Exchange and completion same day?

saajan_12

DON’T DO IT IF YOU’RE MID CHAIN!
It would be fine if you’re not planning on moving on completion day e.g. to/from rented or it’s an investment purchase. However if you would be moving but not 100% sure, then think of all the things hanging in the balance
* removals van costs
* live in boxes if it falls through
* changeover utilities
* lender has to release funds prior to exchange to reach in time, but then can you return if all falls through?
* knowing removals costs, upheavals, someone may try to force a price change

ericonabike

Thanks for the replies, really helpful. Have set a deadline of midday 24 July [day before] for contracts to be exchanged else we call it off. EAs and sols now 'hopeful' that our buyers will extract digit and sign theirs today so that exchange can happen today. Crazy though - negotiating Brexit or peace in the Middle East seem like easier tasks than getting this move sorted.

samlee0211

we done it on our first house. it was stressful. our sellers ended up pulling out of the house they were buying on exchange/completion day, luckily they still sold to us and went into a rented property.

k3rryb3nnett

what happened in the end?

ericonabike

k3rryb3nnett wrote: »

what happened in the end?

Where to start? On Friday 21 July our buyer said he would not be completing on Tuesday - allegedly as he had not received the written report of the survey had had had carried out the Friday before [four months after agreeing to buy...]

We had to cancel the removals and the Sky disconnection/reconnection [hence delay in replying here]. Agreed with chain members above us that we would give buyer until close of play Monday 24 July to agree to new completion date of 3 August and to exchange contracts. At 16.30 that day solicitor for buyer sent email agreeing to 3 August but that exchange would only take places 'as soon as possible'. Today, Thursday, we are advised that buyer 'is getting funds from abroad' to pay deposit, which is causing delays.

Meanwhile, we are all packed up and boxed up, as are the party immediately above us. The party at end of chain has moved to Wales, in rented property, awaiting the sale of their house here to buy a new build. We have collectively agreed that if exchange doesn't happen by 2 August then the whole deal is off.

Feel totally let down by estate agent and buyer's solicitors. Buyer 'still definitely wants to buy' we are constantly told, and he has spent some £1500 on survey and solicitors fees. Maybe, but it feels that he is holding us to ransom for reasons unknown - at no time has he come forward with a lower offer, which I was expecting. STRESS!

theronkinator

ericonabike wrote: »

Where to start? On Friday 21 July our buyer said he would not be completing on Tuesday - allegedly as he had not received the written report of the survey had had had carried out the Friday before [four months after agreeing to buy...]

We had to cancel the removals and the Sky disconnection/reconnection [hence delay in replying here]. Agreed with chain members above us that we would give buyer until close of play Monday 24 July to agree to new completion date of 3 August and to exchange contracts. At 16.30 that day solicitor for buyer sent email agreeing to 3 August but that exchange would only take places 'as soon as possible'. Today, Thursday, we are advised that buyer 'is getting funds from abroad' to pay deposit, which is causing delays.

Meanwhile, we are all packed up and boxed up, as are the party immediately above us. The party at end of chain has moved to Wales, in rented property, awaiting the sale of their house here to buy a new build. We have collectively agreed that if exchange doesn't happen by 2 August then the whole deal is off.

Feel totally let down by estate agent and buyer's solicitors. Buyer 'still definitely wants to buy' we are constantly told, and he has spent some £1500 on survey and solicitors fees. Maybe, but it feels that he is holding us to ransom for reasons unknown - at no time has he come forward with a lower offer, which I was expecting. STRESS!

Hi, found this on Google so sorry for the old bump, but did you manage to pull it off in the end?

teri946

I recently exchanged and  completed on the same day of my house sale.
prior to completion I asked for a copy of proposed statement in order to check charges but never received this.
The day after completion I received my statement and was charged an additional £476 for exchanging and completion on the same day.
At no point was I ever made aware of these charges.
i was also charged £375 for lenders legal fees which again I was not aware of.
There was no chain involved as this was the sale of a vacant property to a first time buyer.
any advice would be greatly appreciated

[Deleted User]

teri946 said:

I recently exchanged and  completed on the same day of my house sale.
prior to completion I asked for a copy of proposed statement in order to check charges but never received this.
The day after completion I received my statement and was charged an additional £476 for exchanging and completion on the same day.
At no point was I ever made aware of these charges.
i was also charged £375 for lenders legal fees which again I was not aware of.
There was no chain involved as this was the sale of a vacant property to a first time buyer.
any advice would be greatly appreciated

You need to start your own thread as yours is about solicitors costs etc 

gwynlas

You have added your issue to a 3 year old thread