Setting a completion date

[Cola133]

We're at the very beginning of our house buying journey, our offer has just been accepted. I'm now worrying myself silly as we are currently renting so don't have a chain and the house we are buying doesn't have a chain. Our rental is up 17th March 2025 and we have allowed for an overlap from December, so paying 2 lots of bills from December, but we're on such a tight budget, I fear as we have no chain that we will own the property before December 😬

We can't get out of our rental agreement as LL is not accommodating in any way. We started looking now for a house as we read that it can take 4-6 months, but that's with some sort of chain. Is there anything I can do to ensure that it's a December completion? I know the sellers are very keen to get it sold as they have already moved into their new home.

NB- we wanted an overlap, to be sure that we owned a house before we quit our tenancy, so we have a roof over our heads. It's so hard to get a rental now, we couldn't risk losing the rental and the house we are trying to buy.

Thank you for any advice.

Would your landlord agree to you finding someone to take over the tenancy?

You can tell your solicitors to not move too fast as you want December, but it only works so long as the whole chain agree. If someone else is insists on a November move or they'll pull out you can't really do a huge amount

ETA- just saw your chain free! I would definitely stick with asking your solicitor to appear busy but don't rush

I would just be honest with your sellers now that you don't want to complete before December. Then everyone knows where they stand and if that's not acceptable to them then it gives you a chance to find somewhere else now. Or possibly you could renegotiate a month's rent off the price of the house if they want to keep you.

December sounds realistic tbh. The last time we moved it was a 3 property basic chain and it took 9 months!!!

You probably wouldn't move until November at the earliest anyway. I would just be a bit slow about returning every form and enquiry and it could quite naturally take until December.

Once you get a bit further along the process if they start trying to hurry you up you can explain that your rental isn't up until March but you are willing to complete in December. That's not a bad outcome for them after accepting your offer in August.

You need to be honest because it's not fair on the sellers who may have gone with you as they think it will be quick that said 16 weeks is typically how long it takes

Be upfront and honest.
Say you are willing to exchange as soon as possible but want completion to be Dec/Jan. This gives assurance that you are going through with the purchase.

When we last moved we had a five month gap between E&C (our decision) and our buyer was happy to go along with this.

A five month gap between Exchange and Completion is very unusual though and most solicitors wouldn't recommend it

The vendors might be in a chain and they cannot be entirely flexible. It’s difficult to coordinate everything. I would start looking and say what your situation is. Often better than someone with a chain! Surveys and negotiation can take time but lots of completion dates depend on the vendor, not just the purchaser.

I would be honest with the people you are buying from and let them know about your time frame - I’m in a similar situation - rental is up at the end of September and we offered in April on a house and told them the offer was on the basis we couldn’t complete until September. They accepted this and have just waited. It’s probably fairer and less stressful to be honest about your situation - you are in a strong position to buy as your renting, so hopefully they will be ok with it.

It might take 4 months anyway. When I first bought my house there was no chain and that still took 4 months and was very straight forward! I'm moving again now with no chain and this one will be going onto 4 months too and that's being on the ball with replies etc so can definitely see why some take longer :)

I would be honest now. We are in same position being in rented and from offer to getting keys will be just under 6 weeks. Our mortgage came through within 4 days of applying for it. Our sellers have an onward move that was requiring as quick a sale as possible so that they don't lose out. We are lucky that we only need to give 1 month notice on our lease. It's only fair you are transparent with your sellers.