Why is the completion time for a Contract for Sale usually 42 days (6 Weeks)?
The completion date is calculated as from the date of exchange of Contracts. 42 days is common. Sufficient time is required to enable the Purchaser to complete his or her finance requirements, order and obtain statutory enquiries relating to the subject property, to allow the lender to prepare and have signed the required mortgage documents and to enable the Vendor to organize any relevant discharge of mortgage. Time is also taken to prepare settlement figures and to book in settlement with all relevant parties. The completion time can be less than 42 days by agreement between the parties. However, it is important to ensure the time agreed does properly allow both parties to attend to what is necessary.
