Amount of time between exchange and completion

pinkteapot

So, years ago four weeks was pretty standard.

I know that's got shorter in most cases. But I'm seeing more and more threads on here where people are exchanging and completing just a few days apart.

How does that work?

We're in a chain of four parties. I'll get quotes from removal companies before exchange but I won't book until we've exchanged. Most removal companies around here are booked up around 10 days ahead, so it would be impossible to book them for just a few days later. On top of which, a few days is nowhere near long enough for us to pack, nor long enough for us to get time off work to move approved.

What's happening these days? Are people booking removal companies and doing their packing before exchange? That seems bonkers, given the fact it could all fall through....

On the questionnaire for our solicitor we said that we want at least two weeks between E&C. Now I hope others in the chain don't feel we're being unreasonable!

Gwhiz

It all depends on the people involved.

I would guess the small minority have completion very close to exchange and that most people have a few weeks to prepare for the physical move.

Saying that, in my experience removal companies will give a potential slot for you to confirm once exchange has taken place where possible. Depends ho busy they are.

kingstreet

In my near 30 years doing stuff like this, I don't ever remember a particular time between exchange and completion being considered "usual."

Frankly, exchange of contracts just happens, at the point all the chain has everything in order and everyone has agreed on a completion date.

You can have a situation where the last document is received today and everyone wants to complete tomorrow, so exchange is today or tomorrow...

Alternatively, you can have a tenant in the chain who wants to ensure their tenancy and completion are in sync, so they wait until all the paperwork is straight, then look to exchange and complete with a month gap.

I guess what I'm trying to get across is completion is the only date agreed in advance. Exchange just happens, like the other milestones along the way.

browneyedbazzi

We exchanged yesterday and will complete on Friday. We started our packing before exchange and will be doing the moving ourselves (with the aid of a couple of friends and a hired van) so no issues with booking removal companies etc.

I pack non-essential things first (books, dvds, cds, decorative stuff etc) and leave the bits that are used on a regular basis until later so packing early doesn't really impact on us.

As for leave from work - we've worked to a target date for completion from the beginning so I've had the days tentatively blocked out in my diary for weeks and had an agreement with my line manager that if need be the days could be changed at short notice.

mgtr

Why you should have a decent timeframe between exchange and completion;

http://moversandstorers.co.uk/gazumping-gazundering-completing/

pinkteapot

mgtr wrote: »

Why you should have a decent timeframe between exchange and completion;

http://moversandstorers.co.uk/gazumping-gazundering-completing/

If I had my way, exchange would be the day after offer accepted with completion about two months later.

ognum

I'm currently buying an empty flat, will exchange and complete same day next week, three weeks after offer!

mgtr

Have just, and I do literally mean just put the phone down from a lady in Worcestershire ho was due to exchange contracts this morning, with a completion date of Monday 2nd.

10 minutes before the exchange her buyers revised their offer down, by £10k.

The lady is VERY p**sed off, and has told them where they can stick their offer.

pinkteapot

Ouch Hope her buyers come crawling back.

Coincedentally my EA called today about completion dates. Turns out that there's a big window that our vendors can't do so the EA is floating some dates in Feb for us to work towards, but wants us to get exchanged ASAP. Suits us!

EA is motivated on this one - the same EA is selling three out of four houses in the chain. Worked out that they're in for approx £15k of commission from the one chain!

Badgerette27

We exchanged yesterday (Mon) and complete Wednesday. But we've chain free moving from rented to an empty property

Good luck!

Miss_Marple_2

I exchanged on a Friday and completed on the Monday ( so effectively the next working day), however the house I was moving into was vacant and the house I was moving from was owned by a family member, so I had time to move stuff.

I booked the movers for 2 weeks after I completed and I still wasn't ready ! I've been back to my old house about 5 times over the last week bringing back a car load of stuff each time. All done now and have heaved a big sigh of relief, just the unpacking at the other end to complete now

I found it all so stressful, and this didn't involve me buying & selling, only buying. I have vowed never to be part of a chain, I don't think I could cope :eek: