Your browser isn't supported
It looks like you're using an old web browser. To get the most out of the site and to ensure guides display correctly, we suggest upgrading your browser now. Download the latest:

Welcome to the MSE Forums

We're home to a fantastic community of MoneySavers but anyone can post. Please exercise caution & report spam, illegal, offensive or libellous posts/messages: click "report" or email forumteam@.

Search
  • FIRST POST
    • markymark1983
    • By markymark1983 12th May 18, 9:51 AM
    • 9Posts
    • 1Thanks
    markymark1983
    Gap between Exchange and Completion
    • #1
    • 12th May 18, 9:51 AM
    Gap between Exchange and Completion 12th May 18 at 9:51 AM
    I am in the process of selling my house and buying somewhere else. The chain is 5 properties long with one property to tie up some small inquires.

    The chain wants to complete on the 25 May, however we have not exchanged yet and I am worried because no exchange date has been mentioned, just that we are all on course for 25 May. I am really worried we wont meet this or exchange will take place shortly before this. What is the typical gap between the two???

    so much to organise after this ...

    contacting utilities, BT, council ........ arranging buildings insurance from the point of exchange, hard to do if I don't know when... confirming my removals as they only have a loose placeholder for me as they wont confirm till i exchange ....... starting to worry about it all............................................... ....
Page 1
    • HampshireH
    • By HampshireH 12th May 18, 9:54 AM
    • 982 Posts
    • 1,125 Thanks
    HampshireH
    • #2
    • 12th May 18, 9:54 AM
    • #2
    • 12th May 18, 9:54 AM
    Have you not discussed exchange date with your solicitor?
    • Flugelhorn
    • By Flugelhorn 12th May 18, 9:54 AM
    • 996 Posts
    • 1,200 Thanks
    Flugelhorn
    • #3
    • 12th May 18, 9:54 AM
    • #3
    • 12th May 18, 9:54 AM
    can be almost any time - have done same day (not actually moving) to 3 weeks. As for all the bits and pieces they can all be done on the phone / computer in a couple of hours.
    • markymark1983
    • By markymark1983 12th May 18, 9:57 AM
    • 9 Posts
    • 1 Thanks
    markymark1983
    • #4
    • 12th May 18, 9:57 AM
    • #4
    • 12th May 18, 9:57 AM
    yes and they keep on saying soon and they are talking to the chain but know we all want to complete on 25 May
    • markymark1983
    • By markymark1983 12th May 18, 9:58 AM
    • 9 Posts
    • 1 Thanks
    markymark1983
    • #5
    • 12th May 18, 9:58 AM
    • #5
    • 12th May 18, 9:58 AM
    Have you not discussed exchange date with your solicitor?
    Originally posted by HampshireH
    yes and they keep on saying soon and they are talking to the chain but know we all want to complete on 25 May
    • kingstreet
    • By kingstreet 12th May 18, 10:02 AM
    • 34,227 Posts
    • 18,577 Thanks
    kingstreet
    • #6
    • 12th May 18, 10:02 AM
    • #6
    • 12th May 18, 10:02 AM
    You don't set an exchange date.

    It just happens as soon as everything is back, acceptable and there is a completion date on which all are agreed.
    I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.
    • markymark1983
    • By markymark1983 12th May 18, 10:09 AM
    • 9 Posts
    • 1 Thanks
    markymark1983
    • #7
    • 12th May 18, 10:09 AM
    • #7
    • 12th May 18, 10:09 AM
    Have you not discussed exchange date with your solicitor?
    Originally posted by HampshireH
    You don't set an exchange date.

    It just happens as soon as everything is back, acceptable and there is a completion date on which all are agreed.
    Originally posted by kingstreet
    if it just happens how do I know when to organise buildings insurance from??

    I'm also worried we are under 2 weeks to move date and not exchanged. I was told this should happen about a month before completion by friends
    • Thrugelmir
    • By Thrugelmir 12th May 18, 10:23 AM
    • 60,016 Posts
    • 53,378 Thanks
    Thrugelmir
    • #8
    • 12th May 18, 10:23 AM
    • #8
    • 12th May 18, 10:23 AM

    I'm also worried we are under 2 weeks to move date and not exchanged. I was told this should happen about a month before completion by friends
    Originally posted by markymark1983
    Exchange often happens a week before exchange. There's a lot to do when you move. Suggest you draw up a check list ready.
    Financial disasters happen when the last person who can remember what went wrong last time has left the building.
    • VintageHistorian
    • By VintageHistorian 12th May 18, 10:33 AM
    • 395 Posts
    • 2,611 Thanks
    VintageHistorian
    • #9
    • 12th May 18, 10:33 AM
    • #9
    • 12th May 18, 10:33 AM
    if it just happens how do I know when to organise buildings insurance from??

    I'm also worried we are under 2 weeks to move date and not exchanged. I was told this should happen about a month before completion by friends
    Originally posted by markymark1983
    My solicitor emailed me one lunchtime to tell me that we had exchanged and that I needed to buy buildings insurance, it was done online within 10 minutes and I could start it from that day. Get some quotes now so you know the cost, and then you can get it sorted quickly when the time comes.

    As for the space between exchange and completion, we had a week. Exchanged on 2 December and completed on 9 December. I'm sure a month is ideal for some people but for most a week or two is enough, I'm sure everyone just wants to move in to their new property than just hang around in the old one for a month.

    Maybe spend this weekend having a clear out and start packing books/dvds/some kitchen stuff, just so you don't feel so overwhelmed and worried in the coming weeks.

    Oh and you don't contact most utilities until moving day, you have to give them meter readings for when you've left and when you've moved in, no point telling them to await further instructions, they don't really care.

    BT is another issue, you might have to go without internet for a few weeks, but you could always try phoning and asking them how booked up engineers in the area are. If they say it's about two weeks then book them after exchange, if they say a month then you might as well book them now and hedge your bets.
    "You won't bloom until you're planted" - Graffiti spotted in Newcastle.

    Always try to be nice, but never fail to be kind - Doctor Who

    Overpayments in 2018 - 761.36 | Lose 1 stone - 0/14lbs |
    • Tiglet2
    • By Tiglet2 12th May 18, 11:51 AM
    • 235 Posts
    • 217 Thanks
    Tiglet2
    Have been asked for your deposit yet, or if the 'cash deposit' is coming from the FTB at the bottom of the chain, or have you been asked if you will accept a lower than 10% deposit (other 10% deposits coming from the sale)?

    This is a good indicator that exchange is going to happen imminently.
    • eddddy
    • By eddddy 12th May 18, 12:41 PM
    • 7,059 Posts
    • 7,036 Thanks
    eddddy
    The chain wants to complete on the 25 May, however we have not exchanged yet and I am worried because no exchange date has been mentioned, just that we are all on course for 25 May. I am really worried we wont meet this or exchange will take place shortly before this. What is the typical gap between the two???
    Originally posted by markymark1983
    Tell your solicitor now what it acceptable to you (rather than leaving it and potentially causing last minute panic and confusion).

    For example, you are happy to complete on 25th May, but you require a gap of at least 7 days (or 10 days or whatever) between exchange and completion. So if necessary, completion may need to be pushed back.

    You could tell the EAs as well. They're likely to pass on the info to others in the chain more quickly than solicitors.
    • AnotherJoe
    • By AnotherJoe 12th May 18, 2:10 PM
    • 10,953 Posts
    • 12,622 Thanks
    AnotherJoe
    You don't set an exchange date, but as edddy has said you can tell your solicitor you want at least x days before completion and if that period is passed , then the completion date will have to move..
    • Richard Webster
    • By Richard Webster 12th May 18, 4:44 PM
    • 7,463 Posts
    • 7,193 Thanks
    Richard Webster
    Hate to say this but the number of times I heard "everybody wants to complete on [some specified date]" and when we actually got to the point of trying to exchange we found that a few links up in the chain there was a totally different story or they weren't at all ready......

    So very important you get the solicitors to check these completion dates. Don't rely on estate agents or what other individuals in the chain tell you. One agent can talk to another and get three week old half information, e.g. someone in the chain is happy with a date provided they have 3 weeks between exchange and completion. There's usually some reason for that like their uncle in High Wycombe can let them use his van but needs that much notice. The agents don't pass on the proviso and it is only on trying to exchange that some tale like this comes out.

    Also because it is three weks old things have chnaged and the empty property that the people at the top of th chain were buying no longer features - they've decided to buy something else where there is achain above it!

    Years ago the Land Registry tried to suggest a chain matrix system wherby information flow up and down a chain could be much improved but they got no financial resources for it and the government thought Home Information Packs were the great panacea that would speed everything up!

    So our present system has the major wekeness that information flow about readyness and potential completion dates in a chain is managed by sellers and buyers who don't move that often and therefore don't know about potential problems or by estate agents who often do not have enough experience to ask the extra questions to make sure that what they are being told makes sense. The solicitors who could do this job are too busy dealing with the legal stuff and can rarely devote a lot of time to it or are "online" call centre convreyancing factories with staff who haven't a clue.
    RICHARD WEBSTER

    As a retired conveyancing solicitor I believe the information given in the post to be useful assuming any properties concerned are in England/Wales but I accept no liability for it.
    • kingstreet
    • By kingstreet 12th May 18, 5:50 PM
    • 34,227 Posts
    • 18,577 Thanks
    kingstreet
    if it just happens how do I know when to organise buildings insurance from??
    Originally posted by markymark1983
    When ready and when a completion date has been agreed your solicitor will ask you for permission to exchange contracts with completion on DD/MM/YYYY.
    I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.
Welcome to our new Forum!

Our aim is to save you money quickly and easily. We hope you like it!

Forum Team Contact us

Live Stats

1,722Posts Today

9,421Users online

Martin's Twitter