Exchange and Completion

[Robertj21a]

E63M6 said:

Ye that's it. Sorry for the confusion.


I am the buyer. The house is being sold by a developer who has part exchanged for a new build.

Definitely do your own searches and surveys.

[paulrockliffe]

digimeistter said:

One week is the norm, mainly dictated by the fact that the mortgage company require between 5 & 7 days to send funds to the solicitor .

If it's a cash purchase it can be done the same day.

Do you mean 5-7 minutes? Faster Payments and CHAPs have been around for quite some time now!

We exchanged and completed on the same day and the solicitor had the bank's money by 10am, we exchanged and completed at about 3pm, so there was no need for exchange before funds were released. The whole point of sending money to the solicitor first is that they can be trusted with it and are insured, so everyone can just get on with the deal without having to wait for certainty before proceeding.

[Little Lofty]

Thn money transfer is quick, but a mortgage company will expect prior notice of when the money has to be sent, hence the 5-7 days. You won't get the money on a Friday afternoon If the solicitor requests it last minute.

[Trif]

I exchanged on a Friday afternoon and completed on a Monday. God knows how the other 2 houses in the chain managed to also get the funds in place and to arrange the removals at that short notice...

[E63M6]

There's only us who will be moving so that should quicken up the period between exchange and completion.