Q: Title says it all really appreciate really.
I to what buyer and seller agree, but I was wondering what is “normal” period.
Thanks advance.
You can really fix any time that suits you and your buyer. Obviously this is easier if it's a very short chain.
We have just sold our house (no chain behind our buyer). We insisted on an early exchange to ensure the sale was locked in – but are comfortable with a long gap to completion. In our case we exchanged early December…and we are completing at the end of March. The long completion date gives more time to find somewhere else (effectively we are now cash buyers)…and happened to suit our buyers also.
There is a house we particularly like….in this case the sellers want plenty of time to look around. We are prepared to give them 6 months (we would rent in the meantime) provided they agree to an early exchange. They can call on us to complete at any time in that 6 month period (they are then in a strong position as buyers…they have a secured sale having exchanged and, if necessary, could complete very quickly and with no chain behind them). Of course we could end up paying rent for a period when we own another house – but in the grand scheme of things that is a price we are prepared to pay for the property we want. The greater flexibility we can provide the people we are buying from should make our offer particularly attractive – even if it is below the absolute maximum they might obtain…possibly in a long uncertain chain.
Apologies for rambling on…but this was just to give you 2 examples of long completion periods – the usual is 4 weeks.
Yep, did that from day one, when we were showing prospective buyers round. Told them the general situation and what we'd like to do, but didn't go in to specific dates at that stage, obviously.
Once you've exchanged, everyone will relax, so just try and do that asap.
No. Somewhere else.
Are you in the South-West?!
That's our situation too – except we're the ones selling and emigrating. Er… are you buying my house?
We'd like a long space between exchanging and completing, so we can arrange flights, shipping etc. On the other hand, I don't want to take the p***.
Actually, it is only us and the vendors. They are emigrating, so we agreed to give them some space between exchange and completion. It's easier to do, the fewer people in the chain. We were happy to wait, so long as the property was "secure" ie we had exchanged contracts.
Total was 5 weeks from putting the offer in.
That's what we want to do – exchange quickly but complete after a longish period. Just wanted to get an idea of what was the longest reasonable time.
I guess someone in your chain thinks that from now till April is *too* long.
Thanks for replies so far.
Any advance on a month? (I have lots of things to arrange)