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How long between exchange and completion?
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# 1
jessielicious
Old 21-06-2006, 4:07 PM
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Default How long between exchange and completion?

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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# 2
lilyann1
Old 21-06-2006, 4:21 PM
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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.
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# 3
AndrewSmith
Old 21-06-2006, 4:32 PM
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The average is 1 week.
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# 4
beckstrous
Old 22-06-2006, 10:39 AM
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Ours was 7 weeks but only because it was mutually convenient.
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# 5
Tassotti
Old 22-06-2006, 11:17 AM
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On exchange, you should set a time for completion. Take control
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# 6
Madmel
Old 22-06-2006, 1:39 PM
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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.
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# 7
nickinoo
Old 22-06-2006, 1:43 PM
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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.
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# 8
NickMidgley
Old 22-06-2006, 1:49 PM
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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.
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# 9
Robert Sterling
Old 22-06-2006, 4:00 PM
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Quote:
Originally Posted by AndrewSmith
The average is 1 week.
What is the evidence that supports this assertion?
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# 10
AndrewSmith
Old 22-06-2006, 4:08 PM
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Quote:
Originally Posted by Robert Sterling
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)

Last edited by AndrewSmith; 22-06-2006 at 4:13 PM.
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# 11
Robert Sterling
Old 22-06-2006, 7:18 PM
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OK

I thought it was usually a month.
I have not got any evidence to support that though.
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# 12
kit
Old 22-06-2006, 10:58 PM
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I agree that the average is 1 week.

Mine is about to exchange and the vendors asked for 4 weeks - we said no (due to being in rented and our notice running out!) so we have settled on 2 weeks.
2012 wins approx £11,000 including 5k to spend on a holiday
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# 13
silvercar
Old 23-06-2006, 8:44 AM
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three previous house purchases: 4 weeks, 3 weeks, 7 weeks. Now looking at 2 weeks!
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# 14
Jorgan
Old 23-06-2006, 10:39 AM
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The norm, in my 14 years as an agent, is between 1-2 weeks. If a new build is involved then it could be anything upto a year, some even longer. Persoanly I wouldn't want more than 2 weeks between exchange & completion.
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