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A week between exchange and completion, is this enough?

(21 Posts)
basilflower Mon 08-Aug-16 06:47:38

I know many people exchange and complete on the same day, but in normal circumstances is a week between exchange and completion enough? Wondering if we should give longer just in case, or just trust our solicitors if they say it's going to be OK it's OK! Any stories/advice? Thanks!

wowfudge Mon 08-Aug-16 06:51:32

I wouldn't choose to exchange and complete on the same day, especially not if in a chain. The length of time between exchange and completion should be agreed between the parties, it's not for your solicitor to dictate. For example, at this time of year someone may be going on holiday so will want to exchange beforehand and complete when they are back.

feralcat19 Mon 08-Aug-16 06:52:33

It depends on what you need to do between exchange and completion. Are you selling and buying or just buying? It's quite usual to have just a week but I would consider not completing on a Friday in case the monies are late being transferred. Plenty of threads on here about that!!!

cherryplumbanana Mon 08-Aug-16 07:31:11

It has always been enough for me, but I penciled a removal company before exchanging. It is even worth paying them to pack your belongings, it normally take them a day - when it would take me all week!

A week is enough to redirect your mail etc..

Just remember to get your new home insurance (at least building unless it's a flat) for exchange day.

I second NOT completing on a Friday, you never know.

Spickle Mon 08-Aug-16 09:04:35

It does depend on what everyone in the chain agrees on and is practical for all concerned. Solicitors like to have 5 working days notice to draw down funds from mortgage lenders. I think it's quite nice to have a couple of weeks in between so you can organise everything like reading metres, redirecting post, getting broadband/tv sorted out, packing etc. Years ago it was the norm to have 28 days between exchange and completion!

specialsubject Mon 08-Aug-16 09:43:59

Depends on who is packing. I'd do two weeks to allow for arranging insurance, broadband, post redirect etc.

Same day is something only imagine a day when you might be moving but you don't know. Why have that?

Sooverthis Mon 08-Aug-16 09:47:26

A week is normal

Skittlesss Mon 08-Aug-16 10:43:34

We exchanged the day before completion. We pushed for sooner but they wouldn't do it for some reason. We agreed the completion date 2 weeks before.

TuppencePenny Mon 08-Aug-16 10:49:59

Yes I did it in 24 hours which I was told was standard.

GiddyOnZackHunt Mon 08-Aug-16 10:51:12

A week is fine as long as you have removals ready to book, plenty of time to pack or packers booked and you are organised.

CotswoldStrife Mon 08-Aug-16 10:52:11

I'd say a week is normal, I've had period of a month (renter in the chain giving notice) and less than a week (I'm looking at you Santander). Good luck in your new home!

specialsubject Mon 08-Aug-16 11:48:00

like hell is 24 hours standard. You need 5 working days notice for post redirect alone.

Justalittlebitblondie Mon 08-Aug-16 13:00:20

I have bought and sold three times - each time was same day exchange and complete so it can be done - just set everything up in advance...

Skittlesss Mon 08-Aug-16 13:00:45

Oh no defo not standard. I absolutely hated it as well as we had pushed for exchange from when they suggested the completion date. Our sale was awful though and even after we got The Call to say the money had gone through and the house was ours they were still in there.

specialsubject Mon 08-Aug-16 13:49:58

How can you set things up in advance if you don't know out are definitely moving? U can't set up a redirect because you have no definite date. Ditto broadband, moving utilities etc et .

You could end up having to cancel it all.loads of extra work. Sod that.

Spickle Mon 08-Aug-16 14:19:01

Agree specialsubject! While many people do exchange and complete on the same day, it is by no means the easy option. Exchange has to happen first, therefore most of the morning at the solicitors is taken up with that and completion then comes much later once all monies are transferred. The difficulty is when the money higher up the chain misses the cut off time and then someone is in breach and someone has to find a hotel for the night. The client is waiting on tenterhooks most of the day hoping that it is all going to go through. I do conveyancing as my job and it is not recommended, particularly if mortgages and a large chain are involved.

Justalittlebitblondie Mon 08-Aug-16 14:19:58

Given a date - sorted it all based on that date - for various reasons this is how it had to be set up - did mean we moved 4-6 weeks from offer in each case though smile

HarryPottersMagicWand Mon 08-Aug-16 19:32:52

I would refuse a same day exchange and completing. A week would be fine. But we exchanged on a Friday and completed on the Monday. Wasn't ideal tbh but we did kind of know that's when we were going to be completing so got very organised and I had booked the removals but it was penciled in . Spent many hours on the phone at a relatives on moving day sorting utilities, only to get to new house and discover the vendor had told no one at all she was moving so we had to do all of that too. Not impressed by that.

GiddyOnZackHunt Mon 08-Aug-16 19:39:17

What happens though if something goes wrong on the day? You've got your movers waiting, stuff in boxes, mortgage drawn down and given notice on your broadband etc and some hitch could collapse the whole deal with nothing anyone can do about it shock

basilflower Tue 09-Aug-16 06:26:09

Thanks all. We're hoping to complete on a Monday, but rapidly running out of days between now and then. Definitely not going to do it all on the same day though, that just sounds too stressful! We have removals and packers pencilled in, just hoping to exchange soon so we can make everything more definite!

SusannahD Tue 09-Aug-16 06:33:22

A week is normal, I insisted on 3 weeks as I needed to find a rental property for the interim and couldn't put a deposit down until exchanged.

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