Time between exchange and completion

BiancaCastafoire

Is there a set time that is normal between exchange and completion when selling a house? I have been told that solicitors do not like it to be more than a week between the two events. Does anyone know if this is true? Thanks.

gwynlas

No prior to covid it was quite common to have four weeks in beween dates which gives you time to book removal companies

Myci85

I think some solicitors don't like it to be less than a week, but many do so. We hadn't planned to, but we exchanged the day before completion due to unexpected delays to exchange.

BiancaCastafoire

Thanks. I am speaking to the solicitor tomorrow but the estate agent is being pushy about exchanging soon and how it needs to be a week between the two. Not sure why. 

Albermarle

The estate agent is pushy for two reasons:
1) Without a completion date, the exchange will not happen. Therefore they are worried something will go wrong if it gets delayed, and they won’t get their commission.
2) The quicker the sale completes, the quicker they get their money.
To the EA, it is their business and they want their money. Normal for any business.

Myci85

Are you ready to exchange according to your solicitor? EA can push all they like, but your solicitor needs to be happy all parties are ready. Also, be guided by them as to what gap to have, as if buying with a mortgage, they need time to draw down the mortgage funds, though this can usually be pushed through fairly quickly if needed. 

EA may be pushing to make sure it is confirmed ASAP so they're guaranteed their commission, or it may be the vendors are pushing for exchange ASAP to allow them to book removals and get everything ready etc. 

saajan_12

Step 1 is whether you're ready to exchange - ie all legal and physical checks completed, money ready, et if buying. Ready to move out if selling. Without that, its a non starter. 

Step 2 is how long you need before completion - eg to book removals, or give notice on your current property if rented to avoid too much rent+mortgage overlap, or line up your new accommodation if selling. Inadvisable to do these before exchange as everything could fall thorugh and you'd have no legal cover. 

Based on those, you can suggest dates. The agent may do some of the liaising, but unless they're communicating what the buyer/seller wants, its largely unimportant. 
Some solicitors may charge more for a same day because they may have to drop things at a moments notice. Some may prefer a few days gap to draw down funds from the lender, though technically they don't have to wait for exchange to start this. So check, but its unlikely to be a driving force, most things can be worked around. 

eddddy

BiancaCastafoire said:

Is there a set time that is normal between exchange and completion when selling a house? I have been told that solicitors do not like it to be more than a week between the two events. Does anyone know if this is true? Thanks.

How long is your chain of buyers and sellers?

As you probably realise, everyone in a chain has to agree to the same exchange and completion dates. Sometimes getting everyone to agree on dates can be a bit like 'herding cats'. (i.e. everyone has different reasons for wanting different dates e.g. Holidays, family gatherings etc - and it can be difficult to find dates that suit everyone.)

So...

• As others say, it could be the estate agent pushing for an early date to get their fee asap

• Or it could be that everyone in the chain is arguing about dates, so the estate agents are trying to cut through the deadlock by being assertive and saying to everyone "you must exchange on this date, and complete one week later".

• There's also the possibility that there is a real 'hard' issue - like somebody in the chain has a mortgage offer that runs out soon

But all the solicitors in the chain also have to be ready, before exchange can occur.


So you can either agree to the estate agent's proposal and hope that everyone else in the chain does as well - and hope that all the solicitors are ready. Or you can insist on something different - and the estate agents will then have to do another round of negotiations with everyone else in the chain.

BiancaCastafoire

Thanks again. There isnt really a chain as it is me only selling - i am moving with my mum and the buyers are first time buyers. We were supposed to exchange over Christmas but as they asked for a reduction after the survey which we negotiated, this meant they had to go back to the mortgage lender and that delayed things. The estate agent told me they are worried and that I need to exchange/complete ASAP or they might ask for more reductions. The buyers have said early Feb is best for them but the estate agent is pushing for ASAP. 

eddddy

BiancaCastafoire said:

The buyers have said early Feb is best for them but the estate agent is pushing for ASAP. 

So the estate agent probably just wants an early exchange and completion, so they get their fee quicker.

But I guess there's also the argument that, if you have jittery first time buyers, the sooner they exchange contracts, the less time they have for getting cold feet, or for thinking of new issues to panic about.

So the estate agent has expressed their timescale preference, the buyers have expressed their timescale preference - you're free to agree to either or both of those timescales, or to propose your own timescale preference.

(But all subject to the solicitors being ready.)

vic_sf49

EA coordinates these things, but they don't get to set dates. They might suggest dates, or "ASAP", but it's between you and your buyers to agree on them. 

If you're ready now, or don't mind Feb, then let them know.

Nothing wrong with exchanging soon, with completion in Feb.