Completion Date Time Scale?

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    Completion Date Time Scale?

    About to exchange on a buy to let, vendor has told me, I can have any date within the next 2months, as the property is empty.

    I was told, 4 weeks is the max you can have it at, is this right?

    Many Thanks,

    Colin

    #2
    You can have as much or as little time as you like between exchange and completion but most lenders need at least one week to complete paperwork and allow the solicitor to draw down funds.

    Don't forget that f you leave completion for a while after exchnage then all searches and mortgage offers must be current at time of completion. Most mortgage offers expire after 3/6 months.

    Comment


      #3
      Perhaps "one month" was so as to comply with insurance requirements? Many policies rule out cover if property vacant for > 4 wks (unless policyholder notifies insurer).
      JEFFREY SHAW, solicitor [and Topic Expert], Nether Edge Law*
      1. Public advice is believed accurate, but I accept no legal responsibility except to direct-paying private clients.
      2. Telephone advice: see http://www.landlordzone.co.uk/forums/showthread.php?t=34638.
      3. For paid advice about conveyancing/leaseholds/L&T, contact me* and become a private client.
      4. *- Contact info: click on my name (blue-highlight link).

      Comment


        #4
        ^
        Jeffrey, would 6 weeks be okay, if the seller agrees? As, I thought 4 weeks was the max

        Comment


          #5
          Originally posted by Colin Mustard View Post
          ^
          Jeffrey, would 6 weeks be okay, if the seller agrees? As, I thought 4 weeks was the max
          As there's no legal problem and so no maximum, six weeks would be OK- but make sure that V insures until completion AND has told insurer that property is vacant.
          JEFFREY SHAW, solicitor [and Topic Expert], Nether Edge Law*
          1. Public advice is believed accurate, but I accept no legal responsibility except to direct-paying private clients.
          2. Telephone advice: see http://www.landlordzone.co.uk/forums/showthread.php?t=34638.
          3. For paid advice about conveyancing/leaseholds/L&T, contact me* and become a private client.
          4. *- Contact info: click on my name (blue-highlight link).

          Comment

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