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Alex J.
Alex J., Solicitor
Category: Property Law
Satisfied Customers: 3655
Experience:  Two years conveyancing experience.
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I am in the process of buying a house. We are not in a chain

Resolved Question:

I am in the process of buying a house. We are not in a chain but the seller wants to exchange contracts ASAP and we can complete at a later date.
What does that mean ?
Also, if we exchange we can't back out later ? Also, when the exchange happens does that mean on the same date as the exchange and date for completion is set.
Issue is I want to delay the transaction as long as possible because i'm in rented accommodation until 3rd November. But seller want the deal done ASAP.
What do you advise ?
Submitted: 3 years ago.
Category: Property Law
Expert:  Alex J. replied 3 years ago.
Alex J. :

Hi, Thank you for your question and welcome. My name is ***** ***** I will assist you. Normally when you exchange you create a legally binding obligation to complete the sale. The offshoot of this is you will put your deposit at risk, meaning that if you do not complete you will forfeit the deposit.

Alex J. :

In this circumstance if you know you want to complete the purchase and it is not conditional upon anything, why do you not just agree a completion date that is either after 3 November or conditional upon your tenancy ending?

Alex J. :

When you say you want to delay the transaction do you mean you want to delay completion or you are not ready yet to fully commit to the purchase?

Alex J. :

Kind regards AJ

Customer:

hi

Customer:

we want the property 100%. you right to set the date of completion the same as when our tenancy ends. question is does the completion date get set the same time as when exchange happens ?

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