Gap between Exchange and Completion

markymark1983

I am in the process of selling my house and buying somewhere else. The chain is 5 properties long with one property to tie up some small inquires.

The chain wants to complete on the 25 May, however we have not exchanged yet and I am worried because no exchange date has been mentioned, just that we are all on course for 25 May. I am really worried we wont meet this or exchange will take place shortly before this. What is the typical gap between the two???

so much to organise after this ...

contacting utilities, BT, council ........ arranging buildings insurance from the point of exchange, hard to do if I don't know when... confirming my removals as they only have a loose placeholder for me as they wont confirm till i exchange ....... starting to worry about it all...................................................

HampshireH

Have you not discussed exchange date with your solicitor?

Flugelhorn

can be almost any time - have done same day (not actually moving) to 3 weeks. As for all the bits and pieces they can all be done on the phone / computer in a couple of hours.

markymark1983

yes and they keep on saying soon and they are talking to the chain but know we all want to complete on 25 May

markymark1983

HampshireH wrote: »

Have you not discussed exchange date with your solicitor?

yes and they keep on saying soon and they are talking to the chain but know we all want to complete on 25 May

kingstreet

You don't set an exchange date.

It just happens as soon as everything is back, acceptable and there is a completion date on which all are agreed.

markymark1983

HampshireH wrote: »

Have you not discussed exchange date with your solicitor?

kingstreet wrote: »

You don't set an exchange date.

It just happens as soon as everything is back, acceptable and there is a completion date on which all are agreed.

if it just happens how do I know when to organise buildings insurance from??

I'm also worried we are under 2 weeks to move date and not exchanged. I was told this should happen about a month before completion by friends

Thrugelmir

markymark1983 wrote: »

I'm also worried we are under 2 weeks to move date and not exchanged. I was told this should happen about a month before completion by friends

Exchange often happens a week before exchange. There's a lot to do when you move. Suggest you draw up a check list ready.

VintageHistorian

markymark1983 wrote: »

if it just happens how do I know when to organise buildings insurance from??

I'm also worried we are under 2 weeks to move date and not exchanged. I was told this should happen about a month before completion by friends

My solicitor emailed me one lunchtime to tell me that we had exchanged and that I needed to buy buildings insurance, it was done online within 10 minutes and I could start it from that day. Get some quotes now so you know the cost, and then you can get it sorted quickly when the time comes.

As for the space between exchange and completion, we had a week. Exchanged on 2 December and completed on 9 December. I'm sure a month is ideal for some people but for most a week or two is enough, I'm sure everyone just wants to move in to their new property than just hang around in the old one for a month.

Maybe spend this weekend having a clear out and start packing books/dvds/some kitchen stuff, just so you don't feel so overwhelmed and worried in the coming weeks.

Oh and you don't contact most utilities until moving day, you have to give them meter readings for when you've left and when you've moved in, no point telling them to await further instructions, they don't really care.

BT is another issue, you might have to go without internet for a few weeks, but you could always try phoning and asking them how booked up engineers in the area are. If they say it's about two weeks then book them after exchange, if they say a month then you might as well book them now and hedge your bets.

Tiglet2

Have been asked for your deposit yet, or if the 'cash deposit' is coming from the FTB at the bottom of the chain, or have you been asked if you will accept a lower than 10% deposit (other 10% deposits coming from the sale)?

This is a good indicator that exchange is going to happen imminently.

eddddy

markymark1983 wrote: »

The chain wants to complete on the 25 May, however we have not exchanged yet and I am worried because no exchange date has been mentioned, just that we are all on course for 25 May. I am really worried we wont meet this or exchange will take place shortly before this. What is the typical gap between the two???

Tell your solicitor now what it acceptable to you (rather than leaving it and potentially causing last minute panic and confusion).

For example, you are happy to complete on 25th May, but you require a gap of at least 7 days (or 10 days or whatever) between exchange and completion. So if necessary, completion may need to be pushed back.

You could tell the EAs as well. They're likely to pass on the info to others in the chain more quickly than solicitors.