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Exchange and Completion Same Day?
brightonian
Posts: 56 Forumite
We're moving into a vacant possession property from a renting situation.
I don't foresee any issues at all (both in "public sector" jobs, good income etc) but what scares me is handing over the thick end of £30k as a deposit and then having two weeks where if our circumstances were to change (anything from a car accident meaning we had to give up work to the mortgage provider going "bust" or having all accounts frozen for some reason: let's face it, it could happen) we would lose that money.
In these circumstances, would people advise on requesting exchange and completion on the same day, so that we know the money is there, there is no risk of change of circumstance etc?
I have exchanged and completed on the same day when buying a vacant property with my ex-wife and when we sold it (both going to rented accommodation) with no chain.
To me it feels "sensible" but what do others think?
I don't foresee any issues at all (both in "public sector" jobs, good income etc) but what scares me is handing over the thick end of £30k as a deposit and then having two weeks where if our circumstances were to change (anything from a car accident meaning we had to give up work to the mortgage provider going "bust" or having all accounts frozen for some reason: let's face it, it could happen) we would lose that money.
In these circumstances, would people advise on requesting exchange and completion on the same day, so that we know the money is there, there is no risk of change of circumstance etc?
I have exchanged and completed on the same day when buying a vacant property with my ex-wife and when we sold it (both going to rented accommodation) with no chain.
To me it feels "sensible" but what do others think?
0
Comments
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Well your circumstances could change at 'any' time ... stop over thinking it.
A gap between exchange and completion gives you a chance to
- book removals / pack
- give notice on your rental
- sort out the phone line / broadband (/sky)
etc.0 -
Is the deposit 'on deposit' with the solicitor, and in a protected client account? This may be covered under FSCS. http://www.fscs.org.uk/what-we-cover/questions-and-answers/qas-about-deposits/#Do_you_cover_deposits_made_through_solicitors_and_other_professionals_0
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Most people - thousands every year - leave a gap between Exchange and Completion.
Insurance covers most scenarios. OK the lender going bust is a problem, but such a tiny risk....in every case to date they've been taken over.
The practicalities of combined Exchange/Completion are a pain. You cannot plan for moving on a specific date, as Exchange can, and often does, get delayed, and hence Completion would also get delayed perhaps just the day before.0 -
Thanks for the replies, I probably am "overthinking" it tbh, it's because my previous two property dealings both did this.
The completion date won't be moving day anyway, as we need to do some work before we move in.0
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