Time between exchange and completion

BiancaCastafoire

Thanks again everyone.  I spoke to the solicitor and she said there isnt a time limit between the two things. She said it can even be 6 months in some cases.

FoundTheRightHome

There’s no guaranteed “normal” time between exchange and completion — it depends on your situation and what works for both sides. A few practical points people often miss:

• Exchange is when contracts become legally binding — that’s when you’re committed.
• Completion is when money moves and you get the keys.
• Anywhere from a few days to a few weeks is common — some people do 7–14 days, others longer if there are logistical reasons.

The ideal gap often depends on things like:

• when your buyer needs to vacate their home
• whether either side is relying on a mortgage release date
• solicitor timetables and notice periods
• stamp duty timing if that’s affecting the purchase

If you try to rush this gap too much, you can run into problems with:

• mortgage offers expiring
• delays in searches or title paperwork
• sellers needing more time to move out

So a short gap can be fine if everyone’s aligned, but a slightly longer gap can actually reduce stress — as long as contracts are exchanged and protections (insurance, solicitor conditions) are in place.

saajan_12

FoundTheRightHome said:

If you try to rush this gap too much, you can run into problems with:

• mortgage offers expiring
• delays in searches or title paperwork
• sellers needing more time to move out

So a short gap can be fine if everyone’s aligned, but a slightly longer gap can actually reduce stress — as long as contracts are exchanged and protections (insurance, solicitor conditions) are in place.

This works both ways.. a shorter gap can also reduce stress and avoid problems with 
* job loss between exchange and completion
* property damage between exchange and completion
* mortgage offers being withdrawn

Not saying shorter is always better, just that both have pro/s and cons, you just have to find whats suitable for that chain. 

MyRealNameToo

BiancaCastafoire said:

Thanks again everyone.  I spoke to the solicitor and she said there isnt a time limit between the two things. She said it can even be 6 months in some cases.

It can be any length of time, the issues is that before you exchange nothing is certain, either party could walk away without consequences. 

Having a modes gaps gives time for people to arrange things like removal vans, for a first time buyer to give notice on wherever they are living, buy new stuff needed for the home (again first time buyers may not own beds, sofas, cookers, fridges etc). Some of these things can be booked beforehand but thats risky if a few days before exchange the seller gets a better offer or decides not to move at all and the first time buyer has to move out in 2 days irrespective of if they have somewhere to go or not. 

There is therefore an argument for a longer period but from the buyers perspective they have committed to buy and who knows what the seller may do to the property in the interim. Similarly from the sellers perspective something may happen in the interim meaning the buyer cannot complete and whilst they have a contractual obligation to you ultimately have to take enforcement action for the breach of contract... not so bad if a significant cash deposit has been paid but some have a less than 10% cash deposit so getting the rest could be blood from the preverbal stone.