Buying and selling a house can be a stressful time even when everything runs smoothly. There can be numerous parties involved in ‘chains’ including their solicitors, estate agents, mortgage providers etc.
In the majority of cases, all parties will work together and agree a house completion date for the sale and purchase of properties.
Can a Completion Date Be Changed?
We are frequently asked by our clients if a completion date, once agreed, can be changed. We have been given quite a variety of different excuses including family holidays, birthdays, deaths and even asked to change the date because of a pet cat being due to give birth!
Essentially the answer to this question is no. 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.
What About Exceptional Circumstances?
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.
The fees for doing this are usually paid for by whoever requests the change and they will cover the costs incurred by others in the ‘chain’.
Get Expert Conveyancing Advice
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 0808 178 2773 or for more conveyancing queries answered online, read our conveyancing FAQ blog series here.
