Many years ago when I first started in practice, there would often be 28 days between exchange and completion. It was nice and relaxed: everyone knew when they were going to move and could make all their arrangements accordingly. Fast forward 30 years, and during the lockdown it became accepted practice to exchange and complete on the same day. The reasons for doing so are clear: in some cases, someone may have had to self-isolate; but the main reason was that no chains were moving and so the impact of a matter not completing was limited to some extent.

CERTAINTY

But let’s remember that the reason for exchanging contracts is to provide certainty. Once exchange has taken place, everyone knows when they a...

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