I'm in a chain of buyer/sellers who all went unconditional last week, and have the same settlement date. I've never been in a chain before (I'm aware of 4 minimum, but the chain may be far longer) and am wondering how shifting works when everyone is coming and going on the same day. I can't get out for my buyer until I can get into my new house, but that person will also be waiting on someone else.

Is this likely to be a total disaster on the day? Worth getting lawyers to make a plan for us all?

melagray - 2021-02-06 19:57:00

Essentially you all plan to get out of your houses as early as possible, so you’re all packed and stuff in moving trucks.

The first house in the chain has to settle first as the proceeds feed each further settlement. All of the transfer details are set up in advance so the key is for funding to be released by each bank In turn and each set of lawyers completing each settlement.

On the day communication is the key. A good lawyer will keep chasing the chain, but the reality is that the last ones in the chain are likely to be sitting on the driveways waiting for settlement and keys to be released. It’s stressful but it will work out .

sparkychap - 2021-02-06 20:20:00

How exciting for you ( and probably stressful too ????)
I’m sure you will get excellent advice from some regular and more knowledgeable posters on here...
In the interim, with my very limited experience I believe your first priority will be to have your home empty and available for your new buyers. Therefore, If what I think is right, if I were you I’d have everything in my old and sold home on a truck and the property ready for new owners the day before takeover and I’d stay in a motel or with friends during the transition because I think your first legal obligation is to your new owners.

I’m sure the end result will be worth the stress ???? ????????
Edited for a typo

Edited by lovelurking at 8:39 pm, Sat 6 Feb

lovelurking - 2021-02-06 20:37:00

lovelurking wrote:

How exciting for you ( and probably stressful too ????)
I’m sure you will get excellent advice from some regular and more knowledgeable posters on here...
In the interim, with my very limited experience I believe your first priority will be to have your home empty and available for your new buyers. Therefore, If what I think is right, if I were you I’d have everything in my old and sold home on a truck and the property ready for new owners the day before takeover and I’d stay in a motel or with friends during the transition because I think your first legal obligation is to your new owners.

I’m sure the end result will be worth the stress ???? ????????
Edited for a typo

Shifting used to be easy, but THIS time round I have my young son, foster child, foster baby, boarder (yes BOARDER sparky!) dog and 2 cats.
OMG it sounds even worse now that I come to list them all!

melagray - 2021-02-06 21:07:00

Flatmate.

sparkychap - 2021-02-06 21:12:00

melagray wrote:

I'm in a chain of buyer/sellers who all went unconditional last week, and have the same settlement date. I've never been in a chain before (I'm aware of 4 minimum, but the chain may be far longer) and am wondering how shifting works when everyone is coming and going on the same day. I can't get out for my buyer until I can get into my new house, but that person will also be waiting on someone else.

Is this likely to be a total disaster on the day? Worth getting lawyers to make a plan for us all?

had a chain beginning in the south island ending in the north island finally settling at about 8. 30 pm on a Friday, all of those that didn't get to settle by the cut off time settled possession with out penalty with title on the Monday, that was conveyancers and vendors and purchasers working together, there was alot of garages filled and trucks on the side of the roads everywhere.

gabbysnana - 2021-02-07 12:51:00

Is the person purchasing your current house buying it to live in or as a rental investment? If the latter, do what we did and rent it back off them for a week - lowered our stress levels majorly as we had a whole week to take things over to the new house. I also managed to have new carpet laid in the new house, and my buyer had an HRV system put into my old house for his new tenants so it was all ready by the time they moved in. Worked really well. Best wishes!

sarahp24 - 2021-02-07 19:08:00

For lowest stress, book storage unit for at least a week each side if settlement day. Gradually move furniture and have old house clear and clean day before settlement. Plan to move into new house day after settlement or later - may need to do cleaning and fixing first.

Use motel or friends for at least a couple of nights. Might cost a little, but a minor cost in the big picture, and low stress.

Be very wary of settlements on a Friday, we aim for Tuesdays through to Thursdays.

tony9 - 2021-02-08 13:47:00

Yes keep on top of your lawyer and your agents to see if there are any pending issues. Make sure your new place is insured well ahead of time and it never hurts to keep in contact with your broker/ bank... Especially if companies/ trusts are involved.

superdave0_13 - 2021-02-08 14:05:00

sarahp24 wrote:

Is the person purchasing your current house buying it to live in or as a rental investment? If the latter, do what we did and rent it back off them for a week - lowered our stress levels majorly as we had a whole week to take things over to the new house. I also managed to have new carpet laid in the new house, and my buyer had an HRV system put into my old house for his new tenants so it was all ready by the time they moved in. Worked really well. Best wishes!

Awesome idea!

melagray - 2021-02-08 14:26:00

Its not even in the lawyer's control - its the banks that can make this all come horribly unstuck.

As above do NOT expect to have access to your new place on THE DAY - more out of your old place before settlement - stay on someone's floor - in a motel whatever and move in at your leisure days after your supposed settlement day

lissie - 2021-02-08 16:46:00

Can you put the cats into a cattery and dog into a boarding kennel a couple of days before settlement. Then pick them up a couple of days after the settlement? Just 1 less stress. For dinner on settlement day can you have a friend turn up with takeaways? When I move, the must do's in the new place are - beds made, washing machine hooked up & fridge/freezer in position (needs to settle for 2 hours) and ready to turn on. Everything else is out of your control (lawyers/banks). I start packing asap, and pack the truck on settlement day (the last of the packing is done the night before. All the best

troubs - 2021-02-09 21:18:00

also put into your car..... your meds, wine/beers, coffee etc. bottle openers, cups ..... pillow and sleeping bag.

jethrocat - 2021-02-11 16:42:00

And insure your belongings while in transit, and/or sleep with them.

nonumbers - 2021-02-11 18:27:00

last house I purchased, the keys were available at 4:45pm :)

kittylittle - 2021-02-11 20:43:00

When does the cleaning get done??

gilligee - 2021-02-11 21:38:00

gilligee wrote:

When does the cleaning get done??

As normal - before the vendor vacates so you clean as you pack

sarahb5 - 2021-02-11 21:48:00

Like you I am also in the middle of a 'chain'. I have instructed our lawyers to communicate with our buyers lawyers re: our buyers intentions as settlement day is midweek (buyers are a family with 4 school-age children). In the meantime I am planning on being packed and ready to move out on settlement day. If buyers indicate they won't be moving in until the weekend I may negotiate a couple of days 'rental' from us to them to take the pressure off.

Good luck melgray....It is just myself and spouse and 30 years of 'stuff' to move.....no other humans or fur babies to worry about!

metaman - 2021-02-12 09:39:00

Thanks everyone, it's now looking really good. It's been a long contract, as our houses were listed in early October, so I think everyone at this end of the chain just wants to get it done, and as nicely as possible.

My buyer is coming to do an early pre settlement inspection this week, so I will chat to him about settlement day, the agent thinks he will be moving in over the weekend so that takes the pressure off on the Friday.

I've spoken to the vendors of my new house and they are lovely, and have offered a shed for me to start moving things if I want, which I probably won't do. They are trying to get permission to move the day before settlement.

The cats will now be in a cattery and I have a dog sitter, and am prepared to stay in a motel with the kids if anything does cause problems on the day.

melagray - 2021-02-13 07:30:00

kittylittle wrote:

last house I purchased, the keys were available at 4:45pm :)

Last house I purchased, we transferred the balance on the wednesday for the friday settlement, and the word came through at 3pm friday that the keys were ready to be picked up from the vendors lawyer. I was at reception at 3:45 and they questioned whether I was at the right law office. Then they wanted me to tell them which lawyer the vendor was dealing with.

I reminded them that penalties would begin at 4pm if they failed to complete the settlement, and sat down. It took them 5 minutes.

Lawyers don't help; they hinder.

gyrogearloose - 2021-02-13 12:27:00