Your browser isn't supported
It looks like you're using an old web browser. To get the most out of the site and to ensure guides display correctly, we suggest upgrading your browser now. Download the latest:

Welcome to the MSE Forums

We're home to a fantastic community of MoneySavers but anyone can post. Please exercise caution & report spam, illegal, offensive or libellous posts/messages: click "report" or email forumteam@.

Search
  • FIRST POST
    • user18
    • By user18 5th Feb 18, 7:34 PM
    • 16Posts
    • 0Thanks
    user18
    Exchange to completion
    • #1
    • 5th Feb 18, 7:34 PM
    Exchange to completion 5th Feb 18 at 7:34 PM
    My partner and I are first-time buyers and looking to exchange contracts this week. What would be the recommended time between exchange and completion? What could go wrong in between this time?
    We are free to complete whenever with no chain, we have a mortgage offer in place and the seller has no chain.
Page 1
    • saajan_12
    • By saajan_12 5th Feb 18, 7:40 PM
    • 1,112 Posts
    • 750 Thanks
    saajan_12
    • #2
    • 5th Feb 18, 7:40 PM
    • #2
    • 5th Feb 18, 7:40 PM
    My partner and I are first-time buyers and looking to exchange contracts this week. What would be the recommended time between exchange and completion? What could go wrong in between this time?
    We are free to complete whenever with no chain, we have a mortgage offer in place and the seller has no chain.
    Originally posted by user18
    Typical is ~2 weeks these days, but you and the seller have to decide what suits you both, depending on how long each of the below are expected to take:

    a) solicitor to request funds and lender to send them in time for completion (typically 5 days but ask solicitor)

    b) time for seller to vacate property (are they owner occupiers? tenants in situ?)

    c) time for you to give notice for minimal overlap between rent & mortgage if that's a concern

    d) time for you to pack, arrange removals, take time off to collect keys (though if you can have an overlap, this can be after completion)
    • user18
    • By user18 5th Feb 18, 7:43 PM
    • 16 Posts
    • 0 Thanks
    user18
    • #3
    • 5th Feb 18, 7:43 PM
    • #3
    • 5th Feb 18, 7:43 PM
    In response:
    a) our mortgage is with Halifax so will need to check
    b) seller rented the property and tenants left 1 month ago
    c) we are living with parents so no rental notice etc required
    d) we don't have much stuff! Just want the keys!

    On the above basis is 3-5 days reasonable?
    • G_M
    • By G_M 5th Feb 18, 7:45 PM
    • 43,181 Posts
    • 50,748 Thanks
    G_M
    • #4
    • 5th Feb 18, 7:45 PM
    • #4
    • 5th Feb 18, 7:45 PM
    subject to a) above, yes.
    • Nicola83
    • By Nicola83 5th Feb 18, 7:54 PM
    • 22 Posts
    • 8 Thanks
    Nicola83
    • #5
    • 5th Feb 18, 7:54 PM
    • #5
    • 5th Feb 18, 7:54 PM
    I was asking my solicitor the exact same question today. He told me it should be about 10 working days, but we are doing HTB to they say that to allow time to get the funds from both the HTB scheme and obviously our mortgage lender.
    • saajan_12
    • By saajan_12 5th Feb 18, 8:03 PM
    • 1,112 Posts
    • 750 Thanks
    saajan_12
    • #6
    • 5th Feb 18, 8:03 PM
    • #6
    • 5th Feb 18, 8:03 PM
    In response:
    a) our mortgage is with Halifax so will need to check
    b) seller rented the property and tenants left 1 month ago
    c) we are living with parents so no rental notice etc required
    d) we don't have much stuff! Just want the keys!

    On the above basis is 3-5 days reasonable?
    Originally posted by user18
    Yes, highly conditional on (a) - if you don't allow enough time for the lender and exchange with a tighter gap than they recommend, then if the funds don't arrive in time, it'll be you failing to complete and picking up the vendor's costs for the delay. My suggestion of 5 days is based on the (relatively few) lenders I have dealt with, each will have their own timeframe, anywhere from 1 - 10 working days. Check yours!
Welcome to our new Forum!

Our aim is to save you money quickly and easily. We hope you like it!

Forum Team Contact us

Live Stats

1,353Posts Today

8,080Users online

Martin's Twitter