Exchange & Complete on same day? I don't think so!!!

Traceie_Lou

Hi Its my first time posting but been around reading the threads for a while its the only thing getting me through this nightmare.

We are due to complete on Friday, but our buyers wont exchange until Friday. Is it possible to exchange and complete on this same day, I'm terrified it wont all get done in time.

We've got a hire van book for Friday, Im taking unpaid time off work and to make matters worst our Solicitors doesnt work Fridays and will pass the papers to someone else to deal with and if it doesnt go through on Friday that means we have to wait till Monday and I will have lost money (van charges and time off work)

Do you think its possible to do, I feels like crying I can't take anymore

Manchester_Lucy

It's def possible to exchange and complete on the same day, many people on here have done just that.

You may have to pay a premium to your solicitor as it often involves more work for them.

I'm planning to leave about two weeks inbetween exchange and completion in case of any snags but I'm sure yours will be fine.

Dasnookster

It is possible to do it, but not ideal as before contracts are exchanged there is no legal obligation on anyones part to complete.

Hope it works out for you.

carrielouise80

hi there,

i work as a part time estate agent - don't worry it is now the norm to exchange and complete on the same day.

To the best of my knowledge purchasers with 100% mortgages can only do it this way, as there is no deposit money to pass up the chain.

I'm sure the day will go just fine, just so you know, there is no set time for completion to take place, solicitors usually send the money within the first hour of the working day it then can take all day to transfer to the other side, so do not panic if it still hasn't completed by early afternoon. Best advice i can give you is try and get everything packed up and ready to go by mid day.

Hope that helps - don't hesitate to contact me should you have any more queries

Traceie_Lou

Thank you for all your advise I'm abit calmer today so i'll just kept everything crossed

Doozergirl

I'm really surprised that people think it is okay. If a buyer has a 100% mortgage then it is the only way to do it, though not ideal and at least you know there is a valid reason.

Asking for exchange and completion on the same day is a classic tactic for people to gazunder you when your stuff is packed up and ready to go. They refuse to exchange until you accept a lower price. I'd be very wary, especially as it is your buyers delaying thing.

Also, exchange never seems to happen on the right day either. You are going to put yourself under massive stress wondering if everything is going to go through okay and you will probably be waiting all day for the go ahead, if it does. If you complete on a different day it is far more likely to happen earlier on and you get the full day to start sorting out something that resembles a home, before bedtime. You also get a *much needed* breathing space after exchange to relax a little and know the house is definately yours.

Cover yourself; explain to your boss, get the day changed to the confirmed completion date that everyone agrees to on exchange. Don't put yourself in a vulnerable position because you're desperate to move.

AndrewSmith

With some 100% mortgages it is possible for the solicitor to drawdown some of the funds for an earlier exchange however not every lender will allow it.

Agree with Doozer, unless the buyer is getting a 100% mortgage that will not allow prior drawdown, do not accept a simultanious exchange and completion.

If they are committed to the purchase then they will have no problem with a prior exchange (as long as it is possible as said above).

Ali120604

It's possible - just make sure your solicitor has the mortage advance for Friday and you have paid your deposit too by Friday. The vendors solicitor will send yours a Statement of Completion (basically showing how much needs to be paid). Your solicitor will add their costs and sometimes you would pay the balance in between exchange and completion. As you are not in this poistion all monies will need to clear your account by Friday.

mjfusent

Also agree with Doozer and AS, I would be VERY, VERY reluctant about doing this, you are asking for trouble, any party in the chain can pull out on Exch/Comp day either as a price reducing/increasing tactic or because they've got two purchases on the go in a contract race.

"Why is the vendor insisting on this" is the question I'd be asking. Better to push completion date out by one or (preferrably) two weeks..

ginvzt

By reading this I am getting worried - we are FTB and getting 100% mortgage. We don't have deposit to put down. Of all we asked only HSBC said that we might be able to drawdown part of the mortgage before completion.

Should I start getting worried then???? We put in anoffer on a new build, but haven't heard from them yet (said they will call yesterday :mad: ).

AndrewSmith

It is commonpractice for newbuild developers to require a prior exchange with a minimum 5% deposit paid at exchange. Some will insist on it.

Make sure your solicitor is up to speed with the contrctual requirements of the builder and double checks that HSBC will allow partial drawdawn prior to completion.

Let us know what happens.