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Original poster

Extended timescale between exchange and completion

14 replies

Spinthewheel1 · 02/08/2025 08:02

We want to move to a larger house. There are very few coming on to the market as that end of the market is quite slow in our area.

Our current house went under offer very quickly.

The EA have said that our buyers are happy to wait for us to find a property to purchase and are not in a rush themselves, but they would like to exchange contracts at the normal pace as this will give them the peace of mind that they will be purchasing the property.

So my question is how long can I leave it between exchange and completion? 6 months? 9 months? I’ve no idea.

We have looked at going into rental or an Airbnb, but they are incredibly expensive and we have a dog which many landlords don’t want to accept.

Thank you in advance.

OP posts:

MsMimi87 · 02/08/2025 08:10

There is no legal maximum time between exchange and completion so at least there isn't a deadline

I don't know if they exchanged but my next door neighbours house sold immediately in Feb when it went on the market, they only found a house last month and I don't see any signs of movement yet so thats 6 months from offer accepted minimum. They very well may have exchanged contracts as the conveyancing will most certainly be done.

If I was a buyer and it was my dream house id have patience but id need to be reassured the seller is actually actively looking and Seeking their next home and keep me updated. And also ideally I would try and negotiate an end point but that would be me as a buyer, id say 9 months for example if not don't by then you need to make alternative arrangements

My worry would be something could go wrong in the interim period would you guarantee to fix it, eg roof leak, boiler goes?

WellIquitelikesprouts · 02/08/2025 08:14

I don’t think there’s a time limit but you have to agree a completion date when you exchange so you’ll need to take that into account. You can’t exchange now and then complete when you’ve found somewhere to buy.

TheTwenties · 02/08/2025 08:17

Solicitors often advise against extended periods between exchange and completion to limit the amount of things which can go wrong during this time. If taking a mortgage there might be stipulations by the mortgage company too. I would think buying a new build with exchange happening very quickly and completion on notice would be a very different situation so whilst normal practice, doesn’t mean the same can be applied to a non new build situation.

WonderingWanda · 02/08/2025 08:25

I think that would just result in you having to complete at some point before your onward purchase is ready.

We sold our house 2 years ago and our buyers were happy to wait. All sorts of issues (rising interest rates, injuries, work issues) meant that after 11 months we still hadn't found the right house and our buyers decided to pull out. We almost brought the wrong (overpriced) house in a panic but decided to just stop looking. It would be foolish of them to tie themselves in for an extended period as well. We have since sold again and found the right house this time and it all happened quickly this time.

Nourishinghandcream · 03/08/2025 16:43

We had a 5-month gap between E&C on our sale.
Were waiting for our NB to be built (12-months between E&C on that one!) and had a house to move into for most of the time but needed the 5-month gap at the beginning.. Buyers were happy as it fitted in with their plans as well.

Nerdippy · 03/08/2025 17:50

The entire transaction from offer to completion could take 6-9 months, but unless you are buying a new build, I can't see any buyer or solicitor being willing to exchange and set the completion date months into the future.

RantzNotBantz · 03/08/2025 17:59

WellIquitelikesprouts · 02/08/2025 08:14

There is a thing called a Long Stop Completion Date which is the final date by which you must complete but can complete earlier if circumstances allow.

RantzNotBantz · 03/08/2025 18:10

Will you need an increased mortgage? Are you confident that whatever might happen in the meantime you could secure a mortgage?

What if rates go up?

What if prices go up?

You might end up in rented anyway if you can’t find the right house and complete in time.

As a bargaining chip with the buyers you could agree to exchange if they will agree to a long stop date of… however long you would like.

On the plus side you will be a strong buyer with your house exchanged.

I would talk this through with your solicitor before going back to the EA.

WellIquitelikesprouts · 03/08/2025 20:37

RantzNotBantz · 03/08/2025 17:59

There is a thing called a Long Stop Completion Date which is the final date by which you must complete but can complete earlier if circumstances allow.

Show quote history

Thank you. I thought that just applied to new builds though...

Nerdippy · 03/08/2025 21:33

WellIquitelikesprouts · 03/08/2025 20:37

Thank you. I thought that just applied to new builds though...

Show quote history

It does.

You can sell a property, independent of the purchase of a property (i.e. you agree to move out when the sale completes in an ordinary timescale), but that's not referred to as a long stop completion.

RantzNotBantz · 04/08/2025 02:11

Long stop completion is often used for new builds because they are sold before the developer can guarantee a date by which building will finish.

But any sale can be exchanged on a Long Stop basis. I sold a property with a long stop contract.

Wibblywobblybobbly · 04/08/2025 02:23

It might be problematic for your buyer because their mortgage offer will likely have an expiry date on it. They won't want to run the risk of their offer expiring post completion, so would want to factor that in to ensure you complete before then.

But even then there is a risk for them, because lenders can and do sometimes rerun credit checks prior to completion. So if they e.g. we're to buy a new car on finance, or lose their job post completion, this could cause knock on issues resulting in their offer being pulled when they're already committed to the purchase.

Also, the property is their risk from exchange. So if e.g. you live there for 6 months and it burns down, they're still obliged to complete. Yes, they should get insurance from exchange to protect them, but personally I wouldn't want to be running the risk on a property I wasn't living on for a long time and having to complete on a burned shell.

They might say they're happy with a big gap now, but a good solicitor would likely advise them against it.

Doris86 · 04/08/2025 07:22

I wouldn’t do it. It commits you to selling the house. What happens if you can’t find a house? Or if circumstances change somehow and you can’t afford a bigger house anymore? You’re still committed to selling.

You say you sold it very quickly. So if the buyers pull out you could probably sell quickly again. Committing to an extended period between exchange and completion seems like a big risk with no benefit to you.

WanderingWisteria · 04/08/2025 10:56

The problem is that, once exchange happens, the buyers have to buy your house or forfeit their deposit. So whatever happens to them in the interim - job loss; ill health; general financial crash; change to interest rates; they like more comes onto the market - they have to buy your house or lose a significant amount of money.
i’n also not sure how much it helps you as the chances of you finding a place and that purchase and any chain linked to it all completion on a specific date you have set in advance seems unlikely.
i would have thought better for you to complete and move into rented

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