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Exchange/complete same day
Yorks1990
Posts: 4 Newbie
I was hoping someone could help with this query. I've emailed our mortgage broker but don't expect a reply until Monday.
We have a mortgage offer from aldermore and are first time buyers buying a vacant house. I have asked our solicitor if we could exchange and complete on the same day as it's such a simple chain. However they have said it must be a minimum of 5 working days in between. Is this something specific to aldermore or are they wrong about this?
We have a mortgage offer from aldermore and are first time buyers buying a vacant house. I have asked our solicitor if we could exchange and complete on the same day as it's such a simple chain. However they have said it must be a minimum of 5 working days in between. Is this something specific to aldermore or are they wrong about this?
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Comments
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What happens is the solicitor sends off a Certificate of Title (CoT) and that usually needs 5 days from sending to receiving the money. So if you are hoping to exchange and complete on Friday, then the CoT would need to be sent first thing monday at the latest...if not the friday prior.I am a Mortgage AdviserYou should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0
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My property purchase exchange and completion was done on Friday just gone. Both done on the same day and my mortgage was from Precise. So its possible to be done.0
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