Vendor is cross because we don’t want to complete and exchange on the same day

[housebuya]

We have been clear throughout that we want to exchange on set date, but need to give 28 days notice on our rented home which we won’t put in until we’ve exchanged. Happy for some period of overlap like a couple of weeks but not the entire month.

Vendor is very annoyed we won’t exchange and complete on the same day. Their onward purchase is vacant and they are temporarily going to stay with family. AIBU? I don’t really know what to do as we didn’t want to annoy them.

Why can’t you exchange now and complete in 28 days?

I wouldnt wait 28 days to complete after exchange - 1-2 weeks is standard. Its normal in rented for there to be a crossover so you will pay rent for 2 weeks along with your mortgage.

I wouldn’t be prepared to exchange a month before completion either. You’re basically asking them to be inconvenienced so that you save money.

OP isn't asking for 28 days. OP would be happy with 2 weeks.

Sounds like the vendor doesn't want to do that!

OP isn't asking for 28 days. OP would be happy with 2 weeks.

I may be wrong but there is no reason you cannot exchange now and then set a completion date for 28 days later.
I exchanged several months early and vendors agreed for to wait for me to find another property.

You could compromise by offering to complete two weeks after exchange. Although you would be paying for two weeks on your rental you could use this to take time in moving, so ensuring you have time to clean or decorate your new home in those two weeks and taking time to do the actual move.

I wouldn't exchange and complete ever again on the same day. Booking removals is difficult, it's hard to plan anything, and if something goes wrong in the day, it's a nightmare.

Until you've stood in the rain whilst 2 removal men debate whether or not they're going to unpack the half full lorry and refuse to move you (because you had covid a month ago), and you you phone the solicitor to say don't exchange but they already have, then it might be harder to see the pitfalls.

I'd compromise and offer 2 weeks, with you paying that extra bit of rent if you can. 4 weeks is unusually long.

Compromise is the key. Vendor would ideally want to complete on exchange day. You would ideally want to complete 28 days later. Have you asked them if they would compromise on 14 days? Have you explained your reasons? Could you suggest they pay 2 weeks of your rent if they really really want to complete ASAP?

Could you send them a list of dates you are happy with and see if they can choose something which works for them? I am guessing they just want it sold asap and think that your decision is slowing the process up.
Also worth keeping in mind that with longer chains, the rental people at the bottom usually don't get much say on dates because they are the most flexible as it is possible to have an overlap whereas everyone else just has to move on the same day or break the chain.

There needs to be a compromise between 2 parties - speak to solicitors and EA, come across as happy to find a middle way so we can get exchanged quickly. Say you are prepared to reduce your 2 weeks to slightly less, but it cannot be exhange and complete on the same day.

If no date is found exchange will not take place.

Surely at this point you all have an agreed move in date? If not get that done and get onto your solicitors to organise the exchange and solidify the completion date!

When I bought my house two years ago, I somehow assumed we’d be exchanging and completing on the same day. The estate agent seemed to think this was out of the question and said there needed to be a few days between exchange and completion. Annoyingly, I can’t remember why!

Perhaps ask for a reduction of the price to cover the additional rent, it'll be peanuts in comparison.

Personally I'd rather month overlap to allow decoration and carpets to be put in and to move in slowly unless you are moving a vast distance from where you are currently.

Exchange and completion on the same day is not a good idea. Email back and suggest a compromise of 2 weeks between exchange and completion. Compromise/a bit of flexibility on both sides is key here.

We have bought twice and both times exchange and completion were 1-2 weeks apart so they are not being reasonable if it’s the same day.

Honestly the vendor will unlikely pull out I would ask for completion for 14 days as compromise.

Our vendors had no issues with 28 days when we were in your situation, but it didn't inconvenience them.

I guess you'll need to compromise

We sold to someone renting, we exchanged a day or two before our buyer had to give her landlord notice and then completed two weeks later, that gave them two weeks to move from their rented house, their first mortgage payment didn't come out for a couple of weeks anyway so no double cost and no moving in one day for them.

We would have waited until the end of their notice period but our vendor was getting tetchy and our buyer was happy have the overlap.

It's very rare to move from rented accommodation to a purchased house without an overlap period, it's just one of the many incidental expenses of moving.

The reason it sounds like that can’t be done is because the vendor doesn’t want to

Simultaneous exchange and completion is not the norm, mainly for practical reasons.

Agreeing a completion date is often a compromise (we completed on a Monday which I didn’t want) so just instruct your solicitor as to your preferred option, and your minimum period, and leave them to agree with the other side. Sounds like preferred is 28 days, minimum is 14 days.

You aren’t making a friend here. It doesn’t matter a jot if they are annoyed. You aren’t responsible for managing their emotions.

Let them be annoyed and crack on.

Same day exchange and completion is rarely preferable (and I am told solicitors hate it) so I don't think you're being unreasonable to stand your ground on this.

It needs to work for both parties. If it doesn't work for you, don't agree to it.