Exchange and Completion in a week

DWhite1

Hi All,

Currently in the final stages of buying our house!

We are first time buyers and the house is empty that we are buying. Has anyone exchanged and completed within a week as we are pushing to get the keys by the weekend? If so do you have any tips or is it all straight forward, obviously solicitors are doing all the work but is there anything our side to help?

Thanks in advance!

todayisagreatday

I am selling mine to cash buyers. Whilst not as a strict timescale to yours, my buyer was a cash buyer. If you have a mortgage and are dependent on surveys (likely if you have a mortgage), you'll probably need searches too and they can be dependent on local authorities. If you are a cash buyer it can be much quicker as searches and surveys are all optional.

RedFraggle

Are you asking if completion can be within a week of exchange? If so, yes.

NaughtiusMaximus

We exchanged and completed within 6 days last month with no problem. I think a 1 week gap is pretty common.

whatdoyouthink...

Exchange and completion can take place on the same day

Richard_Webster

Have your solicitors had draft contract papers from the seller's solicitors?

If so, have they carried out searches and raised enquires of the seller's solicitors and had satisfactory replies to them?

Have you had the contarct to sign, signed it,and returned it together with funds for the depait to your solicitor?

If you need a mortgage, have you got a firm offer related to this particular property and not just a decision in principle?

If you do need a mortgage can any conditions imposed by the lender relating to the property be satisfied? These may be set out in the offer itself or be legal points that the lender will still want loked at as part of a standard set of requirements it wille xpect its solicitor (usually your solicitor) to check.

If "Yes" to the first three and you either don't need a mortgage or the next two have also been satisfied then it may be possible to exchange and complete in a week. Somelenders want more thana week's notice to provide the mortgage funds so it may not be possible.


Sometimes a solicitor can aask for the money for a certain date and the lender will say that it can't guarantee that the money will come in time but it will see what it can do. Your solicitor will wait unti the money has actually arrived before committing you to an exchange.

This can mean you only excahnge the day before or on the actual day you want for completion. You will perhaps have had to make other commitments in terms of removals,and ordering stuff for the house. e.g.carpets, etc. before you have a legally binding commitment - with the risk that something could go wrong and you would be stuck with paying out for those things with no house.

Hoploz

Have you sent the deposit funds to your solicitor yet? It'll need to be cleared in their account prior to exchange, and mortgage funds are usually ordered a week in advance so if you've a genuine reason for the rush then discuss with your solicitor your hopes and see whether they feel it will be possible. Your vendor's position will also affect things as if they have an onward purchase then this would need to coincide so other people are affected.

Basically, it's all very exciting being in your position, but often other people may not be able to do everything in a massive rush, eg if they have removals to organise and families to consider. So you might just need to hold your horses for an extra week in order for everyone in the chain to be in agreement with the dates, so it's achievable for the whole chain.

DWhite1

All the searches are back so just waiting to exchange and complete!

We are just waiting on the solicitors on what to do next but they are pushing for it to be completed within the next week (when i say pushing, more slightly nudging)

So yes im expecting them to get us in to sign and transfer funds any minute now.

DWhite1

Also there is no chain at all! We are first time buyers and the house was previously rented out but is now completely empty so the seller is also pushing for a quick completion!