House buying: shortest time between exchange of contracts and completion?

Page may contain affiliate links. Please see terms for details.

BTB 500

MB Club Veteran
SUPPORTER
Joined
Aug 7, 2005
Messages
22,792
Location
Shropshire
Car
R129 SL500, W639 Vito 120, S205 C300
I still have some stuff stored in the loft of a house that's just been sold, subject to contract / survey etc.

I will need to rent storage space for it, which is going to cost me £100 or so a month. So I don't want to move it till I have to.

There's no chain involved in the house sale - vendor already has the deeds etc. and is moving to a rented property, purchaser is a first time buyer. Both are keen to complete as quickly as possible.

So ... I know it's normally 1-2 weeks from exchange to completion, which would be enough time for me to sort storage out. But could it happen quicker?

Thanks in advance :)
 
iirc correctly there used to be legislation requiring a fortnight between exchange & completion, but I think that has now gone and that exchange & completion can be done on the same day. That said I don't think many solicitors would recommend such action, just in case anything goes wrong. So I suppose the short answer is you can do it as quickly as you want.
 
It is up to you when you sign and then exchange the contract you agree the completion date. The date should be mutually agreed - it is not "done" to either party.
 
OK thanks folks. Sounds like I might have a problem then.
 
As an estate (& business) agent of 22 yrs standing, let me clarify the situation:

Exchange and completion can take place simultaneously if required. This has always been possible, the law hasn't changed.

However, solicitors normally work to there being a delay between the two, the norm being 3-4 weeks. This usually ties in with buyers and sellers requirements as they don't want to book removals until the deal is definite (ie exchange) and good removal companies get booked up.

The timescale is entirely a matter of negotiation between buyer and seller, the completion date then becomes definite on exchange of contracts.

Hope this helps
 
I always exchange and complete at the same time, and on the same day. Find its just easier.
 
saorbust said:
I always exchange and complete at the same time, and on the same day. Find its just easier.

Doesn't that mean you have to move all your contents out, before there's a binding contract in place ??
 
jdrrco said:
As an estate (& business) agent of 22 yrs standing, let me clarify the situation:

Exchange and completion can take place simultaneously if required. This has always been possible, the law hasn't changed.
Hope this helps

You may be right, I was certainly told that in 1972 when I bought my first property, but then I certainly would not claim it to be the truth as I was told by an Estate Agent. Over the years I have come to form the view that it is wise to check anything Estate Agents tell me.
 
BTB 500 said:
I still have some stuff stored in the loft of a house that's just been sold, subject to contract / survey etc.

I will need to rent storage space for it, which is going to cost me £100 or so a month. So I don't want to move it till I have to.

There's no chain involved in the house sale - vendor already has the deeds etc. and is moving to a rented property, purchaser is a first time buyer. Both are keen to complete as quickly as possible.

So ... I know it's normally 1-2 weeks from exchange to completion, which would be enough time for me to sort storage out. But could it happen quicker?

Thanks in advance :)

I know of one case where it took 3 hours from the first viewing of a property to completion! Punter viewed it, loved it, went to bank, went to solicitors, deal done.

Anything can be done if there is cash involved and no mortgages!
 
BTB 500 said:
Doesn't that mean you have to move all your contents out, before there's a binding contract in place ??

Technically yes. But then I set the move day as the same day as the completition day. Solicitor has all my documents pre-processed and signed, I just wait for the 'go'. Some buyers don't like it - but the longest time I've waited between exchange and completion is 4 days.

J.
 
IanAlexander2 said:
I certainly would not claim it to be the truth as I was told by an Estate Agent. Over the years I have come to form the view that it is wise to check anything Estate Agents tell me.


Thanks for that old chestnut again. Strange how few estate agents have ever been convicted of any criminal offence compared to, for example, doctors. Yet I wonder if you'd be as sceptical of the professional expertise of your doctor?

Could it not be even remotely possible that you have perhaps remembered that one sentence spoken to you 34 years ago slightly incorrectly?
 
Last edited:
I exchanged and completed at exactly the same time. This was easy because I was buying off the family ;)

The whole process was still drawn out to months though courtesy of solicitors, surveyors, money lenders, the council and every other body that could possibly drag it's heels when buying a property.
 
Shude said:
I exchanged and completed at exactly the same time. This was easy because I was buying off the family ;)

The whole process was still drawn out to months though courtesy of solicitors, surveyors, money lenders, the council and every other body that could possibly drag it's heels when buying a property.


So true.

I sell hotels now, which should be far more complicated than a house sale what with transfer of staff contracts, future bookings, liquor licence, inventories of fixtures & fittings and stock etc. However in 1992, I had a buyer look at a hotel for the first time on 20th December, offer on 21st and exchange and complete on Christmas Eve. Four days, one of which was a Sunday. It can be done.
 
Alfie said:
I know of one case where it took 3 hours from the first viewing of a property to completion! Punter viewed it, loved it, went to bank, went to solicitors, deal done.

Anything can be done if there is cash involved and no mortgages!
Well I guess they say anything is possible, but I can't imagine how that is. Even if the buyer didn't bother with searches, surveys etc, then how on earth could the buyer and sellers solicitors get together and agree the contracts - normally weeks come and go even in the simplest of deals.
 
BTB 500 said:
I will need to rent storage space for it, which is going to cost me £100 or so a month. So I don't want to move it till I have to.
Thanks in advance :)

Can't you just rent a lock up garage from someone for about £50 a month?

Of course it depends on how valuable the stuff is etc but it shouldn't be too hard to find somewhere

Just a suggestion

Andy
 
jdrrco said:
Thanks for that old chestnut again. Strange how few estate agents have ever been convicted of any criminal offence compared to, for example, doctors. Yet I wonder if you'd be as sceptical of the professional expertise of your doctor?
Convicted is the issue here. The problem is that people are far more ready to let estate agents get away with it than they are doctors. Also, the Police seem to be far less willing to go after estate agents than doctors, and the crown prosecution seem to be far less willing to prosecute.

I've worked with my share of estate agents, and there are a couple of gems among them. However, they are in an industry with too little control and too little accountability, and the vast majority seem to take advantage of this fact to make themselves richer at the cost of other people's sanity.

-simon
 
Both my last two house purchases have taken well under 14 days from first viewing to actually moving in, so I would have to agree, when money is concerned anything is possible (Current property was viewed on Sunday PM, offer submitted Monday AM house purchase completed 9 days later.)
 
andy_k said:
Can't you just rent a lock up garage from someone for about £50 a month?

Of course it depends on how valuable the stuff is etc but it shouldn't be too hard to find somewhere

Just a suggestion

Andy

Yup I considered this, but not been able to find one anywhere local (in fact, I turned up a lot of 'wanted' ads for them). Plus some of the stuff is susceptible to damp / condensation, so I will probably end up with Big Yellow Storage.
 

Users who are viewing this thread

Back
Top Bottom