Completion questions?

boosh_82

I just have a few questions around Completion.

We are (hopefully) a few days away from exchange (our buyers solicitors have been holding things up by only dealing with the buyers via post and not having a face 2 face meeting to sign the contracts) so we are hoping it will take place on Friday (the contracts have been posted back to them today).

If this does happen on Friday does completion HAVE to be a week later on the 4th or can it be sooner?

Someone told me that Completions can only happen on a Friday, is this true?

Our solicitor has advised against exchange and completion on the same day as there is no room for error/delays so we shelved that option.

Thanks

bazzyb

boosh_82 wrote: »

If this does happen on Friday does completion HAVE to be a week later on the 4th

No.

boosh_82 wrote: »

Someone told me that Completions can only happen on a Friday, is this true?

No.

princeofpounds

Completions often happen on a friday to give people the weekend to move in. But personally I avoided it as it's also the busiest day for removals/lawyers etc.

boosh_82

Thank You for the replies

DRP

I did thursday as it was quieter for booking removal company and gave us an extra day to sort stuff out in the new place.

Miss_Marple_2

I exchanged on a Friday and completed the following Monday ( so just the weekend in between).

There was no chain, though, as I was moving into an empty property and moving out of a house that wasn't being sold.

perbinder

There is no problems with exchanging and completing on the same day. Solicitors and estate agents hate it as they have to work hard to get the timings right to get it all done. I have done on many occasions. Unfortunately the solicitors always say it has to be on a Friday. Never managed to get them to move to another day.

G_M

It i perfectly possible to Exchange/Complete same day as advised above but
a) the professional dislike it
b) there is no time to plan/book removals etc (since Exchange might get delayed so you can't book people in advance)
c) there is always a rush, and stress (or panic!)
d) if you've taken time off work or made other arrangements based on the Completion/moving date, it's a pain if it falls through on the day

Friday is popular because of the weekend to organise new home. But Mon-Thurs are less stressful as soliciors/removal people/agents etc all have fewer Completions to handle!

bonbon49

Our exchange and completion took place exactly a week apart, on a Friday, but this was only because it suited us. We were originally going to have a two week gap, but this ended up not happening. You don't have to complete on a Friday, it's just more convenient for most people-we chose a Friday so that we could borrow a van from work and our family could help us move.

txljay

We exchanged on a Friday and completed on the Wednesday a week and a half later. Completing on a Friday could be a risk as, if something does happen to go wrong and the money doesn't go through, nothing can happen until the following week as completion has to happen on a weekday, and you could be left with nowhere to put your belongings or stay over the weekend.

pinkteapot

I flat-out refused to complete on a Friday. Although it's exceptionally rare, if there's any sort of problem with completion going through (e.g. a money transfer fails) then the banks and solicitors are shut until Monday. We did a Thursday then had Fri-Sat-Sun to unpack before going back to work.

As above, Fridays are hugely popular and so it's easier to book removals on a different day.