How long should the gap between exchange and completion?

loulou41

Sellers are keen to exchange as soon as possible and then complete in three weeks times. Their reason is their rented accomodation will not be available for another three times. I am thinking once I exchange, there is no guarantee they will complete in three weeks time. If my solicitor at exhange gives a date for completion, will the sellers have to abide by it? I understand if I pull out, I will lose my 5% deposit and if they pull out, they have nothing to lose!! Thanks

Doozergirl

I can't believe you're actually buying!! Thought you were fated to roam the board forever

Exchange of contracts. You have exchanged contracts and are therefore both bound to complete.

In over four years on this board I have read of things collapsing between exchange and completion once. There is no more reason for them to pull out with one week between exchange and completion than there is three. In fact, they are showing their commitment and their keeness to close the deal by exchanging, albeit with a gap between exchange and completion.

Exchange of contracts is where you breathe a little sigh of relief!

apples1

When you exchange the contracts that are "exchanged" have a completion date in them so you will both be legally bound by that date.

You can agree to complete on the same day as exchange if you wish (as long as both sides agree) or you can agree on a date in future which could be three weeks later if you both wish. Your solicitors and theirs will do the exchange by phone but both sides will have to have agreed the contract before signing it and therefore you will have both agreed the date. Once this is done they will exchange for you and the completion date is fixed. It would be breach of contract if either side did not stick to it.

loulou41

Thanks apples1, I will specify to my solicitor that I want the contract to specify the date of completion at exchange. She gave me the impression that she wants a quick sale, but she seems keen on a quick exchange and wait till the last minute to tell me she can only complete in three weeks time. I do not want to exchange to early, I guess three weeks are ok.

loulou41

Yes, doozergirl, finally found the house I have been looking for. Searching for over three years, must be a record. Perfect location, and needs quite a lot of work to be done but cannot complain. The house looks good when viewing but survey picked some major issues. I do feel a bit for the sellers who have to sell at a loss. I do not think I got myself a bargain as have to put up with a lot of inconveniences and hassle with the works that need to be done.

cattie

Doozergirl wrote: »

I can't believe you're actually buying!! Thought you were fated to roam the board forever



:rotfl::rotfl::rotfl:

G_M

I will specify to my solicitor that I want the contract to specify the date of completion at exchange.

No need - your solicitor will /can not Exchange without a Completion date being agreed and inserted in the contract.
It's a binding date (on both sides) with penalties for missing the Completion date (on both sides).