Exchange and complete on the same day?

snow_ball

We did it on our first purchase (no chain) and it was ok, bit nervy in the morning because the sellers had only just provided the last of the info needed.

We just wanted to complete as soon as possible, so after delays caused by the seller in providing paperwork we had planned on exchanging & completing on the same day for a while. We did have to pay extra to the Solicitor which he didn't mention until the day, a last minute faster payment needed!

KRB2725

We did it by choice - I'd read a horror story about a lender pulling a mortgage between exchange & completion.

It worked for us as we were moving from a rental (with a 2 week overlap) into an empty house. We were however delayed by a day as our (useless) solicitor sent the request for mortgage funds to the wrong fax number. Then had the cheek to ask us to pay the chaps fee to ensure it went through the following day.

It worked fine for us, but could have caused problems if we'd had movers booked.

ETA - It could probably have been sorted the same day, but our solicitor was 'in a meeting' & wouldn't take our calls & we missed chaps cut off.

Old_Git

we did it this year .We sold the family home to a first time buyer .
Turned out we both used the same solicitor .We signed at 12 noon ,got a phone call at 2pm to say it was completed .

ManuelG

King_Slayer wrote: »

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.

I did that. First the seller and estate agent knew was when I turned up in the office to collect the keys:T As far as I was aware the seller hadn't even signed the contract come 9am, so it was furious movement from all sides!

No real hassle. I was no chain, seller had moved out, so it was set for a straightforward move really. On being told he no longer owned the house and could he give up the spare keys, the seller then rather worriedly rang estate agent to say he was rushing round to clean up - estate agent put him off saying it wasn't his house anymore, despite me waving frantically in the background that I'd happily meet him there if he wanted to do some Hoovering!

So we agreed a time, he took some random things he'd left in the house that no right minded person would want, I asked to keep some random things that no right minded person would want... he took a photo of my meter readings, gave me his new address in case of problems and a bottle of champagne... and that was it!

A bit mental really, but it was fine really, and allowed me to take advantage of Christmas sales for furniture... probably got estate agent his commission as a Christmas bonus, gave the seller some cash for presents, and the solicitor a well-earned break.

King_Slayer

I'm starting feel a lot better about it now. It was mentioned previously mentioned but hasn't been agreed as yet. We will be visiting SOL this week so we will confirm this.

CathA

Done it twice, no problem either time, but we were moving into empty houses both times. Should imagine it would be a bit more problematic if you were waiting for the vendor to move out before you could move in, they'll be hoovering up as you're bringing in the boxes!

Kynthia

I did it on my first purchase. I was living at home and the property was empty, so no-one had to move in or out on that day. It's good if you're worried that your lender might pull the mortgage offer in between exchange and completion for any reason, or if everyone wants things done and dusted very quickly. It can be more complicated on the day itself so confirmation that it's all done might come later in day, plus it can fall apart so you definitely don't want to be moving on that day. Some solicitors charge more for less than a week between exchange and completion, plus if the mortgage funds are drawn down and then completion doesn't happen you can end up paying a little extra.

nubbins

Make sure its not a Friday

King_Slayer

nubbins wrote: »

Make sure its not a Friday

Have seen this suggested before, however why not on a Friday?

Old_Git

King_Slayer wrote: »

Have seen this suggested before, however why not on a Friday?

because if they !!!! up it will be Monday before its sorted