Mumsnet has not checked the qualifications of anyone posting here. Free legal advice is available from a Citizen's Advice Bureau, and the Law Society can supply a list of local solicitors.

How long between exchange and completion no chain

(5 Posts)
LivinLaVidaLoki Sun 16-Oct-16 19:31:40

We are in the process of selling my late mums house.
Our solicitor has just sent contracts to the buyers solicitor (I think this is the exchange bit - sorry I've not done this before).
The buyer is a ftb with no chain, cash buyer, so all things being square how long can I expect this to take. In your experience?

SpotTheDuck Sun 16-Oct-16 19:42:40

This isn't exchange, your lawyer has just sent the contracts out. The buyer's solicitor will now negotiate the contracts with your solicitor. They will also carry out various searches (e.g. Asking the local authority for information about planning permissions for the property etc) and raise enquiries (ie ask for information/confirmation on anything they're concerned about or want more detail on).

Once the contracts are actually agreed, your solicitor will report to you on what they say.

The buyer needs to sign the contracts, you also need to sign. When everybody has signed, the lawyers will write the date on the contract, which is what actually makes it binding. That stage is "exchange".

The contracts will say how long it will be from exchange until completion.

In general for a flat the whole process (from the offer to completion) takes at least 8 weeks, houses take at least 6 weeks.

JoJoSM2 Mon 17-Oct-16 07:26:24

Just to add - the legally binding exchange often only happens on the day of the completion or perhaps a week earlier. The solicitor will also call/email you before exchanging to make sure you haven't changed your mind.

specialsubject Mon 17-Oct-16 12:13:52

Completion date is agreed between buyer and seller, it does not just happen. If no-one is moving then you can maximise stress and risk by doing them on the same day.

In the real world it takes 1-2 weeks to organise removals, phone line, post redirect etc etc and none of those can be confirmed until exchange.

The solicitor ( who you pay) should keep you in touch with what still needs doing.

Comiconce Mon 17-Oct-16 12:26:50

Agree with others, sending the contracts to the other buyer's solicitor is just the initial step. Your buyer will probably at the very least get a survey (if they are true cash buyers they won't need a valuation which is for the bank to decide if the house is good security for the mortgage loan). Depending on the survey your buyer may well want to get a few quotes in for damp reports etc and most likely will then demand money off the price already agreed. or they may decide to pull out. If you agree on a new price, a new contract is sent out. In the meantime your solicitor will conduct land registry searchers etc.
In your circumstances it should all be done and dusted in about 8 weeks. In the real world it can take months (we are on month 6 with no completion date yet...).

Join the discussion

Join the discussion

Registering is free, easy, and means you can join in the discussion, get discounts, win prizes and lots more.

Register now