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Original poster

Exchange / complete

23 replies

PlateSpinnerJuggler · 03/05/2021 04:35

Hi - been a long time since I bought or sold a home...

I was under impression that standard practice was 4 weeks between exchange and completion but agents are telling me this isn't the case anymore and it's more like 1-2weeks???

What are your experiences?

I'm selling my late dads home (it's an hour and half away... so 3 hour round trip) and will need to do final clear out once we exchange and meter reads etc etc

OP posts:

AntiHop · 03/05/2021 04:39

Some people agree to exchange and complete on the same day.

I can't remember how long we did between exchange and completion but it was something like a week. Definitely not 4 weeks.

springisintheair2021 · 03/05/2021 05:29

Ime it needs to be as long as it takes for the money to come through from mortgage companies / bank. So between 7-14 days usually
I had an almost four week gap between exchange and completion on my last move but everyone were cash buyers. It was over the Christmas period and, although we could have had a shorter gap, we all really wanted to exchange as early as possible but were all finding it difficult to get movers

pilates · 03/05/2021 06:00

It is quite rare to have 4 weeks between exchange and completion particularly in the current market. 1/2 weeks is more common.

Aroundtheworldin80moves · 03/05/2021 06:21

I think ours was three days in the end. Was supposed to be a week.

SlidesAndLadders · 03/05/2021 06:43

2 weeks has always been the standard round me. But when we moved last year we had 4 days.

Mindymomo · 03/05/2021 06:53

We sold my FIL’s house last year and exchange and completion was on the same day.

BugPlaster · 03/05/2021 06:57

We are currently doing four weeks because it suits us and the sellers. Shorter gaps between exchange and completion reduce risk of anything going wrong (such as people pulling out or getting ill for move day in the case of doing it on one day) but it has to work for seller and buyer.

eurochick · 03/05/2021 07:04

Two weeks used to be standard but same day became very common during Covid. I've never heard of anyone around me having four weeks in between.

UpTheJunktion · 03/05/2021 07:39

You set the completion day as part of the contract when you exchange, so if you want longer in between, or there is a date you don’t want to complete before, say so. (But let your buyers know now).

PotteringAlong · 03/05/2021 07:40

We did the same day too.

trevthecat · 03/05/2021 07:47

We exchanged on the Wednesday and completed on the Friday.

Hmmph · 03/05/2021 08:03

You can have as long as you like if everyone agrees. Due to circumstances of our chain we have a massive gap.

However, as you are selling and empty property, you don’t need to wait until exchanging to empty the house. Not sure about meter reads etc, but they shouldn’t change if no one is there so I’d do that now too. Then you have no stress and will be able to agree to any date for completion- the “gap” doesn’t need to be relevant to you.

I am really sorry about your Dad though

senua · 03/05/2021 08:11

However, as you are selling an empty property, you don’t need to wait until exchanging to empty the house.
She sort-of does. It's not sold until it is exchanged: if she cleared the house but the sale fell through then they would have to put furniture back to 'dress' it again for the next sale.

During the height of Covid, people were exchanging and completing on the same day because of the risk of the vendors catching the disease and having to quarantine in the inbetween-time. If the house is empty then that is not a consideration.

Original poster

PlateSpinnerJuggler · 03/05/2021 08:23

It's what @senua said - I don't want to empty in case I need to resell and exchange collapses for any reason.

Completely aware it will be an agreed date and how process works - just my experience had always been a 4 week window but clearly that seems to have changed in recent years.

I also have investment properties so am aware you can do both on same day as that's what ive done for these :)

OP posts:

Original poster

PlateSpinnerJuggler · 03/05/2021 09:20

@Hmmph thank you x

OP posts:

YellowScallion · 03/05/2021 09:24

We bought 10 years ago and 1-2 weeks seemed to be standard then. We specifically asked for 4 weeks as we were moving out of rented and weren't giving notice until exchange and wanted to avoid a huge overlap.

Changingwiththetimes · 03/05/2021 09:34

You're right op. Back when I started buying in the 80s it was definitely four weeks - that was the standard time the banks wanted. Sure it could be done quicker, but for most it was 4 (that was the age of faxes and couriers, the Internet was still pretty new).
I don't buy the whole 'in case someone gets sick (with covid)' thing - how unlikely is that? It is hard to book movers, and like you I don't want to start emptying my large house (I'm downsizing to one half the size) in case it all goes pear shaped. My lawyer has requested a four week gap, which the estate agent is calling 'an extended completion'. Two weeks minimum is what I need, but it would be better to have some security sooner.
I hope to get dates this week - it seems it's all wait wait wait then suddenly boom, mad rush!

murbblurb · 03/05/2021 10:09

It is what you and the rest of the chain agree to do.

If no one is moving, don't complete on a Friday. Less chance of banking problems or solicitor leaving the office early.

Doghead · 03/05/2021 16:55

@murbblurb

It is what you and the rest of the chain agree to do.

If no one is moving, don't complete on a Friday. Less chance of banking problems or solicitor leaving the office early.

You're talking tosh!

murbblurb · 03/05/2021 17:38

oh dear, the old MN screeching fit at facts again. Tragic.

BiBabbles · 03/05/2021 18:56

Condolences PlateSpinnerJuggler Your name seems very apt for this sort of time.

It depends on what's agreed through the chain as others said. We had no chain and near the end of last month we exchanged on a Thursday, completed on the Friday. No issues, in fact it was done a few hours before we were quoted (we joked it's because it's so commonly advised to avoid using a Friday) so we were able to get the keys over lunch. Still a few more repairs to go before we move in.

Ours was also a probate sale - it was 90% empty when we first viewed, they did a bit more between that and our second viewing the week before exchange and they did the last clear out the weekend between then and exchange and the meter readings the day before exchange.

But really it can all come down to the your needs and the others in your chain.

SpnBaby1967 · 03/05/2021 19:06

Oh, I hope you all are right about it being a short length of time! We're hoping to exchange within the next week to 10 days and complete shortly thereafter. I don't want to wait 4 weeks!

NYNYNYNYNYNYNYNYNYNYNYNYN · 03/05/2021 23:17

Just been through the horrendous process. Due to Covid they like too, where possible, complete and exchange on the same day.

Was in a long chain and it was absolutely awful as they couldn't get hold of top of chains solicitor.

We exchanged at 10am and completed at 4:30pm. Most stressful day of my life

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