How long would you want between exchange and completion?

Throwaway1

I don't really see the point in the gap in our case, unless I am missing something? The house we are buying is currently empty and has no onwards chain (due to the previous owner being deceased) and we are renting (the house across the road!) and not giving our 2 months notice until completion. We have no furniture to move as we rent furnished so we'll be buying all new and we'll be carrying everything else across the road. I guess a gap would allow us to serve some of the notice but I'm too worried something may still go wrong and I really don't want to leave here at all unless we are 100% moving into the house over the road. Our rent hasn't been increased in 9 years so we'd never find anywhere else at this price, plus the whole point of buying the one over the road is because we want to stay on this street. All a gap does for us is mean completion will be further away, the EA has stipulated that there must be a minimum of 7 days though.

hb2

What's it got to do with the EA?

Savvy_Sue

Exchanged and completed the same day on my late mother's house. Mercifully we'd got the house cleared the previous week ... would NOT want to do that if I was actually LIVING in the house I was selling!

Kynthia

If someone's moving out and you're moving in on the day of completion I'd want 2 weeks but would settle for 1 if there was good reason.

noh

Last time we moved I wanted 4 weeks. In the end it was 3.

hazyjo

Throwaway1 wrote: »

I don't really see the point in the gap in our case, unless I am missing something? The house we are buying is currently empty and has no onwards chain (due to the previous owner being deceased) and we are renting (the house across the road!) and not giving our 2 months notice until completion. We have no furniture to move as we rent furnished so we'll be buying all new and we'll be carrying everything else across the road. I guess a gap would allow us to serve some of the notice but I'm too worried something may still go wrong and I really don't want to leave here at all unless we are 100% moving into the house over the road. Our rent hasn't been increased in 9 years so we'd never find anywhere else at this price, plus the whole point of buying the one over the road is because we want to stay on this street. All a gap does for us is mean completion will be further away, the EA has stipulated that there must be a minimum of 7 days though.

Different with you as you don't need to instruct removal men nor notify people.


Only snag I can think of is that you're paying rent and presumably a mortgage, along with possible council tax and two lots of bills.


Two months is an awfully long time unless it needs a lot of updating or renovating. I'd prob have asked for a gap of up to four weeks and given notice after exchange meaning you only end up with a month overlap. Despite a couple of horror stories, it should be safe to give notice after exchange.


It's also the uncertainty. Nothing is fixed in stone until exchange meaning it could all fall through. Upsetting enough before exchange, but if you're doing both together, it would be the day of actual completion too. I'd hate the risk now, although did do it with my first purchase.

ChicaBonita

hazyjo wrote: »

Got about two and a half weeks as it was a long chain and it's the only date we could all agree on. Was expecting a week.

Used to be more like four weeks and some older generations might still expect or request it.

It's funny you say that, we've just exchanged on a nightmare of a purchase (5 people chain and the guy at the top is older and not accommodating to anyone but himself) and he insisted on 4 weeks exactly which almost lost us the purchase altogether!

His only reasoning was "well I have stuff to sort out"...don't we all!

Surrey_EA

hb2 wrote: »

What's it got to do with the EA?

It sounds to me like to EA is helpfully pointing out that there needs to be a period between exchange and completion to allow the buyer's solicitor to receive the mortgage funds from the lender. Most lenders require a minimum of 5 working days notice to draw down the mortgage funds.

hb2

Surrey_EA wrote: »

It sounds to me like to EA is helpfully pointing out that there needs to be a period between exchange and completion to allow the buyer's solicitor to receive the mortgage funds from the lender. Most lenders require a minimum of 5 working days notice to draw down the mortgage funds.

A helpful EA? They clearly exist (as evidenced by the poster I quoted) but the EA dealing with our purchase last year brings chocolate teapots to mind!

SG27

hb2 wrote: »

A helpful EA? They clearly exist (as evidenced by the poster I quoted) but the EA dealing with our purchase last year brings chocolate teapots to mind!

It wast purple bricks was it!? :rotfl: