Timescale between searches & exchange/completion

nik_k

We are in the process of buying a house, and are currently waiting for searches to be returned to our solicitor. In the meantime, we have been keeping up-to-date with our seller's EA.

Yesterday the EA mentioned that the seller was aiming for an exchange on June 29th. (i.e. 7 days from yesterday, or 6 days from today). Obviously without the searches having come back, or solicitor will not even entertain the idea of such an imminent exchange. However, assuming that all is OK with the searches, and also assuming they come back Mon/Tue, what would be the likelihood of a possible exchange on Friday?

I should also mention that we are looking for exchange/completion on the same day. Therefore, I guess I'm asking what's the possibility of actually owning our new house this time next week?

poozer140604

When was your offer accepted & yours sols instructed?

Estate agents seem to have a habit of putting very optimistic timescales on things so I wouldn't believe what they say about dates of exchange! No matter how nice your EA is it is after all their job to get their commission as quickly as possible. If your offer has been accepted then YOUR solicitor is the best person to ask about realistic time scales.

I think 12 weeks from offer to completion is realistic for uncomplicated no-chain-on-both-sides transactions.

rchddap1

We're buying a place at the moment. There is an issue to resolve, but our solicitor has told us that it could be ours about 10 days after its sorted. Don't listen to the EA...focus on what your solicitor is telling you. They work for you and so should give you a reasonable opinion. Give them a call...ask them the question and then see what the response is. If you hear laughter then you know that its not going to happen.

Its not up to the EA as to when exchange / completion is. At the end of the day its up to you and the vendor. If you don't want to move so soon you tell your solicitor when you want completion to be and he/she will work that into the exchange document.

smogzy

nik_k wrote: »

We are in the process of buying a house, and are currently waiting for searches to be returned to our solicitor. In the meantime, we have been keeping up-to-date with our seller's EA.

Yesterday the EA mentioned that the seller was aiming for an exchange on June 29th. (i.e. 7 days from yesterday, or 6 days from today). Obviously without the searches having come back, or solicitor will not even entertain the idea of such an imminent exchange. However, assuming that all is OK with the searches, and also assuming they come back Mon/Tue, what would be the likelihood of a possible exchange on Friday?

I should also mention that we are looking for exchange/completion on the same day. Therefore, I guess I'm asking what's the possibility of actually owning our new house this time next week?

WOW!! this is exactly our situation.

It can be done but I'll let you know on Friday for certain.

We are aiming to exchange and complete on Friday 29th too and have been waiting for over 5 weeks for the searches to come back. We finally got them returned today and the funds have been requested from the mortgage company today which according to my broker is just in time.