Time between exchange and completion

AMO

Hi there,

We're moving house.

We've been instructed by solicitors not to arrange house movers until we exchange.

But looking at various FAQs on the internet, getting quotes from removal companies takes a while so I guess we can start that process now?

What is the usual amount of time allocated between exchange and completion?

The FAQs also recommend not to move on a Bank Holiday weekend or Friday as those days are likely to be peak and difficult to book a removal company and they may charge more. Do most people listen to this advice or not bothered?

PasturesNew

You choose how long between exchange/completion - the trouble is, so does everybody else. So you end up with a compromise, based on the date you're actually ready to exchange and your preferred completion - along with the needs/desires of the others in the chain. To add a further complication, you don't usually know what the others are wanting.... which is a big shame, so you kind of poke at a date in a dark hole. When you get the contract to sign you'll be asked for your completion date and you tell the solicitor then. But you won't probably know when the exchange date will be, you'll just know when it's happened.

You should contact firms now - they'll want to come out and have a look to give you a quote. They'll probably write the quote down, so there's another delay while the letter arrives. Then you'll find their quotes differ and you need to work out the permutations/combinations to get the best price.

Once you've picked one it's a good idea to contact them and say you're choosing them and will "probably complete in the month of...." then once you've signed your contract and you know exchange is about to happen you can contact them again and say "Can you provisionally pencil me in for the date of ...?" and the minute your solicitor calls to say you HAVE exchanged, check the date with them - then phone the removals people to confirm.

It won't be a bank holiday - banks are closed. Banks have to be open for the money to change hands. Fridays are the busiest days so quotes will be dearer. But, you might not end up with free choice as it depends on what everybody else wants the date to be.

Flat_Eric

I completed on a Monday and if I find myself moving again, I would try to avoid a Friday for completion because if something goes wrong, eg monies don't arrive for whatever reason then you are stuck for the weekend.

Our first move, we didn't need proper removals so I can't comment on cost of these but I guess find how much a Monday move would be compared to Friday in the same week ?

its usual to have at least one week between exchange and completion, we had two. But if you are not getting a mortgage, you could exchange one day and complete the next. Its also possible to exchange and complete on the same day but that only serves to delay the exchange date. Once exchanged the solicitor has to do the pre-completion work. The main reason for allowing at least a week is that most lenders require a minimum of 5 workings day for release of mortgage funds.

G_M

AMO wrote: »

Hi there,

We're moving house.

We've been instructed by solicitors not to arrange house movers until we exchange.

But looking at various FAQs on the internet, getting quotes from removal companies takes a while so I guess we can start that process now?

What is the usual amount of time allocated between exchange and completion?

The solicitor works for you. Therefore YOU 'instruct' him wat to do. He can only 'advise' you.

However it is good advice. Until Exchange has happened anytjing can go wrong. 1001 things can delay, of even cancel, the deal. Therefore making commitments before Exchange (giving notice on your rental home; contracting removers; arranging delivery of new furniture etc) is unwise.

You can get quotes for removals, and decide which one to use, but do not sign a contract in case the date changes.

It is up to you and all the other buyers/sellers in the chain to agree a timeframe between Exchange/Completion. If you want a long gap (say 6 weeks) so you can give notice on your rental, then say so. Of course, you may come under pressure from others for a short gap (say 1 week), but you have as much right as them to put on pressure for what you want.

kingstreet

Once you and the other parties in the chain have agreed on a completion date, then contracts can be exchanged.

How far into the future that completion date may be will determine how long between exchange and completion.