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how hard is it to exchange and complete on the same day?
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# 1
charlie007
Old 08-07-2006, 8:01 PM
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Default how hard is it to exchange and complete on the same day?

i am hoping to move house soon. everything is nearly inplace but should all be sorted by mid week. How hard is it to exchange contracts and complete on the same day and how much extra would it cost?

It has been a really crap ride so far and we just want to get into the new house as quick as possible.

The chain is:

first time buyer is getting ours and the one we are buying is empty.
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# 2
lostfarmer
Old 08-07-2006, 8:41 PM
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It's certainly possible, but does come with dangers...

We were due to exchange and complete last week but a last minute hitch with our buyers left us high and dry in a house full of boxes trying to cancel the removal men last minute. We've now decided on a week between exchange and completion so that we KNOW we're definately moving and can re-direct post / change address / book removal men with confidence...

Having said that last time we moved we exchanged and completed on the same day with no problems. Guess it depends on your confidence of your chain really.

Good luck anyway. As far as I know there is no further costs involved, although your solicitor will charge you is they draw your mortgage and then have to send it back for a last minute problem.
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# 3
sidabm
Old 08-07-2006, 8:46 PM
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I have always exchanged and completed on the same day because i am too tight to pay the deposit and touch wood 5 moves, no problems, but as in previous post if it does go wrong you are homeless....

Sidabm
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# 4
silvercar
Old 08-07-2006, 10:17 PM
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I would worry that someone will try and force a price change, because your packed and ready to go it will be hard not to give in.
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# 5
Mr Proctalgia
Old 09-07-2006, 10:14 AM
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I had the situation forced upon me 2 weeks ago and - Yes it is possible to exchange and complete (and get a Mortgage Redemtion Figure) on the same day but it is very very nerve wracking. It doesn't cost any more but as stated there are potential risks involved.
I was selling the old family home and buying two smaller properties for cash but the seller of my house (BTLer getting out of the game) and his solicitor were really not up to speed, despite having a months notice of completion date. So there I was on completion day sat there with no redemption figure for my buy, a quick phone call to his agent explaining that I knew exactly where he could stick his house if things didn't happen did the trick (It has been empty and on the market for 8 months)
All the fees for my sell were luckily with the conveyancer and both I and my buyer using the same one helped but it was touch and go, we exchanged eventually at mid day, completed at two and I was moving boxes in at midnight.
It is not a scenario I would like to go through again I must admit but sometimes it is inevitable.
Oh and just for fun the estate agent lost my front door key so everything had to go through the back door too. The movers just shrugged and got on with it - Bless em..........
The quicker you fall behind, the longer you have to catch up...
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# 6
charlie007
Old 10-07-2006, 7:23 PM
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thanks, might go for it. I have been living in boxes too long already
x
Challenges for 2014

No alcohol in January. Done.
No spending in feb. Done
Mortgage free Start amount. 227000. Current amount 219999. Goal date forever away :/
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# 7
inmypocketnottheirs
Old 10-07-2006, 7:46 PM
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Quote:
Originally Posted by lostfarmer
It's certainly possible, but does come with dangers...

We've now decided on a week between exchange and completion so that we KNOW we're definately moving and can re-direct post / change address / book removal men with confidence...
Still no guarantee, we exchanged contracts but did not complete on time.
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# 8
lostfarmer
Old 11-07-2006, 10:00 AM
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Quote: "Still no guarantee, we exchanged contracts but did not complete on time."

Noooooo! Don't say that! I thought people got large charges etc if they didn't complete on time and that completion was fixed once exchange had taken place?
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# 9
lynzpower
Old 11-07-2006, 10:45 AM
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I exchanged & completed on the same day being a FTB moving into a new home ( new build)

Right on the eve of it, the service charge went up from 25 a month to 75 a month. At that stage it was obvious they had me over a barell, but what can you do :confused:
Well aint funny how its the little things in life that mean the most? Not where you live, the car you drive or the price tag on your clothes.
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# 10
Voyager2002
Old 11-07-2006, 10:58 AM
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I was told that mortgage lenders do not start sending the money until after you have exchanged. It then takes a couple of days for the money to reach your solicitor, who of course must have it in order to complete.
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# 11
Jorgan
Old 11-07-2006, 12:12 PM
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Quote:
Originally Posted by Voyager2002
I was told that mortgage lenders do not start sending the money until after you have exchanged. It then takes a couple of days for the money to reach your solicitor, who of course must have it in order to complete.
All depends on the lender, some will want to have upto 5 working days between exchange & completion, others will be ok to exchange & complete on the same day. Many solicitors will request the funds for the day before completion, this ensures they do not delay the completion.

Getting back to the OP, exchange & completing on the same day is quite straight forward, especially with a short chain. Speak to your solicitor to ensure they can do this for you.
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# 12
chloejane
Old 11-07-2006, 12:37 PM
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exchanging and completing on the same day is stressful, but exchanging and completing can be stressful anyway, our latest move was an exchang and complet on same day (not the orrigional plan) as buyers soilcitor was useless and to prove this further he then went and took a day off the day we were exchanging and completing, no one else in the department could do anything to help, removers were great just unpacked us back into our old house and didnt grumble to much, it all depends how good your chain is really and how good the solicitors are etc, i would still go for the exchange and complete on same day next time we move as its all done with so much quicker, just had a bad experience
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# 13
inmypocketnottheirs
Old 12-07-2006, 3:55 PM
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Quote:
Originally Posted by lostfarmer
Quote:

Noooooo! Don't say that! I thought people got large charges etc if they didn't complete on time and that completion was fixed once exchange had taken place?
Frayed knot! If the purchasers sols hasn't received the funds, for what ever reason, completion isn't going to take place.
Don't lie, thieve, cheat or steal. The Government do not like the competition.
The Lord Giveth and the Government Taketh Away.
I'm sorry, I don't apologise. That's just the way I am. Homer (Simpson)
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