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Gap between exchange and completion?

pineapple
Posts: 6,934 Forumite


House sold subject to contract and moving to rented.
Assuming it all goes through, is it better to exchange and complete on the same day or leave a gap - and if so how long is acceptable?
I'm finding it tricky to coordinate everything and doing it on the same day seems risky. If I book the removals and sign the tenancy before exchange/completion and it all goes pear shaped at the last minute then I'm in a fix.
How did others organise things?
Assuming it all goes through, is it better to exchange and complete on the same day or leave a gap - and if so how long is acceptable?
I'm finding it tricky to coordinate everything and doing it on the same day seems risky. If I book the removals and sign the tenancy before exchange/completion and it all goes pear shaped at the last minute then I'm in a fix.
How did others organise things?
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Comments
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House sold subject to contract and moving to rented.
Assuming it all goes through, is it better to exchange and complete on the same day or leave a gap - and if so how long is acceptable?
I'm finding it tricky to coordinate everything and doing it on the same day seems risky. If I book the removals and sign the tenancy before exchange/completion and it all goes pear shaped at the last minute then I'm in a fix.
How did others organise things?
Had a month between. Worked brilliantly. Would never exchange and complete on same day.Trying to be a man is a waste of a woman0 -
I would keep the gap as small as possible, speak to your solicitor and see what they think. Same day is possible but could cause problems, you'd have to make sure absolutely everything is in place. If something major happens in your life between exchange and completion you may end up buying a house you don't want or having to pay someone elses costs for your breach of contract.Changing the world, one sarcastic comment at a time.0
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Ask your solicitor what they recommend. I think a week or two is the most common. Our sellers wanted to complete just a few days after exchange, but our solicitors said no as too short a gap could cause problems. In the end we completed a week and a few days after exchange.0
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Depends on the both seller and buyer needs. Negotiate a suitable date with the seller that fits well for everyone concerned.
When we bought our house last year our sellers wanted to wait until the Feb half term to move because the children were going to new schools. That left us with a 2 week gap between exchange and completion.0 -
If it is an ordinary purchase then trying to do it on the same day is very pressured and having time to do things like book removal firms, organising post and utilities is hard even if there is a week. I would go for a two week period. If you are buying a BTL and you have vacant possession there is more of a case for doing it on the same day.0
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As it has been said much depends on the buyer and seller. Still I would want at least a week, preferably two between exchange and completion. There's lots that can cause delays leading up until exchange, and if you have a gap between the two at least you have some breathing space to sort out utilities, post, removals etc.
It's stressful enough as it is without trying to exchange and complete on the same day.
You don't want to sign the TA until you exchange, but if there are delays with either exchange or your rental you could end up in a right pickle.It is a good idea to be alone in a garden at dawn or dark so that all its shy presences may haunt you and possess you in a reverie of suspended thought.
James Douglas0 -
I'm probably in the minority but I would prefer to exchange and complete on the same day. I stress so much I would still worry about something going wrong between exchange and completion even though it shouldn't so would prefer to do it all on the same day! But then I am selling and buying - not going into rental so slightly different scenario to the OP0
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I think this depends on many factors:-
1. Is it a chain i.e. do the buyers have another related sale, if so, they will also have their own problems if someone else down the line delays
2. Whether the buyers will have to move in on the same day
3. Whether you are prepared to move out first and leave the house empty i.e. "losing" on rent effectively.
In most cases if the buyer has a mortgage it is usual to leave 1 week between exchange and completion so the solicitor can request the money from the bank.
You can try to do it on the same day but if anything goes wrong, (this could be money not arriving, buyers not sending money to their solicitors in time, etc etc) then you could have a headache with needing to pay the removals van on top of anything else.0 -
House sold subject to contract and moving to rented.
Assuming it all goes through, is it better to exchange and complete on the same day or leave a gap - and if so how long is acceptable?
I'm finding it tricky to coordinate everything and doing it on the same day seems risky. If I book the removals and sign the tenancy before exchange/completion and it all goes pear shaped at the last minute then I'm in a fix.
How did others organise things?
Hey Pineapple,
I’d leave a gap of up to two weeks or so. That way you’ll be confident to sign the tenancy and have time to arrange removals etc.
The sale shouldn’t go wrong after exchange so it makes perfect sense. And in my experience, allow twice as long to pack up as you think you need!
Hope that helps.0 -
Thanks everyone. It's so long since I did this.
I was thinking of between 1 and 2 weeks . I think the buyer wants sooner rather than later. But both of us are downsizing so we have furniture to get rid of as well as sorting out everything else.0
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