Exchange and complete on the same day?

King_Slayer

Hi All,

Has anyone exchanged and completed on the same day? We're looking at possibly doing this as vendors would like to move ASAP and we have work scheduled prior to moving in.

Has anyone done this before? Bad idea? Can you tell me your experiences please and anything I should be aware of. Will decide before we visit SOL this week.

Thank you in advance.

PixelPound

We were looking at repossession properties and is usual for those to be exchange and completed on same day.

missbiggles1

We did it a couple of times when we had a fairly incompetent solicitor. It was a bit worrying but everything went through perfectly normally.

pinkteapot

I did it when buying my first place as it was the heady days of 100% mortgages, and with no deposit available to hand over on exchange they had to be on the same day.

It's possible. Your solicitor may charge you slightly more for doing it. The only problem with it is that prior to exchange, buyer/seller can pull out for no reason at all. If you E&C on the same day then the other party can pull out the day before and if you plan to move straight in on completion day this can cause some stress!

bebewoo

Yes I have done it it was fine.
Probably better in fact as there was only one day of worry and nail biting whereas on other sales when exchange and completion were on different days there was more to worry about, like sorting out insurance etc for the period inbetween.
There was no chain though.

Red-Squirrel_2

I've done it twice, but both were repossessions. I'd do it again if it fitted in with work/moving help etc. if only to avoid the headache of insuring the place between the two!

Hoploz

We suggested this when selling an empty property recently, as things had got delayed for one reason or another and it had gone on longer than everyone hoped.. However our solicitor advised us that this just tends to end up delaying exchange, rather than speeding up completion, IYSWIM.

King_Slayer

pinkteapot wrote: »

I did it when buying my first place as it was the heady days of 100% mortgages, and with no deposit available to hand over on exchange they had to be on the same day.

It's possible. Your solicitor may charge you slightly more for doing it. The only problem with it is that prior to exchange, buyer/seller can pull out for no reason at all. If you E&C on the same day then the other party can pull out the day before and if you plan to move straight in on completion day this can cause some stress!

We won't be moving in straight away as there's work to be completed. If they're happy to this it does mean that the work can be completed sooner and we'll move in earlier than expected.

nightsky224

We refused to do this as they were dragging their heels on exchange. We weren't prepared to give notice on our rented property until we had exchanged so wanted at least 3 weeks in between.

bouicca21

yes, did it, no problem - but I didn't need to move in immediately as was in rented.

TBeckett100

We did it last time. It was a nightmare as the solicitor discovered that morning an error with the boundary and lack of right to cross the driveway. I think that was brushed under the carpet by 12pm