Last minute demand from buyer

bouicca21

When I have bought the solicitor has sent contracts for signature way in advance. So naive, ignorant or whatever, they were ready for exchange whenever required. good luck, OP.

AnotherJoe

I dont think 4 weeks is "standard" at all. I dont think there is a "standard" but I dont recall any of my previous experiences being that long. 2-3 weeks more like it.

lichfield22

Interestingly I work in an office where five people have bought houses in the last year and every single one has exchanged either on the same day as completion or the day before, and all couldn't understand why we weren't! It seems like the timescales have got shorter since the last time I bought a house but I can't really understand why and it's a lot of extra stress no one needs.

AnotherJoe

I agree, that does seem mad !

Surrey_EA

lichfield22 wrote: »

Interestingly I work in an office where five people have bought houses in the last year and every single one has exchanged either on the same day as completion or the day before, and all couldn't understand why we weren't! It seems like the timescales have got shorter since the last time I bought a house but I can't really understand why and it's a lot of extra stress no one needs.

That is very unusual, in my experience. Banks will normally require 5 working days notice to make mortgage funds available, and whilst not every sale will involve a mortgage, most will.

If a buyer who is not selling anywhere is purchasing a property that is vacant, then simultaneous exchange and completion is less of an issue, but for anyone involved in a chain of one sort or another it is fraught with problems. If you don't know for certain that you're moving on a specific day, then it's not always possible to have everything packed and ready to move out in time.

I agree with AnotherJoe, there is no standard period, it's essentially whatever period of time all the parties involved can agree on. In my experience, 2 - 3 weeks is most common.

Out,_Vile_Jelly

As if house buying isn't stressful enough without all this added nonsense!

It's always difficult dealing with idiots, as they're unpredictable. Surely the agent is giving the woman a strongly worded message? This is about the only time estate agents are useful.

Ozzuk

AnotherJoe wrote: »

I dont think 4 weeks is "standard" at all. I dont think there is a "standard" but I dont recall any of my previous experiences being that long. 2-3 weeks more like it.

I've never heard of a 'standard' 4 weeks, or even 'recommended' 4 weeks if that is implied. I've probably gone through 8/9 house sales and they have nearly all exchanged/completed same day or up to a week maximum.

Surrey_EA

Ozzuk wrote: »

I've never heard of a 'standard' 4 weeks, or even 'recommended' 4 weeks if that is implied. I've probably gone through 8/9 house sales and they have nearly all exchanged/completed same day or up to a week maximum.

I am genuinely amazed this appears to be so common. I deal with about 100 sales a year, and a simultaneous exchange/completion might happen once or possibly twice each year in my office.

harz99

In my younger days, legal completion was always within 28 days of exchange. Although that meant you could agree a shorter time between all involved parties it rarely happened.


In those days, without the internet and in many cases home phones, you needed that amount of time to sort everything from packing, to utilities, to getting a quote for removal, and finally moving.


Following one very fraught late completion and delayed move, I have refused to complete on a Friday for several house moves, as from bitter experience if something goes wrong in the process, you are stuffed until the following Monday. Solicitors don't like you doing that though!


OP, hope it all goes well today.

Hoploz

Yes me too - my first purchase had 4 weeks between exchange and completion.

These days many buyers and sellers are eager to get in and seem to push for it all to happen either same day or next day.

Solicitors don't like it, they never like being under time pressure, and usually charge extra, they have to order completion funds before exchange which causes the risk of the deal falling through but the buyer still being liable for interest charges and fees to return the loan.

Removal companies don't like it as they cannot get a confirmed booking until exchange has happened so how can they organise staff and lorries to be in the right place at the right time.

It's completely pointless and just causes unnecessary stress to all involved, especially if like me you've had a buyer pull out on the eve of exchange and had to put your house back on the market again, you don't want to be packing and unpacking.

At least a week should be the norm in my view. That gives everyone a (small) chance to get organised, safe in the knowledge that it is definitely going to happen.