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

Traceie_Lou

UPDATE!!!

Estate Agents have just phoned after speaking to our Buyer apparently nobody has asked them for a deposit as yet they as waiting for a letter from Solictors.

Im getting really confused, everyone comfirmed completion date to be 10th Novemeber estate agents spoke to our buyers Solictor yesterday and was told completion and exchange to happen on Friday at buyers request, buyers not paid deposit yet???????????????

Estate agents have told Buyer to get a Bankers Draft immediately as our buyers want to move in on Friday too.

Also my mum has been past the house we are buying and the vendor has a removal van outside.

THis is all going to go horrible wrong.

mjfusent

If the chain is exchanging and completing on the same day no deposit is needed from anyone (usually).

The downside of doing this is that on/or immediately before the point of exchange/completion anyone can hold the rest of the chain to ransom by threatening to pull out unless they get their way (usually a change in price in their favor), and they can carry out their threat with little or no cost to themselves, this happened to us (but ended happily in the end).

Why does your buyer need to get a deposit sorted, his/her solicitor should have ensured that all funds to complete the transaction will be in place for Friday.

From what you've said there is no reason to beleive anything will go wrong, but there are risks (above) with Exchanging & Completing on the same day.

Bottom line, until you have Exchanged (not completed), anything can happen and no-one is legally obliged to buy/sell to anyone.

HTH,

pigeonpie

Have you got a good solicitor that you can trust? We did a same dayer once with a great solicitor. No problems. It isn't unusual.

On the other hand, we refuse to do it this time as our solicitor is slapdash and we have suspensive clauses, so need time between the 2 dates.
Is there any reason why you need time between the two?
Hope it works out. Breeeeathe deeeeply!!!! (tried it myself; doesn't work that well :-) Try chocolate.... )

Traceie_Lou

o.k don't know what to think about this. Estate agents have contacted buyer today who comfirmed they were going to see their solicitor today at 3.00pm. Estate agents phone their solicitor at 3.15pm to find out what was going on only to be told that our buyers appointment was 3.30pm. estate agents rang back and just after 3.30pm only to be told appointment is tomorrow. estate agents ask to speak wth the solicitor and was told they had gone home.

estate agent is as confused as we are.

Doozergirl

I don't know what to think of that Have they gone in to sign contracts? If so, then hopefully they'll be ready to exchange on Friday as it's easy to same day transfer the deposit money.

I still don't think you should try to complete on Friday aswell. Better safe than sorry!

Hippychick

It is possible to exchange contracts with a nil deposit provided the chain agrees, at least then you can have some certainty, alternatively you can obtain an indemnity insurance policy which is a deposit guarantee, if the deal falls through after exchange then the insurance co will pay out the deposit.

Ask your solicitor to enquire if the chain will cosider these options if you can exchange tomorrow then at least you have some guarantee it should all go through. I have dealt with many transactions whereby we have simultaneously exchanged and completed, it is not ideal but is becoming more commonplace now. Just remember if it doesn't complete and you haven't exchanged unfortunately you will have no comeback.