Signing a contract without a completion date and authority to exchangeMake Text Bigger
Q1 If we sign and return the contract (completion date left blank on it) to the solicitor, can he proceed with exchange of contracts without any further instructions/agreement from us? Can he wait until we have a completion date agreed before we return it?
Q2 If we sign and return the contract, can we still (prior to exchange) renegotiate on the purchase price if our mortgage expires and we are having to incur additional costs?
Conveyancing work on our purchase is pretty much done and the solicitor is chasing us to sign and return the contract, sign the authority to proceed to completion form, as well as transfer the 10% balance as soon as possible.
Our chain is complete since end of August (3 vendors, plus us at bottom as buyers only) but we do not have an expected completion date yet as there has been little progress elsewhere in the chain for the past 6 weeks. The contract we have been given to sign is therefore silent on the completion date.
Our mortgage offer from Accord expires in just under 3 months (bear in mind Christmas and new year will mean about 2 weeks of zero progress for others in the chain). Therefore we do not want to exchange contracts before agreeing any completion date given the likely interest rate rise next week and the slow conveyancing progress elsewhere within the chain to date. Ideally we wanted to complete before expiry of our mortgage but this is looking unlikely at the this rate.
Oh and I heard today from our estate agent that the property at the top have agreed to a price cut causing further delays as a new memorandum of sale needs to be issued before searches and enquiries raised…
Many thanks for your thoughts!
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