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How long between exchange and completion?

jessielicious
jessielicious Posts: 304 Forumite
in House buying, renting & selling
Fingers crossed we will be exchanging contracts this week or next. Obviously every chain is different, but what's the average length of time from exchange to completion?
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Comments

  • lilyann1
    lilyann1 Posts: 514 Forumite
    Fingers crossed we're exchanging this week or next too.
    We're in a chain of 5 and the one at the top has asked for 4 weeks til completion,so that's what we seem to have to agree .
    Most people I know who have moved recently have had 3 or 4 weeks between,some choose two,depends on the people involved and the length of the chain I think.You need to speak to your solicitor to see if anyone has asked for a certain length of time.
  • AndrewSmith
    AndrewSmith Posts: 2,871 Forumite
    The average is 1 week.
  • beckstrous
    beckstrous Posts: 293 Forumite
    Ours was 7 weeks but only because it was mutually convenient.
  • Tassotti
    Tassotti Posts: 1,492 Forumite
    On exchange, you should set a time for completion. Take control
  • Madmel
    Madmel Posts: 798 Forumite
    Name Dropper First Anniversary First Post Mortgage-free Glee!
    We exchanged mid-May but have set a completion date for 1st September, because it's mutually convenient. I honestly don't think it matters as long as you state it when you exchange as a PP has already said.
  • nickinoo
    nickinoo Posts: 617 Forumite
    We exchanged 3 weeks ago & hopefully will complete in 4 weeks time if our new build is ready in time. Our buyers insist that by the very latest we are out within 9 weeks (12 weeks from exchange). We were happy to agree with this as they are a cash buyer who paid over the asking price & they are also in rented accomodation.
  • NickMidgley
    NickMidgley Posts: 1,205 Forumite
    It varies between "several months" and "same day", although between a few days and a couple of weeks is probably the norm. You really need to get it agreed before you exchange, though.
  • Robert_Sterling
    Robert_Sterling Posts: 2,207 Forumite
    AndrewSmith wrote:
    The average is 1 week.

    What is the evidence that supports this assertion?
    ..
  • AndrewSmith
    AndrewSmith Posts: 2,871 Forumite
    Robert_Sterling wrote:
    What is the evidence that supports this assertion?

    Dealing with an average of approximately 10-12 completions a month for the last 12 years, until recently when these numbers have increased due to business expansion.

    I think that gives a broad enough experience for me to be able to make such a statement. As such, a breakdown of approximate percentages :

    80% exchange to completion = 1 week
    10% exchange and completion simultaniously (FTB with 100% finance)
    10% exchange with an openended completion date (new build)
  • Robert_Sterling
    Robert_Sterling Posts: 2,207 Forumite
    OK

    I thought it was usually a month.
    I have not got any evidence to support that though.
    ..
This discussion has been closed.
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