What is the usual gap between exchange and completion in a chain?

[CharlottePotatoes]

What’s the usual gap between exchange and completion?

We are selling, trying to organise exchange & completion dates and our buyers have informed us their buyers now want two months’ in between exchange and completion as they need to give rental notice. This hasn’t been shared previously and we specified when we accepted the offer that we wanted a speedy sale- we only accepted as they were a short chain with their buyers in rental.

I haven’t done this for a while but had assumed it would be 14 days tops- we want the transaction completed in April due to some financial deadlines related to another transaction (not property) so this extended date will create some issues.

It can be same day.
state again what you want and the basis of your offer. Just because somebody else wants an alternative doesn’t mean you have to agree.

Yes I’m not too sure what’s a reasonable request, we do need to insist on it happening within 4 weeks but not sure if this is an unreasonable request.

Thats mad. I think its usually 2 weeks but ours was 1 day !

Myself and both my DDs have done it on the same day for our most recent purchase! As both buyer and seller for our last house move, I informed my solicitor of the final date by which we wished to complete, and that was adhered to.

Same day is a bad idea, imo...but equally two months is ridiculous!

We've usually stipulated anything between one and two weeks (have bought/sold eight or nine times).

I'd make sure your conveyancing solicitor informs the other side of your own requirements/wishes re dates @CharlottePotatoes. There's got to be some give and take, obviously, but the bottom of the chain can't be allowed to call all the shots.

4 weeks sounds relatively generous by the sounds of it- I will pass on our deadline and leave it to our buyers to negotiate, it has been apparently quite hard to get updates out of their buyers which is frustrating us all.

It could be because the new renters rights thing is coming in, which means they are no longer tied in to their contract but is a pain in the bum for those that have just signed new contracts as landlords are now refusing to advertise earlier and making them wait the two months.

ive heard of buyers needing to give one months notice to a rental but not two and I’m an estate agent. Maybe they’ve got two months left so there just trying their luck, I’d push back and tell them you want it before. A week of two is standard but like others have said it can be same day

A week is common I think. That’s what it’s been whenever I or family have bought.

Just because two months works for them doesn’t mean it will for you. Even if things are not complicated it can easily be 8-12 weeks before exchange. Do you really want another 9 weeks on that to complete?

I expect they can afford rent and mortgage payment for one or two months, but they’d rather not pay it. Not your problem though.

I would not be prepared to wait longer than two weeks. If the buyers end up having an overlap that’s just too bad - we had an overlap of three weeks when we bought and you just have to suck it up. It worked out well for us because we want to decorate before moving in.

A week

Our last move was the same day (unfortunately necessary due to the stamp duty rise deadline) and it was so stressful! I was convinced everything would fall through.

Previous sales have been a week though. I think I’d say no to 2 months, particularly if it hasn’t been mentioned up until now. I say you need to move in too and they can’t put conditions in this late in the day.

The gap between E&C can be as long as the parties concerned agree on.

When we sold a few years ago, we had a gap of 4-months (our choice) which our buyer was happy to agree to.
We later sold another property (empty probate property) and E&C happened on the same day.

One or two weeks is standard. Two months is a bit ridiculous especially as they haven’t mentioned it until now.

Sounds like they want to have their cake and eat it. Most renters when buying have a bit of an overlap, and pay both rent and mortgage for a month or two. Many find it easier that way, as there isn’t such a rush and they can be a bit more relaxed about moving things to their new home.

I pushed for 2 weeks because with my first sale it was meant to be the same day. And they pulled out the day before!

My son just completed was a week from exchange

Don't exchange and complete on same day.

Never complete on a Friday.

I've moved 7 times and have exchanged and completed on the same day 7 times😯
In all honesty, if it suits everyone, I think a longer exchange to completion time can be beneficial. Moving costs can be lower, because you're booking in advance, more time to pack, declutter, repair(!) and make your goodbyes. I would imagine it's a lot more relaxed than my usual 'GO'!

No I think the date proposed by my buyers was a Tuesday in about 10 days time but they’ve come back and asked for two months from exchange!

Years ago the normal gap used to be 4 weeks but these days I believe a more normal gap is about 2 weeks.

2 months is very long - personally I would suggest 1 month because if they really want 2, they are not going to agree to I week or simultaneous exchange and completion on the same day.

What do you mean, bottom of the chain can't call all the shots?

Absolutely, bottom of the chain can and does call all the shots. They can walk away with (relatively) little to lose. In the middle of a chain you can't proceed without your buyer and they can't proceed without you. Bottom of the chain can walk away and find somewhere more suited to them. If you want to get into a chain, bottom of the chain always calls the shots.

It’s a short chain and we’re at the top with no onward purchase- surely we are in a similar position to the bottom of the chain?

They were apparently looking for a long time for the right house and our house sold quickly. It would be grossly inconvenient and we’d lose £2k in conveyancing fees but I suspect they’ve racked up more as they’ll have had to do a survey etc.

Its our buyers sandwiched in the middle with the most to lose but they can’t really do much if neither we nor their buyers will compromise I suspect.

These things are a compromise between buyers and sellers.

No one who has got to this point in the process really wants to walk away just because of having to compromise over exactly when completion occurs.

Everyone just needs to be reasonable and come to a compromise that is somewhere in the middle.

Not really though. You have something to sell. Without a buyer, you still have a house that you need to sell. At the bottom of the chain they are the ones who have least to loose if they need to walk away. Many conveyancers will be no-move, no-fee, so all they may have paid for so far is searches and possibly a fee to the mortgage company (if they have one). Without the bottom of the chain, there is no chain and if the people in the middle wanted, they can always break it and move into rental whilst they look for somewhere. If you are at the top, you are surely the most vulnerable to the whole chain collapsing?

The buyers also cannot buy without doing a deal and without this sale concluding, they still have to find a new property to buy and start the whole exhausting and expensive process again. Which again could fall apart at any point in the process because of one person in the chain being unreasonable or a bad survey, etc.

They could be stroppy on every purchase they try to make and stay in rented indefinitely. Presumably they don't want to do that though as they have decided to purchase a property. They want to buy this particular property and have already invested a lot of money in trying to do so.

They don't hold all the power but they do hold quite a lot which is why OP would be well advised to negotiate by suggesting a months gap between exchange and completion then they would only need to pay double rent for one month.

Another thing OP could do is offer to pay one month of the buyers rent, if financially that would be better for them than agreeing to a month between exchange and completion.