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Original poster

Seller requesting a month between exchange and completion

22 replies

Hiphopskotch · 23/04/2022 15:14

We are aiming to complete on our sale and purchase on 1 June. Our seller has contacted us today asking for a month between exchange and completion for no sensible reason that I can see. Vague threats that if we don't exchange a month before then completion will slip, etc. Reason given is they need to organise for their things to go into storage (?!).

Would you agree to this? My instinct is no and I understand the bigger the gap between exchange and completion the greater the risk of something going wrong. In our position in the middle of the chain we would be at risk of something going wrong from both buyers and sellers. We need our sale to go through in order to complete our purchase.

I am not sure our buyers would agree to this anyway, but that aside, WWYD, and what specific risks could we be exposed to here?

OP posts:

RidingMyBike · 23/04/2022 15:28

I would have thought there was more risk of things going wrong with a short gap? The sale isn't legally binding until exchange so it's far riskier to have those dates close together. I've tried to have at least two weeks between when I've bought as it gives you time to get removals sorted etc. I've only done shorter (3 days between) when it didn't involve me physically moving out (as already moved out to rented).

So they want to exchange for 1 May with completion on 1 June? That then gives a month of relative certainty whilst moves etc can be planned. Obviously it's not totally set in stone it would go thru but they'd lose the 10% deposit etc. Surely it only then wouldn't complete in extreme circumstances like someone dying between exchange and completion?

AlexanderTheGreat · 23/04/2022 15:32

A month is pretty standard, I think.

A580Hojas · 23/04/2022 15:37

There is next to no risk of things falling through after contracts are exchanged so that is the really crucial date. What were you expecting to happen OP?

Chaoslatte · 23/04/2022 15:39

I think that sounds completely fine and I would have no issue with it. It’s unlikely things would go wrong after exchange.

tothemoonandbackbuses · 23/04/2022 15:40

A month is ideal gives everyone time to get organised. A week or less is a nightmare as it’s just chaos

Neolara · 23/04/2022 15:41

I think it's a very sensible gap.

Original poster

Hiphopskotch · 23/04/2022 15:45

Thanks for your thoughts! I hadn't realised a month was quite standard. This is our fourth house purchase and I've only ever done a week or two before!

I'm not as worried about the risk of the transaction falling through pre-exchange, as I am about the risk of something happening to one of the properties in the chain between exchange and completion - fire/burglary/vandalism, that either means a party changes their mind about proceeding, or where the value of the property changes. That or a party's personal position changing - losing job etc.

I do accept these are all relatively remote risks but casting my mind back to the dim and distant past of law school I could have sworn the advice at the time was to minimise gaps between exchange and completion to protect against these kinds of risk!! Totally open to accepting that I'm just wrong and worrying about nothing, however 🙂 I didn't end up qualifying into property law hence the rusty brain!

OP posts:

RainingYetAgain · 23/04/2022 15:50

Month is fine, and fairly normal in my experience. There is time to get removals booked with no pressure and the other things sorted. just make sure you insure the new property from exchange
My DS is purchasing he would like at least a month between exchange and completion as he has to give 8 weeks notice on his rental, which he won't do until exchange, so I guess other FTB might feel the same.

Applesapple · 23/04/2022 15:53

I think the risk differs with circumstance. A same day exchange and completion would suit me because there’d be no chance of my circumstances changing which could cause my mortgage offer to be withdrawn and leaving me liable for additional costs if I fail to complete because I don’t have a mortgage. Also it would give me the chance to go and see the property right before exchange, and have confidence that it won’t have changed drastically by the time I get the key.

BUT I live with my parents and don’t own furniture. I doubt my seller would be willing to take a same day exchange and completion. They’re going into rental.They would have to pack all their things up and be ready to leave/ have moved out on this one day and have signed a rental agreement with the risk that I could pull out the day before.

I’m hoping for 2 weeks between as I’ve heard that’s fairly common

SpiderinaWingMirror · 23/04/2022 15:54

You are right to agree only if the entire chain cam exchange at the same time.

Lunalicious · 23/04/2022 16:40

We just had a six week gap as our vendors insisted and it was such a loooooong time. But it did give is time to pack up in quite a leisurely fashion and we are in now so happy at last.

Hostaswordwoman · 23/04/2022 19:21

I would hope to do it the same week.

CheltenhamLady · 24/04/2022 17:13

We had a 7-week gap between exchange and completion. It did seem a long time, but we used the time to plan services such as TV/Broadband to be connected immediately we moved in and to order new larger bins from the council. We moved last week and it was fine.

We were happy with the timescale, but our sellers wanted it sooner, however, our buyers couldn't comply, so they had to suck it up.

Dougieowner · 24/04/2022 18:22

Timing between exchange and completion varies depending on circumstances and what the various parties agree to.

When we sold our house last year we requested 5-months and our buyer was content to go along with this
When we bought our newbuild the developer insisted on 8-months (could potentially have been longer if there were delays on their side).
Sold my late parents house earlier this year, solicitors wanted to exchange and complete the same day but settled on 24hours.

Original poster

Hiphopskotch · 24/04/2022 18:38

Thanks everyone for your thoughts, very helpful to understand that a month isn't such a long time after all!

OP posts:

BlueMongoose · 24/04/2022 20:48

A month is sensible- gives time to book removals etc. Much shorter than that and I think it's positively asking for a crisis.

BlueMongoose · 24/04/2022 20:50

" I'm not as worried about the risk of the transaction falling through pre-exchange, as I am about the risk of something happening to one of the properties in the chain between exchange and completion - fire/burglary/vandalism, that either means a party changes their mind about proceeding, or where the value of the property changes."
That's why you have to insure the property you're buying between exchange and completion.

LizzieSiddal · 24/04/2022 20:54

I wouldn’t exchange unless everyone else in the chain exchanges on the same day or you could end up with nowhere to live.

cocktailclub · 24/04/2022 21:20

Our solicitor charged extra to complete less than a month after exchange. Said a month was the normal time period.

MMAMPWGHAP · 24/04/2022 21:30

No problem but be wary if anyone involved us very elderly. When I helped my elderly mum & dad downsize their solicitor had a private word with me about making the gap between ex and comp short. If anyone dies apparently it gets very complex!

resuwen · 24/04/2022 22:03

As I understand it, this was discouraged during lockdown because if anyone got Covid and was forced to isolate this could lead to a tricky legal situation. This is no longer a problem though!
In three house purchases I've had to exchange and complete on the same day twice, which has been a nightmare - giving deposits to removal firms based on speculative dates, packing up with no guarantees, and in both cases, me on the phone to solicitors at 4:50pm with all my stuff on a lorry, and a very real possibility that I might end up with no house at all overnight. A month in between sounds great!

Housetreecar · 24/04/2022 22:07

Month is pretty much the standard. I’ve never done it any quicker and wouldn’t want to

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