Wrong again. Either party can still pull out, although not without penalty.
Wrong again.
MBQ
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11 years ago
Moving!
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11 years ago
If you mean the will to live...
No point - he'll only lose it.
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11 years ago
That which is asserted without evidence may be dismissed without evidence. I gave evidence (our experience). What's yours?
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11 years ago
Nope. As others have said, either party can pull out after exchange and before completion, with penalties for doing so defined in the ocntract.
Nope again. Exchange in England is normally when the non-refundable deposit is paid, and the contract will lay down the completion date and time when the remainder must be paid. Normally, there is at least a week between the two dates, although on one of the two sales I was involved with last year, exchange and completion were on the same day, and at short notice.
The normal sequence in England and Wales (Scotland has a different system) goes:-
The property is viewed, examined and approved by the purchaser and, usually, his surveyor.
An offer is made.
The offer is accepted.
The purchaser, normally via their legal representative, makes certain enquiries about the property, including such things as title. i.e. Does the seller actually have the right to sell the property.
Subject to satisfactory answers to the queries, a contract is drawn up and approved by both parties.
Signed copies are exchanged, at the same time as the deposit is paid.
On the date specified in the contract, the full payment is made, at which point the contract is "completed", and the ownership of the property chamges.
At auction, ownership changes at the fall of the hammer, with the deposit being immediately payable, and the remainder within a specified period. This is why you need to do all your paperwork and survey work before the auction and have your funding ready at hammerfall, as backing out after the hammer falls is a Bad Thing (tm) to do from your point of view.
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11 years ago
You gave one anecdote of your own experience. That is not evidence.
MBQ
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11 years ago
I'm surrounded by wimps! This is a DIY group. What happened to that "can do" attitude?
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11 years ago
It's only 1.6 miles away. A nice DIY job. When my friends moved up to Donny from Ramsey they missed one minor detail. The removal van would not fit through the driveway gates of the new house. And who needs two pianos?
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11 years ago
This space intentionally left blank by MBQ.
So you have none then. fair enough.
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11 years ago
Thanks for the detailed info.
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11 years ago
I can give you anecdotes of 6 house moves I have been personally involved which show a majority of exchange and completion on different days.
It seems my "evidence" trumps yours, after all.
MBQ
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11 years ago
Do you accept you were wrong now?
MBQ
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11 years ago
It all depends on finance. Obviously it's a much easier move if it doesn't happen on the same day, but that involves getting "bridging loan" so that you can buy the new house before you've been paid for the old one. Some people can't afford that - or presuade the bank to lend to them.
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11 years ago
That which is asserted without evidence may be dismissed without evidence. I gave evidence (our experience). What's yours?
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He happens to be right:
Ownership changes on completion (though requirement to insure starts at exchange)
Sale can still fall through after exchange (though defaulting party is liable for all other parties costs, including "loss of bargain")
It is rare to find exchange and completion on the same day (precisely because people need several weeks to book and prepared for a removal van)
tim
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11 years ago
There is nothing to stop you owning both places at the same time and move at your leisure.
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except the (relatively) extortionate costs of a bridging loan
tim
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11 years ago
How is that related to the discussion of exchanging and completing on the same day?
MBQ
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11 years ago
BTDT, don't want to do it again. Especially 20 years older.
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11 years ago
We did it last time. Scared the heck out of me for just that reason, I had all these costs and the **** could pull out. And he was on expenses...
The ironic thing was that he was quite high up in marketing in a bank, and they started using his name on their marketing bumf. The reason why _I_ never took out their product was entirely personal!
Andy
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11 years ago
It disappeared when we stopped putting people on the moon... :-)
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11 years ago
no you can still have them separate if that makes more sense.
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11 years ago
We've done it twice (out of 6 moves). On one occasion the removels were booked for the day but we didn't know for sure until the day before that we were actually moving. When we turned up at the new house they were still desperataly packing their belongings in Tesco carriers s they didn't believe it was going to happen. Our solicitor turned up outside just to make sure everything was going along smoothly. That was a stressful move.
MBQ