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Exchange and completion on the same day - risks for buyer
leptine
Posts: 1 Newbie
Hi everyone,
I am a first time buyer and would be grateful for some advice please
The seller is asking whether we can exchange and complete on the same day in January. There is no chain, and I would be happy for things to happen quickly since I had the offer on the house accepted in August - things are dragging on a lot and my mortgage offer expires at the end of Jan so I would like things to be sorted out before I have to worry about asking for it to be renewed/extended.
But I was wondering what the risks are for me if we exchange and complete on the same day? I wouldn't be moving in for a couple months after completion so no worries about having to cancel removal vans or anything like that.
Thanks!
I am a first time buyer and would be grateful for some advice please
The seller is asking whether we can exchange and complete on the same day in January. There is no chain, and I would be happy for things to happen quickly since I had the offer on the house accepted in August - things are dragging on a lot and my mortgage offer expires at the end of Jan so I would like things to be sorted out before I have to worry about asking for it to be renewed/extended.
But I was wondering what the risks are for me if we exchange and complete on the same day? I wouldn't be moving in for a couple months after completion so no worries about having to cancel removal vans or anything like that.
Thanks!
0
Comments
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The normal danger is that the seller has a last minute worry that they've under-priced, so try to move the goalposts.
If you make sure they know you don't plan to move in for two months, then you should not be under pressure through a risk of shortly becoming 'homeless' (which has happened to people who gave notice on their rentals...), and they hopefully won't try it on.
Best to speak to your solicitor, as they may have views on the other solicitor's reliability to act promptly and the wider practicalities.0
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