Exchange and completion

[Bloom]

The buyers of our house want to exchange and then complete 7 weeks later. We want to complete sooner. Is there a time limit by law which states that completion must take place sooner?

[dannydingbat]

No, there is not statutory period. Usually it is 4 weeks from exchange but the actual date is entered in the contract so, therefore, is by agreement. If they say they want longer and you don't, then you will have to sell to someone else, with all the hassle that takes. Simply, if they don't want to play, you can't make them.

[Estate Agent]

I beleive the Date is only entered on contract when solicitor READY to exchange, hence why when you sign your contract you don't put in the date. No time limit at all. I would say it is very rare to have 4 weeks between exchange and completion, 2 weeks is more normal so 7 is outrageous ! U could get a new buyer by then !

[evo_Rizla]

Bloom, i think it all depends, it took us 11 weeks from offer accepted to completion, but we exchanged on the Wednesday and then completed on the Friday, apparently its not uncommon to exchange and complete on the same day.

7 weeks is a long time, maybe they are tied into a mortgage for their existing house till then?, maybe one is abroad working till then, maybe they need a couple more months pay cheques to get teh deposit together, to be honest there could be 100's of reasons, they want to exchange now so they dont loose the house to somebody else i'd like to bet.

Our old next door neighbour had 3 months between exchange on completion which to be fair they did know from veiwing the house, but as buyers they didnt mind to much, 3 mortgage payments they didnt need to make payed for the bathroom.

So far as law about it, its all what you agree on in the exchange bit, so if you exchange with that date then you're agreeing with it, and if you dont agree then dont exchange.