Exchange before completion.

Snookie12cat

Is it standard to do these separately with time in between?
I asked my solicitor to arrange exchange ASAP and then completion in 2 weeks. She seems really confused by this or acts like it isn't standard and that most people exchange and complete the same day.
I am doing something wrong wanting this to happen at different times? Why would she be pushing a simultaneous exchange and completion?

Thrugelmir

Snookie12cat said:

Is it standard to do these separately with time in between?

Yes. Enables people to finalise their arrangements i.e. removals. Gives the solicitor time to draw down the funds. A week. 5 working days, is the norm. With a preference for Fridays so that theres the weekend to settle in. 

user1977

What has she actually said? Maybe you're misinterpreting things. Is everybody ready to exchange now (and agreed a completion date)?

Flugelhorn

Never used to be like this but some solicitors have got into the habit of simultaneous E&C but I would always prefer to have a gap and have never had a problem agreeing one - have bought 3 times since lockdown  started  - one was simultaneous but the others had a gap (much easier to do this as you can get organised etc 

babyblade41

I always have a minimum of 2 weeks before completion 

canaldumidi

Used tobe standard for a 4 week gap years ago which gave plenty of time to pack, book removals etc etc knowing there is a firm date.

During the pandemic simultaneous Exch/Comp became the norm in case one side or the other got covid in between.

Nowadays 1 week seems very common, but there's no reason not to ask for/demand a longer, or shorter gap - or no gap.

But of course everyone in the chain has to agree......

propertyhunter

I wanted to exchange and complete on the same day (no chain, probate purchase), but the vendor wants a couple of weeks to clear the house. I don't know why they can't clear the house now - if the sale falls through, they had 13 other offers to go back to, so it's not really a risk for them. All it does is prolong the time the beneficiaries get their inheritance. 

Snookie12cat

user1977 said:

What has she actually said? Maybe you're misinterpreting things. Is everybody ready to exchange now (and agreed a completion date)?

Thanks - Its only me and the seller in the chain and the seller and I have agreed a completion date between ourselves and just need the solicitors to finalise it. 

Maybe I am, but when I asked about paying a deposit she said that she normally has all the money for the whole sale sent over at one time but as we are not doing it on the same day as completion she wasn't sure of the process. It seemed to me that she isn't familiar with doing them with gaps or does not do many of them. At least it seems I am not pushing for something unusual. 

theartfullodger

Recently sold my late brother's house (empty so easier for us with nothing to arrange, buyer planning on major refurb and not planning to move in immediately).

Exchanged one day, completed next. Think funds arrived same day or maybe next. 

eddddy

FWIW, a website which claims to have managed thousands of chains in 2019 says the average time from exchange to completion was 7 days.

(But it gives no further clues about the breakdown of that number.)


Here's its full breakdown:

View My Chain has whole of market visibility of key milestones and has shared the average times it takes to achieve them for 1000s of chains managed through its platform in 2019:

Legal Timeline:

Milestone 1 - SSTC to Searches ordered: 23 days

Milestone 2 – Searches ordered to Searches Returned: 10.2 days (UK average)

Milestone 3 – Searches Returned to Enquiries satisfied: 31 days

Milestone 4 – Enquiries Satisfied to Ready to Exchange: 7 days

Milestone 5 – Ready to Exchange to Exchange: 8 days

Milestone 6 – Exchange to Completion: 7 days

 

Financial Timeline:

Milestone 1 – SSTC to Mortgage Application: 17 days

Milestone 2 – Mortgage Application to Mortgage offered: 21 days

Link: https://news.viewmychain.com/blog/how-long-does-it-actually-take-to-complete-a-sale

Snookie12cat

eddddy said:

FWIW, a website which claims to have managed thousands of chains in 2019 says the average time from exchange to completion was 7 days.

(But it gives no further clues about the breakdown of that number.)


Here's its full breakdown:

View My Chain has whole of market visibility of key milestones and has shared the average times it takes to achieve them for 1000s of chains managed through its platform in 2019:

Legal Timeline:

Milestone 1 - SSTC to Searches ordered: 23 days

Milestone 2 – Searches ordered to Searches Returned: 10.2 days (UK average)

Milestone 3 – Searches Returned to Enquiries satisfied: 31 days

Milestone 4 – Enquiries Satisfied to Ready to Exchange: 7 days

Milestone 5 – Ready to Exchange to Exchange: 8 days

Milestone 6 – Exchange to Completion: 7 days

 

Financial Timeline:

Milestone 1 – SSTC to Mortgage Application: 17 days

Milestone 2 – Mortgage Application to Mortgage offered: 21 days

Link: https://news.viewmychain.com/blog/how-long-does-it-actually-take-to-complete-a-sale

Really interesting timeline there!