The time it takes to exchange contracts when selling a house depends on a number of factors. But typically, when selling a house without a conveyancing chain it can take anywhere between 4 to 6 weeks to exchange contracts from accepting an offer. But when the selling process involves a conveyancing chain, this time scale is likely to be longer. A transaction that takes between two to three to get to exchange of contracts from an offer would be considered quick.
The time it takes to exchange contracts when buying a house depends on a number of factors. But typically, when buying a house without a conveyancing chain it can take anywhere between 4 to 6 weeks to exchange contracts from offer. But when the buying process involves a conveyancing chain, this time scale is likely to be longer. A transaction that takes between two to three to get to exchange of contracts from an offer would be considered quick.
The length of time between exchange and completion is whatever the parties who are involved agree to. The gap between exchange and completion is usually anywhere between one to four weeks. This gap allows everyone involved enough time to organise removals, to change utilities and notify friends and others about a change of address. Plus to allow time for the finances to be drawn down. Once contracts have been exchanged it allows both the buyers and the sellers to confirm their removal date and to start packing. But there doesn’t need to be a gap, as the minimum time between exchange and completion can be zero days. Or in other words a same-day exchange and completion.
The normal period between exchange and completion is one to four weeks. But when you’re agreeing your completion date and given that the transaction is legally binding once exchange has taken place, it’s important to get the period right. The one to four week gap between exchange and completion is usually to allow all parties in the chain to make moving arrangements. Normally, your solicitor will have made sure all is in place contractually before exchange takes please. If you are using a mortgage you are advised to have this in place before exchange too. But the period between exchange and completion can be longer, so long as the extended period is agreed to by both parties. Where the contract period is longer than the norm, this is usually referred to as a delayed completion.
Whilst there are risks associated with exchanging and completing on the same day, it is worth considering how these compere to the risks of a delay between exchange and completion during the Coronavirus pandemic. The main risk is from someone in the chain contracting Coronavirus Covid-19, which could delay or prevent the move. This could be you or one of the other people in the chain. But equally it could be your solicitor or another solicitor in the chain. If this were to happen it could cause a delay to the completion date and may have serious financial implications to you or to others in the chain.
Companies that buy houses work well for those home owners who are looking for a quick sale and need cash fast. The process is normally very quick from accepting the offer through to completion and you receiving the funds. There are no chains to contend with, you don’t need to involve estate agents (so no estate agent fees), but you will need to be prepared to accept a lower than market value offer to sell your house in this way. Typically you’ll receive between 25-30% less for your property than if you were to sell it in the conventional way using an estate agent. You will need to weigh-up the pros vs the cons of selling your home in this way before making a decision.