Exchange before holiday?

[Wanderina]

Could anyone explain this to me? We buying a house (home for us) cash purchase, no chain below us. Our offer was accepted over 2 months ago. Took a long time for the sellers' solicitors to send through the 'contact pack', which we took to mean that the sellers weren't in a rush. Our searches are back now, had a survey done (all fine).

As we thought it was all taking a while we booked a holiday at the end of July, returning 10 August. After all it's peak holiday season.

My solicitor tells me that the estate agents are now pushing for completion. It would be extremely inconvenient for us to complete before or during the holiday in fact we can't. Our solicitor understands this, but he's saying that the other side will probably push for exchange before we go, and complete soon after we get back. I can't really see what's so bad about exchanging before our holiday if it makes them happy. But the solicitor advises against it as we take on the risk after exchange and this is worse as we're cash buyers apparently? Nothing came up on the survey and we're not going to change our minds about the house. I did tell the solicitor several weeks ago that our favoured time to complete was August.

I feel a bit thick but I don't really understand the solicitor's concerns. I know he is looking out for our best interests though. I know the agents are probably pushing to get their commission faster but I don't want to put the sellers to too much inconvenience as they seemed to be nice people.

Don't know how to read this situation really.

Sorry that was way too long!

Basically what is the problem with exchanging before we go on holiday?

You need to insure the building once you have exchanged, perhaps this is what they refer to? Yes I would agree with exchanging before, for completing when you get back.

Thanks @Move22 yes I know we have to insure the building from exchange, that's OK by us, but what other concerns could there be I wonder.?

Maybe I’m a bit thick too but I can’t understand your solicitor’s concern either!

We have moved a few times and have definitely exchanged and then gone away on holiday in the past. I don’t see what difference it makes where you are based in the period between exchange & completion.

Maybe it’s more that your solicitor is thinking there is less risk if you only have a short period between Exchange & Completion.

Less risk of the house burns down or something you mean @Twiglets1

But we will have insurance in that extremely unlikely event. Solicitor says we should minimise the time between exchange and completion as we are cash buyers, I still don't get why though.

They and the agents get paid on completion. They want to complete, invoice and close the file.

I’ve heard people say don’t have a long gap between exchange & completion in case the Seller dies! Not very likely unless they are very old & ill.

Honestly a month between exchange & completion used to be the norm but it seems a week is more common these days. But I can’t see much risk in a fortnight or 3 week gap especially if you have insurance.

With insurance you should be fine.

My solicitor wouldn't let me exchange until i showed her proof of insurance. Completion was 9 days later ( as my buyer would only move on a Wednesday). Nothing happened (bar packing) in those 9 days!

Insure the house from the moment of exchange.
You could exchange and complete on the same day or a few days apart after your holiday.
If you are sure you want the house, and if you were concerned about being gazumped, or house prices progressing upwards leading to it being withdrawn from you, then I' d exchange before your holidays.