Downsides to 5 weeks between exchange and completion?

[CutesyUserName]

The people at the top of our chain want to exchange 5 weeks before we complete. We don't have a problem with that but other than having to pay house insurance on exchange, is there any other reason why this could be a problem?

I think 5 weeks is fine.

I personally would never have a gap longer than 2 weeks. 1 week is the ideal, if you have a mortgage - same day exchange and completion if it's a cash buy.

Issues are (google says)

1. Mortgage company withdraw their mortgage offer.
2. One party could have an accident.
3. A dispute could arise over the property.
4. Buyer pulls out of the sale.
5. The house gets damaged by fire, flood or storm between exchange and completion.

It suits the vendor but not the buyer, I would never agree. 5 weeks is a long time to have concerns and sleepless nights!

I agree with previous poster - it will be helpful to them but not you

Only way I would consider it is if they put in a huge £ on exchange and they paid your additional costs

I don’t agree at all. It always used be that 4 weeks was normal and that gave both parties time to arrange packing & removals without all the last minute stress. Neither party can pull out after Exchange without incurring a hefty penalty. And Insurance is taken out at Exchange in case of fire/flood/ storm damage between Exchange & Completion.

I’m selling and we have 12 weeks between exchange and completion which everyone was happy with. We’re still insuring the house and looking after it plus doing repairs.

We had to pay the deposit on the house we are buying 12 weeks before the purchase too (overseas property).

Thanks for the replies, but I'm not concerned about any of the points raised for the reasons stated by Twiglets1.

All four parties in the chain are cash buyers, so no mortgages involved.

So far I don't see any real downsides to it, and frankly I'm happy to exchange sooner rather than later as it ties everyone in more securely legally and financially, and gives us all more time to arrange movers, etc.

Sounds fine to me. There is so much to do.

And 20/30 years it was the norm 4 weeks between exchange and completion.

I still don't really understand why anyone wants to exchange and complete so close together. We moved several times as a child and always had 5-6 weeks between exchange and completion - time to pack, book removals without it being a total gamble and you can insure against the other risks.

Now it seems everyone wants to exchange and complete all at once - to me, not knowing if I was actually moving into my new house until a week before would be what was giving me sleepless nights!

The only one in the Google list that is not complete bollocks (assuming you’re buying in England or wales) is the last one. If the property is badly damaged there will be an argument between insurers about who pays. Good news is that one/the other/both inevitably, assuming premium paid, will so no worries

short spaces of time between exchange and completion are crap for everyone.

I had 6 weeks and it's been perfect. It's good to have time to psychologically let go of the old place (if it's somewhere you like) and feel ready for the new one.