BLOG: It’s time for a mandatory 14-day exchange-to-completion period

The home buying and selling process is often fraught with chaos, particularly on moving day. And one of the biggest challenges is the last-minute scramble to book removals firms, which can lead to significant stress, financial loss and logistical nightmares.

This friction in the system impacts all parties involved: estate agents, conveyancers, and especially the movers. But this unnecessary friction could be instantly removed if sellers, buyers and agents simply agreed on specific terms for the sale, including an agreement to a 14-day minimum period between exchange of contracts and completion.

PERSPECTIVE AND RESPONSIBILITIES

Each stakeholder in the home buying process has a unique perspective and set of responsibilities. Estate agents are focused on ensuring a smooth and timely completion for their clients. Conveyancers are responsible for ensuring every legal detail is meticulously handled.

While movers are at the front-line, physically moving possessions from one home to another, often under tight and unpredictable schedules.

On completion day, movers are frequently left waiting in their vans, miles from home, for a key release that depends on a complex chain of events. A single mistake in this chain can cause delays that ripple across the nation, affecting everyone involved.

UNSUNG HEROES

Movers are often the unsung heroes of the home buying process. They deal directly with stressed clients, manage the physical labour of moving and handle unexpected challenges like missing items, broken belongings, or logistical issues.

But despite their critical role, movers’ voices are often ignored in the broader conversation about improving the home buying process.

WORKING TOGETHER

But by working together we can resolve the conflicts and animosity that often result in tit-for-tat awkwardness at a local and personal level.

Estate agents, conveyancers, and movers are all human beings and issues from weeks, months, or even years ago can sometimes be hard to forget. This history of conflicts can contribute to delays and stress in the moving process.

Removals

But by proposing a 14-day minimum period between exchange and completion we can provide a buffer that alleviates much of the stress and uncertainty currently plaguing the system.

This period allows better scheduling enabling removals firms to plan and organise their resources more effectively.

It reduces the chance of last-minute changes and helps avoid the chaos of last-minute date changes, financial losses and the inability to book a mover.

It would also help prevent gazundering and last-minute re-negotiations, providing more stability for all parties involved.

PREDICTABLE AND FAIR

A simple paragraph included in the mandatory material information for buyers and sellers can set this expectation from the start and create a more predictable and fair process.

Knowing that completion will occur at least 14 days after exchange allows everyone in the chain to plan accordingly. It removes the uncertainty of completion dates being held to ransom by those shouting the loudest.

This approach ensures that all dependent transactions are synchronised and everyone is working towards a known and planned date. It provides sufficient time to ensure completion funds are in place and other predictable hiccups are addressed.

RIGHT DIRECTION

While a 14-day period between exchange and completion won’t solve all the problems in the home buying and selling process, it is a significant step in the right direction.

By listening to and respecting the insights of movers, we can create a more organised and less stressful experience for everyone involved.

Let’s recognise the movers as the front-line troops they are and support this initiative to bring much-needed order to a chaotic system.

Robert May is Advocate for Agents at MySSTC