We have an exchange date but is this the norm??

[countingdowntobedtimeagain]

My solicitor called today; we have an exchange date of the 6th July .. brilliant.. but we don’t get the keys until the week after? Apparently it takes 5 days from exchange before completing .. is this right?

My last purchase we did it all on the same day but we were first time buyers?

Any advice?

A week between exchange and completion is normal. Especially when a removal firm is required. We can't make a firm booking with our movers until we have exchanged. Who knows whether they will have a slot in their diary?

Completely normal. You’d always expect a week between exchange and completion as standard.

It’s because nobody is contractually bound until you exchange (ie anybody could pull out) so you don’t want to pack everything, hire movers etc then find the other side won’t exchange.

So you exchange then have one week to sort everything out before completion.

you could complete closer to or even on the same day as exchange, but the conveyancer usually advises against it.
it's enormously stressful.

Simultaneously exchanging and completing the same day is unusual.

As PP said you need time to book removals etc and if there is a mortgage involved the solicitor needs to request funds.

The only time we've ever exchanged and completed within 24hrs was when we were already living in the property we were buying - we were first time buyers buying from our LL. Otherwise there are too many unknowns to coordinate!

That's normal but a solicitor would generally discuss things with you in advance re completion date. We've done same day before but then checks after exchange need to be done in advance etc. You need to insure new property from exchange.

The time between exchange and completion is negotiable - 1 week is standard but you can do it on the same day if you like although this risks losing money on movers if something goes wrong since they usually have a 24 or 48 hour cancellation requirement.

My last sale we had 3 weeks between exchange and completion - I can’t remember why now.

Most exchange to completion dates are 28 days in order to allow for removals. I'd advise not moving on a Friday - the busiest day.

as you cannot confirm removals, set up post redirect, change addresses, change utilities etc etc etc until exchange, simultaneous completion adds massive risk cost and work. only ok if no one is moving immediately or for those with staff.

It’s normal and good. In that’s week you can sort out anything in the house that needs doing, taking shelves or pictures down, filling holes, packing etc etc.

Very normal.
Gap between exchange and completion can be months with a new build.
We exchange next week hopefully and completion set for 4 weeks later.

No removal company needed as my husband has a van.

Happy to wait the week; just wondered why. Thanks everyone!

It is normal but does not have to take 5 further days if parties agree otherwise, even same day. Convenient for organising the transfer of utilities , post forwarding and removals though.

can you get everything out in one go? once you complete you need to vacate your house and you cant get into your new house until then.

remember post redirect takes five days and broadband can be longer. lots to do which cant be done until exchange.

Are you selling and buying? If so do you realise you'll need to get everything out of your current house by the time of completion (usually lunchtime) and that only then will you get the keys to your new place? Basically what I mean is, you can't do lots of trips in a van.

Yep, fully understand about being out. We’ve got 3 cars and a van so the big things can go into the van first thing, all smaller things will be boxed up in the cars by mid morning. Already arranged for the children to stay with their childminder over night too so no school runs to contend with either.

If you're in England, then until you've exchanged, your vendor (or you) could pull out for any reason, or for none, or try to change the price or the sale date.

I’m jealous, we had a chain and exchanged and completed on the same day. Utter madness.

When I first bought, 20 years ago now, it was normal to have 4 weeks between exchange & complete. Since then I have done both on the same day or within 48hours twice. Its completely horrific. Personally, I think 2 weeks is a nice timescale.

None of my business OP, but don't underestimate how long loading & unloading cars & vans take. Im hoping that you at least have a Luton, otherwise I pity your poor vendors waiting around for you!

Not the OP's vendors whose might be waiting around, their buyers surely?

When we bought our first house we had to leave the rented property on the same day by lunch time so fully aware how long it takes to pack and unpack thank you. My husbands van is a Luton as it happens so no one will be waiting around for us, thanks for the concern though!

Are you getting a mortgage? Most lenders won't guarantee funds will arrive in fewer than 5 working days.

Yes the new house is mortgaged .. they’ve said everything financially is done though?

Once you've exchanged (can be done before but not ideal), your solicitors have to fax your lender a form saying that the property is all fine and requesting your actual mortgage money in time for completion.
The lenders have a process to follow at their end for sending the money, which is why they normally say 5 working days.

Ah right, got you.

I’m not fussed about the week in between, I was just a bit confused as to why we didn’t wait last time.