What Is the Average Time between Exchange of Contracts and Completion

When it comes to buying or selling a property, exchange of contracts and completion are two crucial stages that determine the transfer of ownership. Exchange of contracts is the point at which both parties agree on the terms of the sale and sign the contract. Completion is the day when the funds are transferred, and the property officially changes hands.

There is no fixed timeframe between exchange of contracts and completion, as it can vary depending on various factors such as the type of property, the complexity of the transaction, and the parties involved. However, the average time between exchange of contracts and completion is usually between 4-12 weeks.

One important factor that affects the timing is the type of property being sold. If it is a freehold property, the timeframe can be relatively shorter as there are fewer legal procedures involved. However, if it is a leasehold property, the timeframe may be longer as there are additional legal requirements such as obtaining consent from the freeholder.

Another factor is the complexity of the transaction. If there are any additional conditions that need to be met, such as obtaining planning permission or resolving any disputes, the timeframe can be extended. Furthermore, if either party wishes to renegotiate the terms of the contract, this can also cause delays.

The parties involved can also impact the timeframe. If either the buyer or seller is in a chain, meaning they need to complete their own sale or purchase before proceeding, this can cause delays to the overall process.

In conclusion, the average time between exchange of contracts and completion can vary depending on various factors. It is important for both parties to ensure all legal requirements and conditions are met to avoid any delays. Seeking the advice of a professional solicitor or conveyancer can also help to ensure a smooth and timely process.