Exchange/completion

[overthetop]

I'm in the middle of a rather tiresome sale, which should have been straightforward. No chains. We have finally exchanged, but I've lost confidence that there will be no further problems, so am hesitant to make arrangements for the future (my plan is to rent for a little while until I know what I want to do). What problems can the other side throw at me now which will cause the completion not to take place (and they get return of their deposit). I've tried to be one step ahead of them all the way but am anticipating what they're going to come up with next. Any wisdom gratefully received.

[buildersmate]

Talk to solicitor / conveyancer.
On exchange of contracts, a legally binding commitment existes on both sides to complete the deal. Either an agreed date for completion will have been agreed, OR a back-stop date will have been agreed between the parties (beyond which a party that does not complete is in breach of contract.
If one party fails to complete to the date / back-stop agreed, it is in breach of contract and you can claim damages from the other side for your costs (so, for example, the extra expenses incurred in reselling).
So whilst it isn't in the bag for you 100% yet, the number of deals that go wrong after exchange of contracts is tiny (because it becomes very costly for the defaulting side).
I wouldn't worry too much but do now talk to your advisor, armed with that info.

[overthetop]

Thanks Buildersmate. Your advice is wise, and I have spoken to my solcitor. All say, in your words, that "it IS in the bag", but like you I feel it may not be completely. If you could suggest any examples why completion might be stalled I would love to hear, just to know what regrettably feel I should anticipate.

[buildersmate]

The purchaser dies?
The purchaser is made redundant?
The purchaser has an almightly bust-up with his partner and they go their separate ways?
In all of these situations the purchaser (or his executors in the case of untimely death) could renege on the contract and decide the cost of doing so is less than the cost of buying a house he doesn't now want.

[overthetop]

Oh dear BM. Having a bad day. My manners tell me I should thank you anyway, so thank you. Hope it all gets better for you.

[buildersmate]

I'm not having a bad day.
I should try and stop feeling concerned that the risk of the deal not completing is large. The chance of any of these things is probably pretty tiny.
And the chance of all three happening at once is even smaller.

[TonyV]

has your solicitor agreed a completion date with your purchaser? If so, that is the date to work to.