How long between exchange and completion?

boo80

We were originally given the expected completion date of between the 3rd and 10th of September, so we gave our notice on our rented house and need to be out by the 25th of September, but our solicitors haven't even exchanged contracts yet (although I'm told they are close to it).

We are 1st time buyers and there is no chain either side, how long on average does it take to complete after contracts have been exchanged please? I'm getting a bit worried, I have a toddler and a 2 week old baby, I really don't want to be homeless lol!

silvercar

I would never give notice on a rental until exchange has happened. I would prefer to have the costs of both properties for a couple of weeks than have to move twice and/ or put furniture into storage.

pie81

If there is no chain then 25 Sep should be do-able, assuming no problems with your mortgage.

I think the main hold ups after exchange where there is no chain are down to (1) slow moving mortgage companies (2) slow moving solicitors and (3) time needed to get all the completion moneys in place. So chase chase chase your mortgage provider and solicitors, and start transferring any savings etc to your solicitor so she/he has them ready for completion once the mortgage comes through.

good luck!

Fire_Fox

You might be best asking your landlord to give you another month.

boo80

Thank you! My OH has just managed to speak to our IFA who says it's all going to happen before our notice runs out - phew! If we could afford £850 for another months rent we would of held off on giving our notice but things have been a nightmare, i took a month off work to have the baby, and our mortgage came through with 4k less than they originally said so thats all our extra savings and money borrowed from family, and now we can barely afford to eat. Things will be better in a month or 2 but that doesn't really help us now! We wont really be homeless as my mum will have us but I so dont want to move twice!!

boo80

silvercar wrote: »

I would never give notice on a rental until exchange has happened. I would prefer to have the costs of both properties for a couple of weeks than have to move twice and/ or put furniture into storage.

Unfortunatly our rental contract states that we have to give 2 months notice, so holding out for the exchange wasn't really an option

wildbreed100

It has been 2 months since my offer was accepted and my soliciter hired. I want to move before the end of Sept. I told my Solicitor this and he gave a wishy washy answer saying it may be possible but he needs some matters cleared with the sellers solicitors. Should I ask him what these issues are and then make a decision on if I am bothered or not. I do not want him dragging out the process over silly issues. End of Sept would be 12 weeks since the offer is accepted so I think it should be over by then. I have my mortgage and deposit in place. Just need to transfer the deposit to the solicitor when he needs it. I have no chain and the sellers are moving into an empty flat.

silvercar

Should I ask him what these issues are and then make a decision on if I am bothered or not. I do not want him dragging out the process over silly issues.

Ask, but be aware that even if you think the issues are trivial, if the lender requires solutions or answers it is out of your control.

Fire_Fox

boo80 wrote: »

Unfortunatly our rental contract states that we have to give 2 months notice, so holding out for the exchange wasn't really an option

It's probably a bit late, but if you pay monthly you only need to give one months notice starting on a rent day. That clause in your tenancy agreement is not legal as it stands.

misspoppy

Hi

I think we must have the quickest sale in history. We complete on Friday which will leave us with a week to run on our 1 months notice to our landlords.

The thing that made it possible was constant communication with our sellers. They were very promt in responding to requests from their solicitors as we were. We all made the solicitors aware of the need to complete quickly, our seller is going to have a baby in 6 weeks. Our mortgage offer took the most time, but we exchanged 2 days after the offer was given verbally and the day after it arrived in writing. We are having 1 week between exchange and competion which keeps to the date that the chain agreed. The solicitors will tell you they need 5 days notice to order the money but it can be done sooner if needed.

I hope this settles your mind.

Running_Horse

boo80 wrote: »

How long between exchange and completion?

As long as it takes then a little bit more, or as long as the slowest most useless professional involved. Bitter? Me? Never.