Long gap between exchange and completion?

[StuckInARug]

We’re buying a house, no chain (house is empty, we’re keeping out flat and renting it out). Mortgage offer done, building survey is only in early July. Vendors want to complete early august due to holidays etc. I’m desperate to exchange so we can be sure we’re moving, but I’m wondering what the risks are of exchanging shortly after the survey (say, mid July), with completion only in early august?? We have fairly secure jobs so unlikely to be made redundant etc.

Hey mamas

I am very confused so I am hoping that some of you might help me.
I recently put in an offer on a property in Barrowby gate ( Grantham) however, the property does not have secure fencing because it’s on a corner plot. I think I had put up high fence, if I leave some meters between the road and the garden?

due to not being sure I saw another property on Harrowby ( Grantham) which I am thinking of viewing tomorrow.

which of these areas would you recommend? Or would you say they are both nice areas?

thanks a lot

@StuckInARug talk to your solicitors. That sounds like a standard gap, slightly o short side. I presumed you’d be talking 6-9 months!!

Exactly, that's a pretty normal gap, can't think why it would be considered risky.

Oh wow I thought a standard gap was a week or two at most! So a 4-6 week gap between exchange and completion, for example, would be considered normal?

we’ve only purchased two properties in my life and both times we had 1 to 2 weeks gap

I wouldn’t say that’s too much of a gap. We always used to work towards 4 weeks between exchange & completion if possible

4 weeks used to be normal, less than 2 weeks would be stressful.
But if the survey isn't even being done till early July and the Vendors want to complete early August, there'll probably be only a few weeks between exchange and completion. In fact what with holidays etc, you may need to push to get an exchange soon enough. Ask your surveyor how long it takes from the date of survey to you and the mortgage company actually receiving the survey.
It strikes me that you say the mortgage offer is done, but these are not usually issued without sight of the survey - are you sure the offer has been formally issued?
Bear in mind that a survey often throws up issues which need to be resolved, so don't assume you'll be able to exchange as soon as it is received.

@DelphiniumBlue But it's been a long time since 4 weeks was happening, and it's no longer normal - our last purchase In September 2020 exchanged on the Tuesday and completed on the Friday. We considered ourselves lucky to have any notice at all at that point.

We sold last year and insisted on a 4-month gap between exchange & completion and for all their other faults, our buyer was happy with this (waiting for our temp accommodation to become available).

With newbuilds a long gap is the new norm, you have to exchange when the footings are being dug but complete 9-12 months later.

Ahh that’s true I have to correct myself! Our current home was bought as a new build - we exchanged in June and completed in August. There’s a chance the survey on the new house will be earlier, so it would work out a 4 week gap I think, provided it’s all fine with the survey.

@DelphiniumBlue the mortgage valuation was done a few weeks ago, and we’ve had the offer already. This is just our own building survey as it’s a pretty old house!