Simultaneous exchange and completion

Andyhhh

Hi,

Im buying a house which for practical reasons I need to get into ASAP (the roof is leaking....)

We do not have a chain on either side and all my paperwork is complete and in place already.

What problems are associated with exchanging an completing on the same day ??

Also, we have just received the draft contract and fixtures and fittings documents from the vendors solicitors and the searches are on the way.

What other major events need to be completed before we can set a date for exchange and completion?

Many thanks in advance

Cheers

Andy

sarah_elton

There's no direct problem caused by exchanging and completing on the same day. I did it. It may make completion later in the day if your bank is slow releasing funds, but my E&C went through by 10:30am (also no chain).

The indirect problem is that until exchange you have no real guarantee the sale will go through. So until the big day, the seller could pull out relatively easily.

If you're in rented accommodation currently, and you have to hand your keys back on that day, it could be a bit nerve-wracking. I still had my rented place for 2 weeks after completion (so I could do some work on the new place) and it was all good.

huglebear

If both solicitors are willing and your mortgage provider is, then exchange and completion on the same day should not present a problem. I had to do this last year (needed to get out of rented as tenancy up; seller kept stalling) and the only problem I had was my own worrying about it in the days leading up to the exchange and completion date! We set the date only 3 days beforehand. Throughout, my solicitor assured me that my mortgage provider (Nationwide) would be fine with this, despite it being a big mortgage, and they were. Apparently smaller mortgage providers can present a problem - they can't always transfer money at such short notice - and trying to do it on a Friday afternoon can be tricky (lots of completions going through at once). We exchanged at 10am and completed at 10.30 am on a Friday morning.

Your solicitor needs to complete searches and undertake any negotiations about fixtures and fittings you want - but only if you don't agree with the list the vendor has provided. That can all take 1-4 weeks. You need to have had your mortgage offer, assuming you are getting a mortgage. Then you'll need to follow up/negotiate on any worries raised by your survey (worth it - my buyer is currently reducing my price having discovered some unforeseens, and I think this is totally legit) and then you set a date. If you have a date in mind then tell your solicitor now, because the vendor's solicitor is asked to set the date and the earlier you communicate any wishes to them the better.

Andyhhh

Many thanks Hugle & Sarah.

Ive done all of what youve suggested already, so its time for me to kick some !!!!!! into action....

Cheers

Andy