Help calm me, house buying and selling stress part 2

If they cannot pay the full deposit until completion you can still exchange before. It just means they are liable for the outstanding deposit if they pull out. It does not need to have been transferred in full for contracts to be swapped

We have accepted a reduced deposit at exchange with the rest owed to us if they pulled out.

Our last buyers didnt have their funds cleared by exchange.

Notanan this is a kind supportive thread for people going through the stresses of selling and buying. Please let's keep it like that as some people, myself included, really value the kind words and support of others.

I was in rented accommodation with my stuff in store, hence the storage fees.

If anyone exchanges without the finance in place they are mad!

Yes sorry sazzl.

It’s been one of the nicest threads ?

If anyone exchanges without the finance in place they are mad!

Youre only liable for the agreed deposit amount and if that is tied up in say a fixed term saver you are pretty sure you can pay it so it is perfectly doable

Youre more likely to need storage if you DONT have a gap between exchange and completion. An earlier exchange does not delay completion, it just means the solicitors have to get their skates in

If anyone exchanges without the finance in place they are mad!

If the buyer pulls out when exchange and completion are on the same day you are left high and dry and it can cost £££££.

If they pull out after a reduced exchange deposit is paid, youre still covered

In other regions and countries you are effectively under exchanged contracts from the moment your offer is accepted

Its not uncommon for people get "ghosted" by buyers when they agree to exchange and complete same day. Its very risky and can cost you a LOT. I do not consider my properties sold until there is the commitment of exchange. Only then do I pack and book removals etc

Hey come on guys, you are normally all so supportive. I have bought and sold seven times and it seems that whereas at one time there always used to be about 4 weeks between exchange and completion this has been reduced dramatically. I did tell my solicitor on this latest move that I wanted a minimum of a clear week between exchange and completion and actually managed two weeks. I don’t think my nerves could have coped with both happening on the same day but having said that I was so fed up with all the delays that I probably would have agreed just to get it done.

Notanan - what you said dismissively about storage is unfair as you don’t know the reason that Eglantine was speaking about storage - sometimes people need to do that whilst having major work done etc.

Franbern any news?

Notanan2 enough. As Sazzl says this thread supports all who post here. We try and help each other not attack them. We exchange our experiences and try to offer each other advice if we can. Your posts are not helpful.

Scaredykatt you are right about putting your things in storage I had to do that.

Bit you're more likely to need to use storage if you do exchange and completion on the same day. I just do not understand why y'all are agreeing to it.

There is only one person spoiling this beneficial thread, she knows who she is

I would have needed storage whatever the gap because I was moving into rented.

If my sellers had delayed completion I would have had to pay for extra weeks storage.

If I had delayed completion my buyers would have had to pay extra rent and couldn’t have afforded my house.

If a gap between exchange and completion suits everyone that’s fine but if they here is one person in the chain who wants quick completionto refuse that is to jeopardise the whole chain.

Nontanan, Some months ago I asked my Solicitor if I could have at least three weeks between exchange and completion. When I last moved 16 years back it was then a month. He laughed and told me that is how it used to be, but not now, I would be lucky to get a week. Have heard of people xchanging and completing on same day.
Completion day was important to me, as I needed it to be at the beginning of the half-term week where I am moving, so that I would have lots of help down there. So, I have pushed and pushed for completion on Tuesday 29th so that packing can be done by my removal company on the Monday,
Anyway, about an hour ago, I had a phone call from a very serious sounding Solicitor, who then said to me'I want you to promise me something'. No idea what he was talking about, so asked what - he then lightened his voice to say 'You cannot change your mind as I have just exchanged your contacts'!!!! Woopee
The hold-up throughout these last few days has been with an on-lone conveyancing company for the bottom of the chain, who was not available for much of the time.
So very very stressful I have even talked to my removal company this afternoon about arranging storage for a day or two if necessary.
I must say that everyone I have with - Estate Agents, my own Solicitor, removal company have been absolutely wonderful throughout. Cannot praise the Estate Agents highly enough, I know one of the ladies there has spent most of the last few days on the phone, etc trying to get this sorted out. Earned every penny.
Anyway, I am on a high at the moment. Will come down to earth with a bump I am sure shortly as I think of all that still needs doing.
But, yes I am moving to Weston super Mare on Tuesday 29th October.

Brilliant news Franbern, so pleased for you! They do believe in keeping you on tenterhooks until the last minute, don't they? Onwards and upwards for you now.
Fingers crossed for all the others on this journey.

Franbern Hurrah! That’s great news! When my solicitor called to Exchange she too sounded very serious and I was sure there was to be yet another hold up.

We will both have removal people on Monday packing up. Hope it all goes well for you and you enjoy your new home.

Great news for you both Franbern and Scaredeycat! Lovely to hear good outcomes. A busy weekend ahead for you but just think- this time next week! ?

I am so so happy Franbern, I am on a tearful high with you. You have gone through unimaginable stress. A good EA is definitely money well spent. I am going to have to have a small drink to celebrate, maybe just a sherry. The worst is over now

oh you too scaredykatt, I didn`t see your post. Maybe a double sherry. Congratulations to both of you and please come back and tell us how you settle in

Franbern - congratulations. It must be such a relief.

Congratulations Franbern and scaredykatt, I'm toasting your happiness with my coffee.

They should do a programme about house selling/buying, it would help a lot of people who like me, haven't been through the process for many years. Having listened to everyone's experiences my final house will be chosen extremely carefully, no heart over head for me as my withdrawn cash buyer kept saying!

I wish I had known what was on this thread in 2005 when we downsized. We went from an easy sell attractive house with a large garden in a desireable village in s wales, Then we made mistake number one and went to a leasehold development and bought a town house, we loved the house but leasehold is not without problems and we lost money when we sold because we were desperate to move. Mistake number 2 was buying a very individual house which cost more because of the eco aspects, which did not save money in the end. It sold at a price equivalent to a normal house. The village without enough buses did not help in spite of the great community spirit

I am hoping that I chose wisely this time. I almost got sucked into heart over head, to a 30s property that needed some renovation and I thank my lucky stars for employing a good surveyor. This house now is called 4 bed but in reality would only be big enough for two with provision for short stays for visitors.

Congratulations Franbern and good luck in your new home xxx