Standard Time From Exchange To Completion

steve2005

Hi all

Just exchanged on a house, and sent over the deposit to our solicitor. All other paperwork is in order and both us and the seller are happy with everything, but nobody has mentioned a completion date yet. It's been at least 5 years since we bought anything so not sure what happens now with regard to choosing a date.
Do the two solicitors decide between themselves then ask us and the seller if we're both happy?

Hypothetically, Is it possible to set a date 6 months in the future?
Or when both solicitors return to work on Tuesday could we set a completion date of Thursday?

Thanks in advance.

jackomdj

At exchange a date is set in stone. So assuming you have exchanged you should have already agreed a completion date!

Are you sure the exchange between the solicitors has happened rather than you signing the forms ready to exchange?

steve2005

jackomdj wrote: »

At exchange a date is set in stone. So assuming you have exchanged you should have already agreed a completion date!

Are you sure the exchange between the solicitors has happened rather than you signing the forms ready to exchange?

Aah, I see what you mean. I think we've just signed the forms ready for exchange, as the solicitor said she'd date them.
Will the solicitor(s) then ask us (and the seller) when we are both happy to complete by then?

dragonsoup

steve2005 wrote: »

Aah, I see what you mean. I think we've just signed the forms ready for exchange, as the solicitor said she'd date them.
Will the solicitor(s) then ask us (and the seller) when we are both happy to complete by then?

Effectively yes - you tell your solicitor when you want to complete, she'll tell the other party who will either agree or suggest another date. Once you've agreed a date then you can exchange and that date will be binding.

steve2005

Perfect - thank you

eddddy

It may be helpful for you to discuss completion dates directly with the seller (or via the EA). It may get decided more quickly that way.

So you would agree preferred completion date with the seller, and then each inform your solicitors. Assuming the date is achievable, the solicitors should then make it happen.

steve2005

Again, perfect - thanks eddddy

steve2005

All sorted. Exchanged officially today for completion 9th June.
We're both happy with that so hurrah

jackomdj

Good luck with the move. :-)

benjus

steve2005 wrote: »

Hypothetically, Is it possible to set a date 6 months in the future?

If anyone in the chain is buying with a mortgage this won't work as the mortgage offer probably won't be valid for this long. Also, the longer the gap between exchange and completion, the higher the risk of a change in circumstances happening that could cause the mortgage lender to pull the offer.

You (and every buyer in the chain) would also have to consider the possibility of something happening to the property being purchased during the 6 months, and provide insurance cover.

Apart from that I'm not aware of anything stopping it being 6 months, although I'm not an expert.