Why so long between exchange and completion?

[Starseeking]

My long-running (7 months and counting) property purchase may soon be coming to an end.

My vendor's solicitor today proposed 6-8 weeks between exchange and completion, while I'd prefer to have 1 or 2 weeks at the most. Vendor is moving into an empty leasehold sheltered flat.

Despite having purchased 3 properties over the last 15 years, I've not been in this situation before. My questions are:

• why would they need this length of time between exchange and completion?

• what legal activities take place between exchange and completion?

• what can I say to get the vendor to agree to a shorter timescale?

• what are the risks of having such a long gap between exchange and completion?

I think you are better off asking your solicitor, but I would assume it had something to do with needing to prove they need to vacate their current property to be able to rightfully acquire sheltered accommodation. For example, they can’t have another property going in there and the process of getting that space takes a few weeks.

We had 8 weeks between exchange and completion. We both wanted to exchange early, vendors because they were reserving a new build (moving into rented) and we wanted to meet school applications deadline. But we both needed more time to get sorted and move. We were fine with that. We got buildings insurance sorted. There is a risk of something happening to the property during that time, but it could just as well happen with 1 week between too.

My solicitor has already pushed back and said no, but apparently the other side is adamant.

Would it make a difference that they are buying a leasehold sheltered flat? My vendor has had the required pre-meeting with the site manager, and selling to me and buying her new place (with the proceeds) will take place simultaneously.

I've already arranged buildings insurance from my lender to start on exchange, so I'm not too worried about that. 8 weeks is just too long for me to wait between exchange and completion, particularly as my vendor is in her mid eighties.

My mortgage offer expires at the end of February, and it took me 2 months to get it back last summer. I really don't want to have to renew it as the bank could change the rate, given interest rates have increased since then.