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Aston Lawyer
Aston Lawyer, Solicitor
Category: Property Law
Satisfied Customers: 10585
Experience:  LLB(HONS) 23 years of experience in dealing with Conveyancing and Property Law
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I am selling my property and currently discussing an exchange

Resolved Question:

I am selling my property and currently discussing an exchange and completion date with the agent and buyer. I am not in a chain as I will be moving into a rented property. If I agree a completion date now and following exchange, the completion date needs to be delayed if I cannot take my rental property until a week later, will there be any legal implications? Can the completion date be changed and delayed after we have exchanged contracts?
Submitted: 2 years ago.
Category: Property Law
Expert:  Aston Lawyer replied 2 years ago.

Hello and thanks for using Just Answer.

I am Al and am happy to assist you with your enquiry.

Once you have exchanged Contracts, you are legally committed to complete on the agreed completion date. Therefore, if you are unable to move out on the agreed date, your Buyer would be entitled to sue you for any loss/inconvenience caused to them by not being entitled to gain access to your property- in reality, this would normally take the form of the cost of hotel accomodation and extra storage fees.

Therefore, you should not really agree a completion date you can not keep to!

It is normal and reasonable for there to be a period of 3 to 4 weeks between exchange and completion, in circumstances where the Seller is moving into rented property, as it does normally take this length of time to sort out th epaperwork on the rental. I would therefore suggest that you insist on at least 3 weeks between exchange and completion.

I hope this assists.

If so, I would be grateful if you could leave positive feedback.

Kidn Regards

Al

Customer: replied 2 years ago.

Thank you.

I am worried that if I push back the date they want to complete on which is a week after proposed exchange of contracts (21st August Exchange to Complete on 28th August) that they will then push back the date of exchange.

I have committed to a rental property to start on 5th September but do need to exchange on the 21st in order to have enough time to start packing. Is it reasonable to ask to keep to the same date of exchange and push back completion due to needing time to pack and actually move? They wanted to be in at the end of August but due to their delays on their side, we are not in a position to exchange until the 21st.

Expert:  Aston Lawyer replied 2 years ago.

Hi,

It would be more than reasonable for you to insist on exchanging on 21st, with a delayed completion of 5th September.

The Buyer will no doubt be advised by his Solicitor that it is unreasonable for them to expect you to be able to sign for a Tenancy within 7 days! As I have said, we Solicitors know it can take a good 3 weeks to sort out a rental property.

Good luck.

Al

Aston Lawyer and other Property Law Specialists are ready to help you
Customer: replied 2 years ago.

Hello, I have another question for you that I would like to ask so if you see this and would like to answer, please log on so that I can send the question directly to you rather than it going to another solicitor.

Many thanks.