Can i change my completion date

Liverpool Solicitors Tel: Fax: law brownturnerross. What is a completion date when buying a house? What does exchange of contracts mean and how does it work? How do solicitors exchange contracts in a chain? Average time between exchange and completion The time between exchange and completion is completely up to the discretion of the buyer and the seller. What if there is no completion date in my contract?

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We also use third-party cookies that help us analyze and understand how you use this website. These cookies will be stored in your browser only with your consent. You also have the option to opt-out of these cookies. Exchange of contracts is important because at this stage the deal is legally binding and so both parties can feel confident the deal is going ahead. It gives the safety that if one party was to pull out, there would be financial consequences and the other party would be able to get the costs they incurred during the process, such as surveys or legal fees, covered.

Completion is the final stage of the purchase transaction, and is the part of the process where you actually gain ownership to your new home and move in. Normally, the seller should be out of the property by 1pm, and then the new owner can collect the keys to the property and is free to move in. At this stage, the seller must then move out of the property, normally by 1pm, and hand the keys over to the estate agent. The buyer can then collect the keys from the estate agent and is free to move into the property.

Completion is the end of the whole process, when the seller moves out and the buyer is transferred ownership of the property. The completion date has to be written into the contracts before they can be exchanged. Keep reading…. No, completion date will be set before exchange of contracts because it needs to be written into the contracts to allow exchange to take place. Once the completion date is set and written into the contracts, the solicitors from both parties will do their final checks and then exchange of contracts takes place.

You can actually exchange and complete on the same day, but we would say it makes the whole transaction more stressful and there are no guarantees the deal will go ahead. Once you have exchanged contracts you have entered into a binding contract and all parties are bound to complete on the agreed date and by a specified time.

Failure to complete after exchange of contracts can result in you breaching the contract and being subject to a financial penalty which can be quite significant, and can include forfeiting the deposit monies.

We will always advise our clients to check their diaries in advance of agreeing a completion date to check they will be able to move then and avoid any house completion problems. In exceptional circumstances the agreed completion date can be changed, but this is subject to consent being provided by all parties and they are not obliged to agree. If you do change the completion dates, you could be subject to incurring additional charges from your solicitor to cover the admin costs of making the changes and, if required, the drafting of a supplemental agreement to change the date.

All parties both buyer and seller will need to sign the supplemental agreement before it becomes effective. If you require conveyancing advice and guidance, our knowledgeable residential conveyancing solicitors can help explain the process and outline your legal rights should house completion problems occur.

Arrange a meeting today by calling or for more conveyancing queries answered online, read our conveyancing FAQ blog series here.

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