Exchange to complete - how long?

J_B

We put our BTL house on the market in early spring. 

It eventually sold for the 400k asking price "as long as we can exchange before stamp duty deadline"

He had a survey which bought up the expected 'problems' so we negotiated a 10k discount and exchanged.

Although buyer has agreed the sale of 'his' farm he's still awaiting probate for his late mother's estate.

I guess she died 5/6 months ago but two people we spoke to last week said probate had taken a year!

Is there a 'regulation' time between completion and exchange?

I know I can ask our solicitor but wondered what the feeling on here was???

theartfullodger

No.  I'd expect about a year overall.  Don't think he's got any incentive to be particularly quick has he.

Albermarle

Normally the completion date is fixed when you exchange. Typically a couple of weeks between them.  By not doing that you have allowed your buyer to take all the time they want.

teaselMay

I thought the completion date was set within the exchanged contracts

Hoenir

J_B said:

I know I can ask our solicitor but wondered what the feeling on here was???

That's why you've employed them to handle the transation............. Completion dates and/or terms are agreed upon the contract exchange.

lfc321

Have you definitely exchanged?
If so, what does the contract say about the completion date? Is there a backstop date in there? Or is it literally completely open? (I would have thought your solicitor would have advised against the latter). 

user1977

Surely your solicitor explained the contract to you before you exchanged? Including vital points like how the completion date was going to be determined (if it wasn't a fixed date)?

saajan_12

What exactly did your exchange contracts say?

The norm is to agree a fixed completion date, so the gap is known at the point of exchange. If the buyer misses that date then they are in breach and eventually you'd sell to someone else, crystallise your losses and claim that off the buyer. 

Its possible (rare outside new builds) to exchange with completion to be whenever the seller notifies. 

We need to know what exactly was agreed when you exchanged.