House buying question

[AyoadesChinDimple]

AIBU to assume if we haven't had a contract to sign yet from our solicitors, that we are unlikely to be able to agree a moving in date in two weeks time? Or could it all happen quickly if there are no other barriers?
Never bought a house before so this is all new to me.
Thanks

When you sign (or exchange) contracts, you set your completion date which you’ve obviously agreed beforehand.

2 weeks sounds tight if you aren’t about to exchange. How far off are you? Until you’ve exchanged you or they can pull out with no penalty so a) don’t exchange and complete and exchange on the same day and b) don’t book removals etc until you’ve exchanged.

Very interested in this as well. I understand it’s not advisable to exchange and complete on the same day.
Is the completion date then, any date after exchange that is agreeable to all parties?

It's right that the completion date can be any date after exchange that suits all parties, bear in mind that your mortgage offer may state a fixed number of days (say 5) to draw down the funds so it is more common I think to have a gap between exchange and completion.

When we sold one property, we had a gap of a month because our buyer's buyer wanted to give notice on a rented property.

Think ours was just a few days, 5 at the most. We had already agreed on the date before we exchanged.

You don't exchange until a completion date is agreed and everyone is in a position to make that date legally binding. It isn't just 'any date after exchange' it's a set date that your Solicitors write into the contract on exchange.

Most people like a gap in between to sort themselves but it can be done on the same day. Though I wouldn't advise it if you're in a chain.

It depends how far in the process you are and how flexible everyone is in terms of quick turnaround. I.e. I've sent contracts out to clients to sign on a Monday when we've agreed completion for the Friday as I'd been waiting for things up until that point. So long as everyone can complete at that short notice and you get your contracts back to your solicitor in time it's fine.

As for drawing down funds, most lenders ask for 5 days but will do it sooner and you don't need to exchange before your solicitor will request funds for a certain date. In fact a lot don't like to exchange until they have requested their funds and spoken to the lender to confirm they will receive them on the date requested.

I'd just contact your solicitor and ask them when they are planning on getting the contract report to you, it may just be that they are waiting on a couple more responses from the seller's solicitor before being able to fully report. I'd say 2 weeks is still plenty of time to get you a contract report so long as you can return it to them swiftly i.e. don't live abroad etc...

It’s a small chain with 2 cash buyers no mortgages, i am the end of the chain and I am not making a purchase only selling.
We are into the 7th week now and still nothing definite it’s all very disappointing and frustrating.

By 'any date' I mean that there can be any length of time between exchange and completion - it can be the same day, it can be longer. I wouldn't recommend exchange and completion on the same day. If someone wants to be a pain about the price they are paying or pull out, it seems risky to me.

My EA said that it takes around 12 weeks on average (from acceptance of offer) to get it all done. The property that I had a month from exchange to completion was a sale only as well.

gran you can press your solicitors for a bit more info. I know you think cash buyers will be faster but it doesn't always work out that way for reasons outside your control.

I hope anyone waiting on a purchase/sale has a smooth conclusion - it is so stressful!

Thanks for the answers. V helpful and have made the process much clearer to me. I'm on to the solicitors a few times a week but they rarely answer the phone or emails so when one actually called me back this week I was amazed.