Same day exchange & completion

TornSoldier

As a buyer, are there any pros/cons for same day exchange/completion?

haras_nosirrah

biggest con - you hire removals, take time off work to move and are sitting in a van having all your stuff ready to go and you get a call from the estate agent saying the vendor has decided not to move.

davidmcn

Indeed, not being able to make any reliable plans for the moving day is the biggest con. Precious few advantages, other than the freedom to change your mind at the last minute.

babyblade41

I don't see any positives for same day exchange and complete either and would never entertain it

Lespaul1960

Only worth considering if you are selling without buying ,or buying without selling. There is less risk if selling, still considerable risk if buying, after all you might find tenants still in residence. For example.

ethank

I would never do it

eddddy

The main problem is you won't know for sure in advance, if/when you'll get ownership of the property.

In some cases, people may be happy with that, for example if all the following apply...

• You're an FTB, maybe living with family
• You are under no pressure to move on a particular date
• You don't mind paying mortgage interest etc from whatever date completion ends up happening on

• and maybe your priority is to take ownership of the property asap, rather than worrying about a precise date

p00hsticks

babyblade41 wrote: »

I don't see any positives for same day exchange and complete either and would never entertain it

The only potential advantage I can think of is that you won't need to find the 10% deposit for exchange separately (although often you can ngotiate this down anyway).

bouicca21

I did it. Checked the property the day before, had already sold my house so money in the bank.

The worst thing was making sure the bank would transfer such a large sum by faster payment. Their frontline staff said it wasn’t a problem but when I rang their security people, yes there was a problem, in that the amount would trigger a fraud investigation and the transaction would be stopped. Several hoops later it was all sorted and went through smoothly.

RelievedSheff

We have exchanged and completed on both of our property purchases to date. Fortunately both times have gone very smoothly.

The second time, just a few months ago was buying from a developer on a new build that was complete and ready to move into so we saw it as much less of a risk.

The first there was no chain and the vendors were already moved out of the property so again a lower risk transaction.

I dont know if we have been fortunate both times but it has certainly not caused us any problems on our only two property purchases to date.

Dave_606

We are supposed to be doing just that, exchanging & completing on the same day next Tuesday. As first time buyers with no chain and buying a vacant property I see little problem for us in doing this. Its of no vital requirement we do this as such, but would find it more convenient to do so. And by default it was more something the solicitors set or offered when they asked the sellers about exchange & completion the start of the week. The solicitors said it shouldn't be an issue as the property is vacant and the sellers asked about exchanging & completing near a month ago (only our solicitors look to have delayed things). As it is, we have penciled in moving next Saturday which gives us 4 days to play with in case of any delay. Which with a few outstanding issues needing completing on Monday might see a delay unless our solicitor chases it all up by the end of the day.