What Is Delayed Completion? | Home Buying Process UK

In this video we explain what it means to delay your completion in a property transaction, including Phil Spencer’s top tips on how delayed completion can be used as a negotiation tactic in the home buying process in the UK Please note this was recorded prior to COVID-19 WHAT IS DELAYED COMPLETION? The 'completion' stage of a purchasing a property is when the bricks and mortar are legally yours and you’re able to move in. It’s also the point at which you pay the balance of the sale price, which is the agreed purchase price, less your deposit, which is usually 10-20%. The usual time between exchanging contracts and completion is two to four weeks. But when you agree to delay your completion it can be anywhere between two and three months. Agreeing to a set date and time can be an effective negotiating tool and in some situations, help turn a deal in your favour. Be aware that allowing a completion to drag on too long, runs the risk of a sale falling through so always seek legal advice and agree on contract terms that accurately reflects both positions. Watch the full video to find out more. PHIL SPENCER'S ADVICE DIRECT TO YOUR INBOX Join us and let's stay in touch 👉 https://www.moveiq.co.uk/newsletter-s... NEED A GOOD SOLICITOR? We can connect you here 👉 https://www.moveiq.co.uk/tools/buying... MORE INFORMATION ON DELAYED COMPLETION 👉https://www.moveiq.co.uk/buying-a-pro... 👉 https://www.moveiq.co.uk/buying-a-pro... ➤ VISIT OUR MOVE iQ WEBSITE 💻 Find property advice and top tips for moving, selling, buying, renting and owning over on our website: https://www.moveiq.co.uk/ ➤CONNECT WITH MOVE iQ ON SOCIAL 📲 Twitter:   / moveiqproperty   Instagram:   / moveiq   Facebook:   / moveiq   Pinterest: https://www.pinterest.co.uk/MoveiQ/ ➤CONNECT WITH PHIL SPENCER ON SOCIAL 📣 Twitter:   / philspencertv   Instagram:   / philspencertv   #DelayedCompletion #PropertyTips #MoveiQ