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How long between exchange and completion?
gabyjane
Posts: 3,541 Forumite
Hi we are first time buyers of a shared ownership house, there is no chain and the property is a new build so hoping it will be ready for the 21st of Aug..how long before exchange of contracts and completion roughly as we are really trying to sort out our floors being down before we move in and it all depends on this! Thanks.
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Even a rough idea would be great!!0
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It really depends on whether your mortgage is in place and whether all the enquiries have been answered and searches received. The builders will want to exchange quickly and then put you on notice to complete. This means that you will not have a fixed completion date at exchange but the builders will notify you when the property will be ready and give you time to apply for funds etc0
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new builds are tricky as you don't want to complete on it until it is finished as you will have a snag list of things that need fixing when you first move in (this is things like bad paint work, leaking boiler etc which I saw when a friend just got a new build and had to be put right). Depending on your solicitor and mortgage and stuff then it seems if you want to some people exchange and complete on the same day, others have to wait a few days in between for the mortgage money to go through to the solicitor before they do. But i'd advise you not to complete until it is built and ready to a standard you are expecting but your solicitor should be able to advise you more.Official DFW Nerd Club - Member no. 234 Proud to be dealing with my debts I love the Dave Ramsey podcasts. Debt Free Date (including house) Aug 2012 Live on £4000 a year the short version £918 for 29/09/08 - 01/01/09 spent £0 NSD's In October Target 10 Actual 0 Quit smoking 25/09/08 saved £5 so far0
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