Time lag between exchange and completion

pinkpiglit

I've been reading a few posts on here saying that you should try and have the shortest period between exchange and completion in case the mortgage offer is withdrawn for whatever reason.

I was planning on trying to secure 1-2 weeks to sort out removals, redirecting post and other admin duties, but am now worrying that this is a bad idea.

How often do people have a lag between the two these days? Or should we really be trying to exchange one day and complete the following day? We are only one couple in a (small) chain, so what I want to do might be completely irrelevant.

jaybeetoo

In the past I have usually had a week between exchange and completion. The longest was two weeks.

loubel

1-2 weeks is pretty normal as it gives you enough time to get everything organised. Any shorter than a week and you risk not having enough time to pack and book removals and to draw down mortgage funds (most lenders want at least one week). Exchanging and completing very close together leaves you in a very uncertain position as no-one is committed to the date or even the transaction until you exchange.

pinkpiglit

Thanks. Yes we had about a week when we bought our current place a few years ago. Maybe I'm just scaring myself unnecessarily with what I've been reading on here and best stick to the original 1-2 week plan.