Exchange and completion on same day..good idea?

Edinburgh65

When I bought this place many years ago, the owners had left two small dogs locked in the flat for a few days (they did come back for them before we got the keys though), and the house smelled like a zoo. It was about a week before the place felt clean enough to boil a kettle of water for coffee, so based on that, I would never ever complete a purchase on the same day as selling up, in case the new property was uninhabitable.

sonastin

Both times I've done it, I've been living with my parents and buying an empty property. The last time, the bank had given the solicitor confusing instructions which he couldn't get clarified. He refused to exchange until we were ready to complete so that the bank couldn't suddenly explain they meant something other than his interpretation and pull the mortgage after I was committed. Sometimes there are advantages to doing it same day.

phoebe1989seb

We did this a few years back on a cash purchase when we had already sold our previous house and were staying temporarily with my parents. Our furniture was in storage and the house (which had previously been split into four flats) was in a deplorable state as one of the tenants who had been evicted had subsequently wreaked his vengeance on the place before leaving. We had had to wait so long to exchange on the property that in the end we just wanted to get it all over on one day so agreed to exchange and complete simultaneously.

As we had a small child at the time there is no way we could have moved straight in, so it was fortunate that we could stay at my parents whilst we cleaned one of the flats to make it habitable. We moved our furniture in a few days later and spent the next four years doing the place up However if we hadn't had the luxury of being able to stay with family I wouldn't have been so keen to do it all in one day......

ultrarunner

I've exchanged today and we are completing on Wednesday 22nd...

Sagz_2

I was a first time buyer moving into an empty house, should have been straight forward but there was a hitch with the money and I was homeless for 24 hours. Everything in the van, 4 dogs and 4 cats in the car. Not a lot of fun!

So no - I will not be doing it again.

tulipz

Sagz wrote: »

Everything in the van, 4 dogs and 4 cats in the car. Not a lot of fun!.

:shocked::shocked:

Soapn

thanks for all of your replies.

Spoke to Estate Agent today who says it's pretty standard to do it all on one day *sigh*

Mobeer

Just because the EA says it's standard, doesn't mean it's compulsory.

Nor does it mean the EA's guidance is accurate.

ultrarunner

Not providing for contingency introduces a high level of risk.

I would want a cushion in case the unexpected happens.

Soapn

Mobeer wrote: »

Just because the EA says it's standard, doesn't mean it's compulsory.

Nor does it mean the EA's guidance is accurate.

I know---is there a special school they go to in order to speak such complete and utter rubbish?