House sale question

[JakesterUK]

Is the date you 'exchange contracts' the same day you vacate your house and move OR

Is the move date agreed within the contract and the exchange date is simply a paper exercise?

Thanks

[btsidi]

Exchange is the lock in point, where both parties agree to a binding contract. Completion means that you (the bank) now own the house.
(in England)

Up to exchange there is no obligation on either side.

[Rude-boy]

As per the reply above.

Exchange says "I will" and you are all locked in to do the deed.

Completion is "Here you go" when the money and keys change hands and everyone moves.

In England and Wales all bets are off and no one owes anyone anything (legally) until the time that contracts are exchanged.

[JakesterUK]

That's great thanks, is there a set time between exchange date and completion date?

Reason I ask is I'm trying to work out roughly when I need to request leave from work so I can do the move.

Exchange date is provisionally muted as going to be 2nd week of September

[Rude-boy]

JakesterUK said:

That's great thanks, is there a set time between exchange date and completion date?

Reason I ask is I'm trying to work out roughly when I need to request leave from work so I can do the move.

Exchange date is provisionally muted as going to be 2nd week of September

Rule number one when it comes to predicting moving dates - Ignore the agent's timetable for the first few weeks.

The agents usually have an idea, but it does depend on who the individual agent is. Many just pluck a date out of the air as to when it would fit in well with their figures and try to stear the chain to that date. Sometimes there is a specific date in the mind of one of the parties and it is uesful to know this as early as possible.

The best person to speak to about all this is the solicitor dealing with your matter. If you have instructed an internet firm or bulk shop this doesn't often work so well and you are left with lots of dates that are 'sure fire,' 'absolutely' and 'everyone is working towards' which you don't find out are bunkum until they are upon you.

As for the gap between the two that is decided by you and the others in the chain. Persoanlly if I were you I would give your solicitor a call and ask them how it is all going. Based on that i would give them instructions that you would like them to find out from the rest of the chain what they think about, say, exchange on 16th September for completion on 30th.

[jet_noise]

Dear JakesterUK,

One other thing to remember (you should get this advice from your agents/solicitors etc):

Ensure insurance for the house (if you're going to) starts at exchange and not completion,

regards,
Jet

[Rude-boy]

jet_noise said:

Dear JakesterUK,

One other thing to remember (you should get this advice from your agents/solicitors etc):

Ensure insurance for the house (if you're going to) starts at exchange and not completion,

regards,
Jet

Depends on which edition of the standard conditions of sale are being used and if these have been amended though.

[jet_noise]

Dear Rude-boy,

Rude-boy said:

Depends on which edition of the standard conditions of sale are being used and if these have been amended though.

Bugger, and I thought I understood this stuff!
13 years since I last sold/bought and I'm going through the process again.

Is there a variety of sale conditions which puts the insurance (or liability?) onus on the vendor (or someone else) during this period 'twixt exchange and completion?

regards,
Jet