How Long Between Exchange of Contracts and Completion

Ms_Chocaholic

My mum is selling her house and panicking cos we still have lots of stuff in her garage that we need to move. It's a long time since we sold/bought and I wondered if anyone had any idea how long it is between exchange of contracts and completion and/or how much notice does your solicitor give you that completion will take place.

Thanks

Ms C

Doozergirl

You set the dates with agreement from the other parties in the chain.

Most transactions I've been involved with have been a week between exchange and completion, but you can set it longer if you need to. You don't generally get a lot of notice when you are ready to exchange but as you agree the completion date, you can be ready.

Obviously, it's a good idea to declutter NOW! If she is moving, she is moving. Best to get organised sooner rahter than later - at least then you can just pack, rather than sort and pack. My In Laws moved from a huge 7 bed to a modest 3 bed and thought it was sensible to sort out all the stuff after they moved in

Richard_Webster

Doozergirl wrote: »

You set the dates with agreement from the other parties in the chain.

Most transactions I've been involved with have been a week between exchange and completion, but you can set it longer if you need to. You don't generally get a lot of notice when you are ready to exchange but as you agree the completion date, you can be ready.

Obviously, it's a good idea to declutter NOW! If she is moving, she is moving. Best to get organised sooner rahter than later - at least then you can just pack, rather than sort and pack. My In Laws moved from a huge 7 bed to a modest 3 bed and thought it was sensible to sort out all the stuff after they moved in

I agree with what Doozer says.

Also, you may want to explain your constraints to your buyers now and tell them that you would need say 2-3 weeks between exchange and completion and then they won't be surprised later.

kissingthepink

Richard_Webster wrote: »

I agree with what Doozer says.

Also, you may want to explain your constraints to your buyers now and tell them that you would need say 2-3 weeks between exchange and completion and then they won't be surprised later.

What is the situation with regards to purchasing a leashold property with no chain? I seem to remember reading something from my solicitor saying that they needed at least 28 days between exchange and completion. Does this sound correct? Is this the maximum period that is allowed between ex and comp?

riad_2

kissingthepink wrote: »

I seem to remember reading something from my solicitor saying that they needed at least 28 days between exchange and completion. Does this sound correct? Is this the maximum period that is allowed between ex and comp?

I think this is the maximum time that completion can take place after exchange... but typically I think that a 1 or 2 week period is normally agreed.

Doozergirl

Neither of those. 28 days bears no relevance in terms of minimum of maximum timescales.

You can exchange and complete on the same day (not always adviced or practical) equally you can exchange with completion set months in the future.

riad_2

Doozergirl wrote: »

Neither of those. 28 days bears no relevance in terms of minimum of maximum timescales.

Thanks for correcting me

Doozergirl wrote: »

You can exchange and complete on the same day (not always adviced or practical)

Just curious as to what are the potential pitfalls of exchange and completion on the same day? (as this practice appears to becoming increasingly more common!)

PasturesNew

I specified 2 weeks at the outset as I was downsizing to ... a hotel room.
So I needed 2 weeks to get shot of everything ... the lot.

In the end, dunno what was going on, it exchanged just 2 days before completion. After the 2 week window had passed, I started sort of vaguely working towards the fact I'd be out on the original planned date, but had NO idea/confirmation until exchange had actually happened just 2 days before.

So, the best laid plans .... can (and will) go awry.

Go and shift your stuff this weekend. You owe it to your mum's peace of mind.

House selling is stressful enough without panicking about a garage full of your tatt.