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exchange and complete on same day

We were supposed to exchange today, but more enquiries have come up, and has delayed the exchange. We have all agreed the completion date, and I was told don't worry, we can still exchange and complete on same day, if delays. This is not what I want, it makes me feel very unsafe, is this a bad idea?. Also if our buyer pulls out, do they compensate us?(before exchange).

Comments

  • No, a buyer does not need to compensate you if they pull out before exchange.
  • To me, relying on exchange and completion on the same day leaves too much room for things to go wrong.

    How do you give notice, if in rental and buying? (threads on here retell horrors of being made homeless)
    How do you make sure there is no last minute gazzump or gazzunder?
    How do you sign up/get references for a rental if selling up?

    The old fashioned way, with a 10% deposit upon exchange, to secure the buyer's interest, was better imo.

    Maybe a deposit from the vendor, held at solicitors, would be a good idea, to balance up the equation.

    Then complete when everyone is ready/organised. IMO.

    Hope yours goes well.
    Act in haste, repent at leisure.

    dunstonh wrote:
    Its a serious financial transaction and one of the biggest things you will ever buy. So, stop treating it like buying an ipod.
  • SplanK
    SplanK Posts: 1,155 Forumite
    Part of the Furniture
    whats the need for the wait if the buyers are FTB with no commitments already (such as a house/renting...) and the sellers have no onward chain?! There are many advantages to exchange/completion at the same time - obviously its not for everybody!

    We did this on our house - no problems what so ever - there were issues right up until Exchange - which kicked off at around 330 on a Fri!
  • I've exchanged and completed on the same day on 3 properties and never had a problem other than the vendors on 2 occasions not finishing moving their stuff out until about 4pm. In my case wasn't a problem as I wasn't moving in immediately.
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