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Why is there a gap between exchange and completion

lovemotown
lovemotown Posts: 48 Forumite
in House buying, renting & selling
I notice there is usually a (two week?) gap between exchange and completion. What is it that happens between the two and takes a further two weeks to do??
«1

Comments

  • ronaldmacdonald
    ronaldmacdonald Posts: 276 Forumite
    For most people involved in a chain I would imagine packing and organising relocations. For people buying with nothing to sell and a ready-to-go new build or vacant house they could do same day.
  • LandyAndy
    LandyAndy Posts: 26,377 Forumite
    Part of the Furniture 10,000 Posts
    ronaldmacdonald wrote: »
    For most people involved in a chain I would imagine packing and organising relocations. For people buying with nothing to sell and a ready-to-go new build or vacant house they could do same day.


    Exactly. If you arrange to exchange and complete on the same day and your buyer pulls out that morning you are left high and dry with your possesions packed (even possibly on the van) etc. etc. The gap leaves a welcome breathing space in which to organise the detail.
  • G_M
    G_M Posts: 51,977 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Combo Breaker
    There historically used to be legal work undertaken - re-confirming ownership by vendor etc, but Land Registration has made this pretty automatic.
  • carlsberggal
    carlsberggal Posts: 993 Forumite
    I also makes buyers and sellers relax a bit more, as it's a costly business pulling out once contracts have been exchanged
    To love and be loved is the greatest happiness of existance - Sydney Smith
  • clutton_2
    clutton_2 Posts: 11,149 Forumite
    the vendor & purchaser can specify the number of days between exchange and completion - there is no fixed number of days set in stone anywhere
  • Doozergirl
    Doozergirl Posts: 34,081 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    It's usually a week because mortgage lenders like 7 days to draw down funds. You don't need it, you can inform them before exchange but having exchanged means you're definately buying and you're not wasting time or interest by drawing down funds you won't use.
    Everything that is supposed to be in heaven is already here on earth.
  • cuddlymarm
    cuddlymarm Posts: 2,245 Forumite
    Part of the Furniture 1,000 Posts
    Hi

    It is possible to exchange and complete on the same day. We did with the 2nd house we bought. It was brand new and near to Xmas so all parties wanted it over and done with. Not recommended but as it was a new house it was the end of the chain anyway.

    :rotfl::rotfl::rotfl:


    Sept Turtle 10/16 NSDs 
    Sept PADs £325
  • lovemotown
    lovemotown Posts: 48 Forumite
    Yeah, I forgot to mention, I have had an offer accepted as a part ex on a new build and want to get in asap. I have indicated that I would like to exchange and complete on the same day if I can. It would appear from comments that in fact you can. I thought there was some standard period between the two.
  • littlemissfrugal
    littlemissfrugal Posts: 718 Forumite
    Part of the Furniture Combo Breaker
    LandyAndy wrote: »
    Exactly. If you arrange to exchange and complete on the same day and your buyer pulls out that morning you are left high and dry with your possesions packed (even possibly on the van) etc. etc. The gap leaves a welcome breathing space in which to organise the detail.

    this happened to me last week - deal collapsed Thursday as we had finished packing to move Friday - and because we hadn't exchanged there is no legal recourse to reclaim costs - its a right bum deal
    i'm living in a parallel universe
  • GDB2222
    GDB2222 Posts: 26,390 Forumite
    Part of the Furniture 10,000 Posts Photogenic Name Dropper
    lovemotown wrote: »
    I have indicated that I would like to exchange and complete on the same day if I can.

    You have not said why that is important to you. Whereas several people have said why it is usual to leave a gap.
    No reliance should be placed on the above! Absolutely none, do you hear?
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