Typical Timeframe between exchange and completion

GDB2222

https://forums.moneysavingexpert.com/discussion/comment/82131286#Comment_82131286

That's all true. However, it will have a knock-on effect on the amount the buyers are prepared (or can afford) to bid for the property. So, the OP probably should insist on a standard 4 weeks between exchange and completion, but be prepared for the buyer to reduce their offer accordingly.

Chief_of_Staffy

Some people are so entitled it beggars belief. They're basically saying that they identified a problem but it's OK, they'll push it onto you, so now you'll be the one that bears 100% of the inconvenience and they'll not lose out by a penny.

Jemma01

https://forums.moneysavingexpert.com/discussion/comment/82131366#Comment_82131366

most renters aren't that entitled, this is the first time I hear of two months. Let's not paint all FTB like that.

Also who decided 4 weeks was a standard?

GDB2222

https://forums.moneysavingexpert.com/discussion/comment/82131381#Comment_82131381

4 weeks certainly used to be normal. It may have changed. Clearly, any particular chain decides for itself, but there's some sense in knowing what's usually done.

GDB2222

https://forums.moneysavingexpert.com/discussion/comment/82131369#Comment_82131369

They identified a financial problem, and they identified a solution that doesn't cost anyone anything (sort of!). The general consensus on this thread is that they were being over-optimistic, but it still leaves them with the original financial problem, which means they may pull out or reduce their offer.

saajan_12

The risk is there's more time for say the buyers to lose a job, hence lose a mortgage offer, hence be unable to buy your house, all while you're committed to your purchase, and the buyers can't afford to pay the whole chain's costs since they don't have an asset currently beyond their deposit. Even if they found a new job within a few months, if that was while they already have a mortgage then its just a case of tightening belts or late payments, whereas before the mortgage is drawn, it could be entirely pulled.

Ultimately a couple of months since the RRA isn't really much for a new 'norm' to establish itself. I expect we'll see the timeframes inch up, but not to the full 2 months. Most people can't move with 0 overlap, FTBs in rented are competing with FTBs living at home, investors, etc who wouldn't need the 2 months, so they'd need to come down to meet the average for the rest of the market or pay a premium for a longer gap. Maybe from a norm of ~2 weeks I'd bump up to ~3-4 weeks.