How long is the optimum time from Exchange to Completion?

[CheltenhamLady]

We (think- fingers firmly crossed) that our buyer may move to exchange.

They have messed us about so much that our pre move prep stopped as we did not think it would go through.

Our EA is now saying that two days is the normal time from exchange to completion due to the covid issue and the possible breach of contract if someone in the chain got covid.

No way are we doing that.

Has anyone any recent experience of timeframes.

With ours we were clear with the solicitor that we needed 10 days between the two (ex and I were both shift workers and sale was due to a split) and they complied.

When you get the documents to exchange you put preferred completion dates - they can't force you to complete with a 2 day difference!

(We sold in December 2021 so recently )

It can be whatever you all want it to be. I think 1-2 weeks is more the norm. We did 8 weeks (we both needed an early exchange, but weren't in a position to move quite so soon). In our experience, it literally took 4 full days for the solicitors to finally manage to exchange (vendor's solicitor went on holiday and left it with someone else who was part-time and not available much). Our solicitor couldn't get anyone to call him back. So I really wouldn't have wanted an immediate completion as you never know what can happen to cause delays.

I should say the above was during COVID, but we had another purchase (that vendors pulled out of) and that would have had 4 weeks between exchange and completion. I would imagine if someone gets COVID, they still have to figure out a way to hoist themselves out of their house. Even with 2 days, there's no guarantees.

I think from a removals point of view, I'd go for 2 weeks. It means you can firm up your date with the removals company once you have exchanged (if you do it beforehand and then exchange/ completion doesn't go through, you'd lose your removals deposit). It also gives you 2 weeks to get everything packed up in labelled boxes and maybe even some of the cleaning done before moving day. You don't want to be THAT person, still in the old house 4 hours after completion.....

Most (not all) people I know who've done it (ourselves included) just limited contact with others a bit between exchange and completion.

Watching with interest as a FTB

A week is pretty standard. Long gaps are generally not loved as it allows for very costly fuck ups!!

We mutually agreed 3 months for various reasons on both parties

I think providing both agree it can be whatever you want / need

I thought that up to a week was needed to ensure that the mortgage funds were released and in place for completion date. Cash buyers can exchange and complete on the same day.

We did two weeks which worked great and I gather is pretty standard.

Well it was a minimum four weeks not so many years ago!
I've sold three properties in the last year and bought one. It was one week between on one, same day on another and three weeks on the third and I had two week between when I bought. Many moving companies will not confirm dates until you've exchanged.

1 week

Always bought at auction. Both parties honest and business like. 28 days.

Whoops, that should have included the words 'all in.' at the end. Why does this site think I can think quicker than type?

We moved during Covid and had to do a same day Exchange and Completion due to Covid rules. Bit tense, but it all worked out okay.

So it seems that from what you have all said there is no standard time even during Covid?

I want about 2 weeks or more between exchange and completion so that we can organise everything.

I will hold firm!!

We did both in a day because of covid (earlier in it pandemic) and some other health issues. It was ludicrously stressful. Deffo avoid if possible!

We were in a similar situation and for various reasons wasn’t going to believe that our buyer was going to buy until the day of exchange. We said 2 weeks and had a removals company pencilled in which we confined on the day of exchange. Two weeks is long enough to pack and sort everything if you put your mind to it.

We moved May last year so covid times too

We did Thursday evening exchange for Friday move. We had to pay upfront for removals although they would have honoured a date change. The packers were packed before we exchanged. It was a teeeensy bit stressful but all came good.

Mortgage funds were drawn down on the Monday on both sides