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.

I've never exchanged and completed on the same day.

2 weeks between the two dates is very common so you're not being unreasonable wanting this time. I think you are being sensible not putting in your notice just in case it falls through. You cannot be without a home just to fall in with your vendor.

Even when I did finally complete on this latest home I didn't get the keys until 2pm!

Same day exchange and completion is unreasonable. It happens sometimes but they are asking for something non-standard, just as much as you asking for 28 days is unusually long. The obvious compromise is 2 weeks - don't be afraid to stand your ground.

Two weeks is perfectly normal and what most people expect. Hold fast!

This is exactly what she is doing - trying to agree a move-in date!

The advantage of having a cross over between renting and moving into your house is that you don’t have to do the whole move/cleaning/settling all in one day.
And you avoid the stress of exchanging and completing on the same day.

Id tell them you’d rather do the standard 2 weeks between exchange and completion.

I've only changed and completed on same day once and it really only worked as I'd already moved out and they were FTB. I was still bricking it that they would pull out and I'd be sick with my mortgage on top of the rent I was now paying for my new place.

I'd try to compromise on 2 weeks.

This is a really good point- also can get little maintenance jobs done and stuff like carpets cleaned/ walls repainted (if needed) with no furniture in it.

Because that is insane and no solicitor would advise it.

Eh? What's the problem, it hardly affects you. Just give 28 days notice the day you exchange and complete, what's the difference really? If it's just a couple of weeks worth of rental, then ask for 2 weeks worth of rental back from the vendors

Eh? They'll still have the rental for a month if they exchange and complete on the same day, which is even less stressful to have a month to move rather than 2 weeks. They don't have to move everything in on the same day just because they've completed?

WTF
Honestly this thread.
I'd actually prefer to exchange and complete on the same day if I was in rental, it's less risky than 2 weeks of someone else owning the house in the interim.

People are aware you should get specialist insurance between exchange and completion, because things do go wrong. If you do it all the same day there's none of this faffing around about where you stand.

Well they can do that while they still have the rental for a month, if they exchange and complete on the same day. They can't do that in the 2 weeks between exchange and completion if they do it that way because they don't OWN the house.

Why do people think they have to move their stuff in the day they've completed? it's bizzarre

And also what if you give notice on the day you exchange and then you fail to complete?

You're stuffed

Yes it DOES happen.

You're shooting yourself in the foot here.

This would drive me nuts, when you exchange all work is done, there is nothing to stop you completing and moving. You don't want it all to happen on the same day as people have said but once the very long and frustrating process of sorting out the details is done, you just want to move and get it over with. Personally I've never agreed to more than 3 days, 28 days would infuriate me, especially if this hasn't been expressly agreed from the start and is a surprise at a time you couldn't realistically back out 🤷‍♀️

same day completion and exchange is unreasonable for someone who's selling something and moving up the chain, only because they need time to make moving arrangements

from a legal standpoint, same day completion and exchange is the best possible case scenario for the OP who has 28 days to move regardless of when they complete, I'd bite the vendors arm off

Just ask your solicitor what the best legal option is for you OP as the person who's responsible for the house. Why would you want someone to own your house for an extra 2 weeks after you've ecxhanged on it? I don't know why so many people are chipping in with utter nonsense. the vendor must be tearing their hair out.

A transaction failing to complete after exchange is phenomenally rare.

I think 1-2 weeks is quite normal so they are being unreasonable for demanding the same day. Have you actually offered 2 weeks?

What do you mean? Stuffed how? They wouldn't have to leave the rental just because they've given notice, they can rescind notice and just not move out.

Doing it that way means they’d have a one month overlap of rent and mortgage payments - not ideal.

What do you mean, ‘exchange on a set date’? Surely you exchange as soon as all the paperwork is ready, but set your completion date at exchange .

I would be really pissed off if a buyer was putting off an exchange, and would probably start taking viewings again in case they pulled out.

You want them to wait an entire month after exchange so that you can avoid paying rent + mortgage, but they have to stay in temp accommodation?

A week or two between exchange and completion is reasonable.

They would have to pay both rent and mortgage for that month, that’s why.

Ownership of the house isn’t until completion so I don’t know what you’re talking about in terms of someone owning ‘your’ house for two weeks.

@Fulshaw who owns the house between exchange and completion is a grey area. Neither seller nor buyer fully owns it and the buyer does need to insure it.

I have done every possible version of exchange and completion, from exchange with a long stop completion as vendors were moving into a new build, to both on same as vendors were buying probate property where executor was seriously ill and if they died between exchange and completion it would hold the whole thing up.
Compromise is always the key here and it is the EA job to negotiate the compromise. The shortest you would like us 2 weeks and the longest 28 days, lay this out in an email to the estate agent and let them talk to the vendor hopefully advising them that compromise is key. But ultimately would you loose the purchase over this?

As above, but ask your solicitors to negotiate on that basis, and inform the EA.

My vendor asked to wait 28 days for the same reason. We negotiated and agreed on 2 weeks, but I wasn't overly happy with doing that as it was affecting the whole chain just so they could save money on rent.