exchange and completion same day

mane1034

Is it possible to exchange and complete on the same day?

There is no chain involve. The property I am buying is already empty so no one living there.

My mortgage with Halifax and was approved two weeks ago.

The deposit money and other fees etc are already with my solicitor bank account.

Could I ask my solicitor to explore if we can exchange and complete on same day?

Do lender usually like the idea of exchange and completion on same day?

ACG

It can be done yes. Ask your solicitor.

mane1034

Thanks...... I will ask them.

Does it take 5 working days to Halifax to transfer the funds to solicitor account?

kingstreet

What does your vendor wish to do?

Completion is a compromise between the different parties, so you need to agree with them.

mane1034

Vendor is happy to complete asap or same day.

This is a probate property so sooner is better for them.

I was just thinking lender needs 5 days notice to release money but it might be quick.

I will check with solicitor.

KRB2725

We did it and were also with Halifax.

mane1034

Thanks..... I will speak with the solicitor as she said minimum one week when I asked about completion. I was in the impression solicitor need 5 working days notice to lender.

Thanks

ACG

They do, but your solicitor can request the funds prior to exchanging.
There are also times where that 5 days can be reduced but best to assume it will be 5 days.