When You Exchange Contracts How Long to Completion

When You Exchange Contracts, How Long to Completion?

Once you`ve exchanged contracts on a property, you`re one step closer to completion. However, the question on most people`s minds is how long it will take to get there. The answer, unfortunately, isn`t a straightforward one. Completion times will vary depending on a range of factors, including the nature of the property, the parties involved, and the speed of the conveyancing process.

Here`s what you need to know about the timelines for completion once you`ve exchanged contracts.

Conveyancing

The conveyancing process is the legal transfer of property ownership from the seller to the buyer. Conveyancing can take anywhere from a few weeks to several months, depending on the complexity of the purchase, the speed of the solicitors involved, and whether there are any issues to be resolved.

If everything goes smoothly, completion can happen within a few weeks of exchanging contracts. However, if there are problems with the property or issues with the paperwork, the process may drag on considerably longer.

Chain Length

If you`re buying in a chain, the length of that chain can have a significant impact on your completion timeline. A chain is a sequence of buyers and sellers, so if there are problems with any of the transactions in the chain, it can delay your completion.

For example, if one of the parties in the chain has an issue with their mortgage or runs into unexpected problems with their property, this can delay everyone else in the chain. The longer the chain, the greater the risk of complications, so it`s worth considering a shorter chain if possible.

Mortgage Process

If you`re securing a mortgage to buy your property, the mortgage process can also impact your completion time. It`s important to get your mortgage application in order as soon as possible, so it`s ready to go once you`ve exchanged contracts.

The mortgage lender will need to conduct a valuation of the property, which can take some time. They may also require additional documents or information from you, which can delay the process.

Conclusion

In conclusion, completion timelines vary depending on a range of factors. While exchanging contracts is an important milestone, it doesn`t necessarily mean your completion date is around the corner. The conveyancing process, chain length, and mortgage process can all impact your timelines, so it`s important to be patient and stay in close communication with your solicitor and estate agent.

By being prepared, proactive, and flexible, you can help ensure a smooth and timely completion process. With a bit of luck, you`ll be able to move into your new home sooner rather than later.