Exchange of contract and completion timing
Buying a house and moving, it's been said before that this must be one of the most painful experiences in life. I think it's actually made more stressful because of the all the legal hurdles and the way in which it all happens. The English version (the Scottish one is much better) requires your solicitor to do lots of work with searches and checking previous authorisations, ensuring proper title etc. This is all fine and of course, quite understandable. You need to know exactly what you are buying and the mortgage company or lender needs to know that the property is a sound investment.
However, when did the completion date (the date you actually move) become largely set in stone well before contracts have been exchanged? The, more sensible, approach used to be that the solicitors did all the work, drew up the contracts and then agreed the completion date with all parties at the same time as exchange of contracts.
Now you often have to commit yourself to paying for a removal company, redirection of post, changes to utilities etc. even before you have any contract exchanged whatsoever. This strikes me as a little bit daft... Apparently, it's become quite normal for the exchange of contracts to occur just a few days, or even hours, before the move, leading to massive amount of anxiety for all concerned.
Solicitors shouldn't go along with these practises, even if put under pressure by clients who 'bully' them. Even better, the Law Society should insist on a minimum period between exchange and completion (unless all parties agree a lesser period). Perhaps then the process of moving home would be less painful.
Most house buyers get too involved in the initial excitement of finding their next property to fully consider, at the outset, that they will need some time to finalise everything - AFTER contracts have been exchanged.
By: Robert
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In the meantime you are cancelling internet, phone ,utilities on a random date of which you are not even sure of
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movings hassles - 27-Feb-11 14:16
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jon c oxford to hereford hopef - 29-Jul-10 21:17
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Suffice to say you comment brought me much reassurance. Thank you.
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None of the houses in Britain are worth anything like the money you pay for them. Most are over-priced 5 fold. They know it, but have you hooked paying for it for the rest of your working life. The so-called professions are merely professional crooks.
There will be a second crash in house prices very soon.
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Money Pit Digger - 6-Sep-09 16:56
Unfortunately, as I was buying a house with particular conditions, I was more or less pressurized to agree to a move less than a week later, or I would lose a substantial amount of money. I really wished I had known the completion date from the onset! I had to arrange the move, stop utilities, start them in the new house, council tax etc... Most of these require more than a week's notice, and since that was a Friday, I was already losing a day or two of the week-end!
I realise that this is not a common situation. But I wouldn't say that knowing the day you can move in advance is a bad thing. Yes, you have to commit to a lot of things, but then again, you have to when you buy a house (not saying this is ideal, or right!) but you at least have a target date, which I think is easier to deal with than if you have no date at all.
The lack of protection until exchange is the real danger, and source of stress, in my opinion. Once contracts are exchanged, there is too much money involved, and most people generally follow through.
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