Exchange to completion

[THNG5]

We're hoping to complete on our sale on the 30th. We haven't yet exchanged and our buyer's solicitor, who's been super slow during this whole process, has gone quiet.
I've read that you need 5 days between exchange and completion when you've got a mortgage so I'm now really stressed and angry!
What's the shortest time you have exchanged and completed?

I waa forced into same day exchange and completion. I had mortgage and it was fine. They need to request funds on time and that's it. Lots of people do the same day malarkey

It can be done on the same day but you would be over optimistic to trust a flaky buyer. You would have had to pay movers, and perhaps arrange temporary accommodation... and then they might not exchange.

Hmmm. Yes, I hadn't thought of this. Thank you.

We had both ends of the scale when we sold.
First we had 5-months between E&C and then on our next house it happened on the same day.
Both suited us and our buyers.👍

You still have time, but in the event it does drag on then I would probably delay completion to ensure you have 5 working days after exchange to draw down the mortgage and organise removals (unless there is some reason you NEED to complete on the 30th, i.e. mortgage offer expiring).

Fingers crossed the respective solicitors pull their fingers out! In my experience it’s slow and laborious and then all of a sudden it’s ’go go go!’

It depends entirely on the lender. They all have different SLAs in terms of processing the COT for completion. It would be ideal to give 5 clear working notice for funds to be drawn down but it can be done quicker. It’s best to wait for confirmation of funds release prior to exchanging. If you’re just selling then ask the agent to chase the buyers solicitor to ensure there is nothing outstanding and they are in a position to submit the funds request.

IIRC, we had about 6 days between E and C, but that was only because (typically) we were on holiday when it happened.
The holiday had been booked even before we started looking for a new house. It was pure sods law that it all happened during the ONE week we weren't really available.

I wouldn't worry too much about solicitors going quiet. I didn't hear anything from them for weeks and weeks on end, and then it all suddenly kicked off and galloped to the end incredibly quickly. It went from hearing nothing to exchange day in less than a week.

Insist on exchange this week. You could then push completion to Friday 2nd if you need the 5 days.

Start being the squeaky wheel. Ring both estate agents (assuming sale and purchase), and your solicitor.

Put forward your reasons for the completion date, and ask what needs to be done to get there.

We had about an hour between exchange and completion... - and one exceedingly productive evening when the solicitor and estate agent were clearly both working late. Both contacted me first, but then i did a flurry of prompt responses and forwarding information. We made masses of progress as everyone was responding!

The five days isn't a rule, it's your lender's notice period, and they all publish their own — Nationwide asks for at least five working days' notice of the completion date, Skipton for seven business days from when your solicitor sends the certificate of title. So ask your solicitor two questions: which lender, and how much notice that lender needs. That gives you your earliest safe completion date. Same-day exchange and completion does happen, but it means you've paid removers against a date that doesn't legally exist until the moment of exchange — if the other side don't exchange, the van's already booked. If they're slow, I'd move completion back rather than exchange without the funds confirmed for the day.

After exchange you need to hit go on mortgage and removals. You’ll need 5 days.

I would urge against completing on Friday by the way