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Join our Property forum for renovation, DIY, and house selling advice.

Property/DIY

How long is the norm between exchange and completion

27 replies

FedupofTurkey · 08/05/2013 22:54

Our sellers have delayed our date, is it possible to say we will delay but we still want exchange

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CuddyMum · 08/05/2013 23:28

Yes if both sides have everything ready.

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AuntySib · 08/05/2013 23:33

28 days is the norm, but in practice it's down to whatever you both agree.Could be 3 months if everyone is happy with that. If they won't exchange, it would suggest that something is still uncertain on their part.

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Jaynebxl · 09/05/2013 07:04

28 days seems long ... From what I've been observing it seems closer to a fortnight although I've heard of people exchanging and completing on the same day, which seems a bit mad. I think basically once both parties are ready to exchange if just depends on finding a completion day which is mutually suitable.

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AliceWChild · 09/05/2013 07:38

Couple of days for me. Same day last time. I never understand the reason for the delay, what do people do in that time?

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wonkylegs · 09/05/2013 07:44

We will have a 6wks to a month between exchange and completion. This is because we a relocating to another area for work and want to move in the school holidays. Everything paperwork wise is looking ok and we sold / bought quicker than we thought we would so exchange is happening asap to make everyone in our short chain (our buyers, us, our vendors) happy but the completion date won't be until the end of July as it meant mucking our DS about in school otherwise.

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Jaynebxl · 09/05/2013 07:47

Alice I think some people don't start packing til they exchange and know it is all definitely going through. Or need to firm up the booking with the removal people and confirm the date.

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OrangeFootedScrubfowl · 09/05/2013 07:53

We did it on the same day selling and buying. Which was quite stressful! But you can exchange as early as you like I understand.

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flow4 · 09/05/2013 08:04

Yes fedup, and if I were you, I would ask for exchange as soon as you're ready.

I've just been gazumped and am obviously keen to make sure it doesn't happen again, so like the idea of an early exchange, but would then be happy to wait a while for completion.

My solicitor pointed out that it's usually buyers who want time before exchange, because surveys and searches take a couple of weeks at least. If your sellers are wanting to delay, it's most likely to be because there's a potential problem with their own next purchase. If they're not buying, I'd say it's highly suspicious...

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FedupofTurkey · 09/05/2013 08:19

Yes fed up, its our sellers who are delaying, us and our buyers are ready to exchange. Its the top of the chain (the one above our sellers) where the delay is. So do we say yes we'll delay, but we want an exchange, then if they say no, what? We want that house! But we want certainty!

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flow4 · 09/05/2013 08:29

I think your first step is to ask why they want to delay (or get your solicitor to ask). There might be a reason you're happy to accept. If they won't say, I personally would set a deadline for exchange that is pretty soon. But be aware you can only really put on pressure if you're prepared to walk away. If you really want the house, you may have to put up with their delays. :(

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Jaynebxl · 09/05/2013 08:32

Fedup we are in the same position. But we do know our sellers are as desperate as us to move once their sellers get going. Do you feel the same about your sellers?

Flow were you gazumped on the house you posted about not long ago? I missed that one :-(

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LIZS · 09/05/2013 08:34

Definitely . Ours have been a week or two which gives time to organise removals and utilities but you can make it as long(or short such as same day) as needs be.

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Vatta · 09/05/2013 08:40

A week or two is standard - nothing is fixed until you exchange, so some people dont want to hire movers etc until after exchange. But you can agree whatever period suits everybody.

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flow4 · 09/05/2013 08:42

Yes jayne :( I was upset, then furious, but am now resigned... Just tired of looking...

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FedupofTurkey · 09/05/2013 08:45

Flow - i know and understand why they want to delay, its cos their sellers are delaying, but in the meantime our buyers want our houses and i have a feeling their seller will fall through

We have been pushing (probably unrealistically for it all to be done in 5 weeks!)

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MousyMouse · 09/05/2013 08:47

we exchanged/completed on the same day.
but my was it stressfull, an experience I don't wish to repeat.

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MoreBeta · 09/05/2013 08:59

They either want to sign the contract or they dont.

We had this with the house we just bought. In the end we told the sellers you either sign the contract today (ie exchange) and complete in 5 weeks (ie move out) or we walk away. It worked and they signed that day.

People will just muck you about if they can, string you along and then walk away in the end. We treated it like a business deal. They either wanted us to buy their house or they didnt.

I just dont get the way people buy and sell houses. It really is bizarre.

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Jaynebxl · 09/05/2013 09:09

Sorry to hear that Flow.

Sadly Fedup I think 5 weeks is a bit optimistic! I would hope the people below you in the chain would understand that. House moving seems to be a waiting game!

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FedupofTurkey · 09/05/2013 09:30

I hope so Jayne, yes I think we were a bit naive so will give them benefit, but don't want a further delay as we could lose our buyers

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FedupofTurkey · 09/05/2013 09:31

More - how long was it from making your offer to completion for you?

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MoreBeta · 09/05/2013 11:54

Exactly 11 weeks. The owner asked for 2 delays in that period and we gave a week at each request but only to allow her to get survey on the property she was moving to, organise mortgage, etc.

We put strict deadlines on every delay.

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FedupofTurkey · 09/05/2013 12:37

More - they want 4 weeks, basically cos the person above hasn't done anything

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MoreBeta · 09/05/2013 13:05

The person above is messing about.

We had this with our seller. In the end we threatened to pull out and she reluctantly exchanged with us before she exchanged on the property she was buying.

It is up to you but really if the person ahead of you has not even started doing anything they are using your offer as an option and may or may not go ahead even if you have incurred a load of costs.

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FedupofTurkey · 09/05/2013 16:56

Thanks more - wondering how much to push, we've guaranteed buyers, so effectively should be in the driving seat, but we want this house so don't want them to take it off the market. They're hanging on cos their seller is

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MoreBeta · 09/05/2013 17:52

Yes again we were guaranteed cash buyers. Offered in the first week it was on show. Emphasised it was a cash offer for immediate acceptance and if the seller was interested we could move quick. If not, then we would keep looking elsewhere. We emphasised it was not a wait and see how it goes offer. What then happened was the seller asked us to move quick but right at the last minute started delaying things. We had done surveys and proved we had money and even transferred our cash ready to exchange.

The thing is that you are ready to go and there are not many genuine buyers out there. At the very least you should be saying you are looking elsewhere and can no longer guarantee your offer unless your seller signs in the hext 7 days and with a guaranteed completion date of x date.

If the seller says no then you know they are not genuine but just messing about touting for a better offer and using you as a backstop.