When buying a property, setting a completion date is always the last part of the jigsaw. I have always used the adage, “When it comes to completion dates, flexibility and common sense are the key.”
Whilst it may seem counter-intuitive, probably the most important ‘top tip’ is NOT to have your heart set on a completion date when a sale is first agreed. It can cause huge amounts of unnecessary pressure on all parties.
It is far better to have a ‘loose’ target date in mind so all parties have a goal. Don’t set dates or book holidays thinking you’ll definitely be moved by a date which can best be described as a moving target, as there are many things beyond anyone’s control.
It’s worth noting that whilst they will discuss any preferred dates, conveyancers will not confirm any completion dates until they are in a position to report to their clients. It is the last job on their to-do list
There are several factors that affect completion dates. Listen to an experienced agent of 30 years who has yet to lose a sale because completion dates cannot be agreed.
1. Make sure you know what the chain is aiming for when first agreeing a sale. Clearly identify which parts of the chain require a mortgage for the purchase.
2. Make sure mortgage offers throughout the chain will not be close to running out, this can cause an (avoidable) lack of flexibility. Lenders are generally not keen to extend mortgage offers especially if it’s a volatile mortgage market even if there are ‘extenuating’ circumstances. Even though mortgage offers are generally valid for six months, it can frequently take the conveyancing process that long for a chain to synchronise to an exchange of contracts.
3. Unexpected medical operations or emergencies can really be a challenge. If you’re in a chain and a medical emergency affects another party, avoid digging your heels in on “a point of principle”. People cannot move if they are post-op or in a maternity ward!
4. Identify several potential removal companies, whether local to your sale or local to your purchase – both costs and availability can vary dramatically. Always have a Plan A and a Plan B with dates and removal companies. Removal companies are used to the vagrancies of property transactions so, even if you have a favoured company, don’t put all your eggs in one basket!
5. Keep in mind Fridays are the most popular, and generally the most expensive, days to move. Removal companies are likely to have more availability and be more cost effective on a Monday, Tuesday or Wednesday. This is particularly important if you are moving some distance.
6. In an Autumn market, it’s better to set expectations and look to exchange before Christmas with completion in the New Year. It gives you a chance to have a nice farewell with existing neighbours and a more relaxed Christmas – you won’t be trying to find the corkscrew or carving knife amongst the packing boxes! Should there be a water leak, or other home emergency, calling out a repair service during the festive period could prove costly! In addition, removal companies are typically quieter and more cost effective in January.
When all the legal processes have been finalised, exchange can only take place with a mutually agreed completion date, ratified by solicitors. If you have kept your removal companies appraised and your agent knows what everybody is trying to achieve and why, then agreeing the completion date becomes a piece of cake and not an exercise in stress management!
Communication is key!