Where do I stand if completion doesn't happen today?

jimbog

Bossypants wrote: »

Speaking as someone who has recently been in the unpleasant position of having to plan a move around same day exchange and completion

You didn't have to. The dates for exchanging and completion are negotiated between both parties

Jrose1927

Same day exchange and completion is alot to ask course you'd be stressed

Im hoping for a week or so between my exchange and completion

Hope all went well :beer:

Bossypants

jimbog wrote: »

You didn't have to. The dates for exchanging and completion are negotiated between both parties

Certainly, I made a choice and had it failed, I would have lived with it (rather than tried to sue, unless the failure happened between exchange and completion). My point was that when you're doing it like that, you can't do everything in the "right" order, and that in my opinion OP wasn't necessarily jumping the gun for already being in their hotel.

Bossypants

pimento wrote: »

I don't understand why anyone would put themselves through the stress of trying to exchange and complete on the same day.

Sometimes it's a risk worth taking. I hard a weird property to sell in a weird market. The only vaguely sensible offer I'd had was from people with this restriction. So, I considered my options and decided to go with it.

pinkteapot

pimento wrote: »

I don't understand why anyone would put themselves through the stress of trying to exchange and complete on the same day.

On top of which, many solicitors charge more if you want same-day exchange and completion.

I've only done it once, and that's because I bought my first place with a 100% mortgage (the heady days when those were available). With no deposit, vendor insisted on same day E&C. Would never do it now!

m0bov

Bossypants wrote: »

Speaking as someone who has recently been in the unpleasant position of having to plan a move around same day exchange and completion, it's hardly fair to suggest the OP is jumping the gun here. You can't just put everything else on hold until the legals are sorted, otherwise you could be in trouble if it does all go through. In my case, we didn't actually manage to exchange till 3pm, by which time all my worldly possessions had longsince been packed into the moving van. If we'd waited for the call that we'd exchanged to even start, I might have ended up liable for failing to provide vacant possession. Not to mention the fact that movers don't get booked or cancelled at the last minute. I had to book 10 days in advance, pay my non-refundable deposit, and hope really hard.

But the OP put himself in that position and then tried to claim compo. I exed and comped on the same day but I was a ftb. I would never dream of doing it in a chain. Madness.

garth549

pimento wrote: »

I don't understand why anyone would put themselves through the stress of trying to exchange and complete on the same day.

One of my friends once had a mortgage pulled after exchanging contracts due to some identity fraud that took place. Luckily he got it all sorted out in time, but for this reason I would never exchange more than a day or two before completion. Exchanging same day is rarely necessary unless the lender will only send funds the day of completion,