As the exciting day of exchanging contracts for your new home approaches, many people wonder how long they will have to wait until they can move in. The answer to this question depends on a few factors and can vary from one sale to another. Here is a guide on how long after contracts are exchanged you can move in.
What is Contract Exchange?
Before we delve into the moving-in timeline, let us first understand what contract exchange means. This is the legal process where the buyer and seller sign and exchange contracts for a property sale. At this point, the sale becomes legally binding, and both parties are obligated to proceed with the transaction.
The time of exchange of contracts is determined by the solicitors representing the buyer and seller. Typically, once both parties have agreed to the terms of the sale, the exchange can take place.
How Long After Contracts are Exchanged can you Move in?
The answer to this question depends on the terms of the sale. In most cases, the completion of the sale is scheduled between 7-28 days after the contract exchange. This means that the buyer will have to wait for a minimum of 7 days before they can move in. However, it is essential to note that the completion timeline can vary depending on the parties involved.
Factors that Affect the Moving-in Timeline
1. Property Chain
One of the most significant factors that can affect the completion timeline is the property chain. This refers to a group of buyers and sellers who are buying and selling their homes, and each one is dependent on the other. A property chain can delay the completion process if one of the transactions in the chain experiences a hiccup.
2. Mortgage Approval
If the buyer is using a mortgage to fund the purchase, the mortgage lender must approve the loan before the completion can take place. This process can take longer than anticipated if the mortgage company requests more documentation or carries out additional checks.
3. Property Condition
If the property is in a poor condition, this can delay the completion process as the buyer may need to make repairs before moving in. If the buyer requests repairs as part of the sale, this can also delay the completion timeline.
4. Sellers` Availability
The sellers` availability can also affect the completion timeline. In some cases, the seller may need more time to vacate the property, which can delay the sale.
Final Thoughts
In summary, the timeline for moving in after the contract exchange depends on various factors. Typically, completion takes place between 7-28 days after the exchange, but this can vary. As a buyer, it is essential to communicate with the solicitors and estate agents to ensure that everything is on track and that any potential delays are addressed promptly. By doing this, you can ensure a smooth and stress-free moving-in experience.