Exchange and Complete on the same day

foolishqueen

Hi All,

I am 75% the way through the buying process as a FTB. Spoke to sol today and reminded her that as we are getting a 100% mortgage we will need to exhange and compleet in the same day - she doesn't think it would be a problem (our seller is buying an empty house) but she did ask if we would have anythign to offer in the way of a deposit.

Now I have about £1k saved up that I could offer if I had to but I want to keep that back for paying expenses etc. My sol will go in and request exchange/completion for 31st Jan (day suggested by the selelr - fine with us) and that she will offer nothing in the way of a deposit for now.

What are otehr peoples expereicens with this? I know that weith exchange/completion on the same day theer is less security in the whole transaction.

Is there anyone else who has gone through a similar process and could offer their expereicens/thoughts? It's so nerve racking...we are so close now!!

Cheers,
Dave.

Herb

its not really E & C the same day - its normally exchange and completion the same minute - so I can't see the point of a deposit.

If the funds are not in place the the buyer's solicitor will not go for immediate E&C.

However it is reasonable that the solicitor asks for their fee before completion - perhaps that was a woolly way of asking for it.

foolishqueen

I don't think it was to do with my solictor getting their fees upfront. She basically asked me if I hadanything in the way of a deposit. My seller was days before completion before it fell through so I know she is going to be wary second time round. But at the end of the day, the £1k is all I have - would you exhcange on that meager amount?! To be honest if she wants it then I'd expect to exchange on receipt of it, and whilst it might make money tight for me at least I would have the security of exchanging too!

foolishqueen

I agree Tustastic, I amnot sure why she mentioend it. As far as I know my seller does not need a deposit form me in order to pay for hers. Also the £1k is hardly going to go very far in compensation should the worse happen. Oh well, I will have to see how the seller feels about the situation on Monday whem my sol will talk to hers.....yet more waiting over a weekend!!

silvercar

A deposit, and £1k may be enough, would mean you wouldn't need to xchange and complete on the same day.

Madjock

I would hang on to your £1000.
The vendor will be aware already, i would think, that you have no deposit. The point of simultaneous exchange and completion is that the buyer has no deposit.

foolishqueen

Yeah, I am hoping none of this is going to be an issue. I can't see the point on exhanging for such a meager amount other than seeing it as a sign of my commitment to buy (and her commitment to sell). Well, I shall hoepfull find out next week!

So, with a date of completion pencilled in as 31st January and with contracts hopefully being signed next week.....should I start packing?!?!?

wigglygiggly

Hi Dave, me again! lol

We aren't exchanging and completing on the same day. Our solicitor is finding out tomorrow how much of a deposit our seller is going to accept for exchange (which is happening next week). We have a completion date set now for 1st Feb so we will move Fri 2nd!!!!

foolishqueen

Hi wigglygiggly,

I'm really pleased yours is going through well I will hopefully sign the contract next week and find out about what will happen with exchange/completion! Just debating now whether to start packing or not?! I don't want to jinx things!

Cheers
Dave.

wigglygiggly

We are packing as their arent many weekends to go! But we have packed away non essentials so everything we are still using will have to wait til last minute - which is a lot!!!! Right now thereare boxes everywhere - I wanna move now!! lol

foolishqueen

I bet you can't wait to get gooing! Think I will start the packing once I know its all going ahead - all this waiting is driving me nuts! Good luck