for all the advice - it’s a new position to me so hence asking for opinions

my mortgage has gone through as a new application instead of porting as the advisor said that was best … I am not sure how this works with having a gap between selling and buying but he said the mortgage offer lasts several months

OP posts:
Bookish88 · 03/10/2023 15:38

Deathbyfluffy · 03/10/2023 14:36

It matters if you still want to live in the house - you won't be able to complete while you're living there; they'll want vacant possession.

You'll need to either move out and rent somewhere, or tell them to wait.

What is the point in responding to an OP if you can't be bothered to read it?

VivaLaVolvo · 03/10/2023 15:39

Porting a mortgage is generally better at the moment due to rates?

Original poster
Fidgety31 · 03/10/2023 16:00

@VivaLaVolvo I was on a tracker mortgage and have now agreed to a new fixed rate instead

OP posts:
SheilaFentiman · 03/10/2023 16:07

I would complete as quickly as possible. However, are you ready, legally, to exchange and complete in the next few days, if this is a new date?

Original poster
Fidgety31 · 03/10/2023 16:34

@SheilaFentiman I have spoke to my solicitor who said she can write contracts up this week but it is a very tight schedule!!

OP posts:
XVGN · 03/10/2023 18:50

Complete now and buy them a bottle of champagne!

Thingamebobwotsit · 03/10/2023 18:58

In the current market I would complete and focus on buying your next house asap. Especially if you have a good fixed rate.

Deathbyfluffy · 03/10/2023 19:02

PurpleBananaSmoothie · 03/10/2023 14:38

OP is already in rented and advertising her house as vacant.

Show quote history

Ahhh, my apologies!
In which case crack on and complete next week by all means.

Next time I’ll read the thread properly. 😁

viccat · 03/10/2023 19:11

Definitely complete ASAP. I sold (a vacant) property earlier this year and it was so stressful worrying the buyer might pull out. You don't want that worry in the final days before your own purchase is due to exchange.

Alphabet1spaghetti2 · 03/10/2023 19:23

I would complete. You’ve already moved out and got a roof over your head to bridge the gap, presumably you’ve also moved all furniture etc too. So save yourself some money on paying the bills. You’ve already got a mortgage in place for your new house - so no worries there. The extra cash will come in handy !

whyisitallsohard · 03/10/2023 20:24

you should complete.
perhaps your a bit nervous about letting go of the house?
if so, don't worry.
i would just complete and you'll see it's all smooth sailing after that esp if you are already renting and moved out.
if you also advertised it as vacant for them, you should honour this too. good luck

TiredandLate · 03/10/2023 20:31

Snatch their hand off OP!

PrinnyPree · 03/10/2023 21:16

Yeah do it OP you're already in a rental, being in a chain is a nightmare, as others have said bite their hand off!

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