Same day exchange & completion

GaleSF63

It's one of those situations which will be fine for almost everyone - but for the few where it does go wrong, well it needn't have, just for the sake of a few days buffer and a bit of patience.

babyblade41

GaleSF63 wrote: »

It's one of those situations which will be fine for almost everyone - but for the few where it does go wrong, well it needn't have, just for the sake of a few days buffer and a bit of patience.

Exactly..and if it does go wrong it fails on a spectacular level ..why take the risk for the sake of a few days

RelievedSheff

Depends on the situation. If you can take the risk you have nothing to lose.

In both of our moves we were moving on the same day and in both cases it was fine.

Both sales had gone through by 10am. So we had a full day to get the essentials in place.

Locornwall

I am currently moving my belongings into storage and breaking the chain. I have time off and arranged to spend time abroad whilst completing the buying process on another property. Therefore, I would be having to find and pay for accommodation for the sake of having an unnecessary gap between exchange and completion.

Unless anyone can think of a negative, why wouldn’t I exchange and complete together or at worst within a couple of days?

Another person raised the point that the sellers may still be there when you go to move in. Well, they may still be there even with a gap between exchange and completion.

Carrot007

Locornwall wrote: »

Another person raised the point that the sellers may still be there when you go to move in. Well, they may still be there even with a gap between exchange and completion.

But then they are liable for your losses. Hotel, etc.


But of course it depends on if they have money, blood stone etc.

AFF8879

Positive: no risk of the horror stories you hear about buyers having their mortgage offers revoked between exchange and completion, then losing their deposit and being sued for additional thousands when they can’t complete.

Extremely remote possibility I know.... but as a FTB who spent years saving for a deposit, not a risk I was willing to entertain. Fortunately my seller was an exiting BTL landlord and was fine with this arrangement.

That said, when I move again in the future I would want some time between for all the reasons that have already been stated.

Locornwall

Yes thanks AFF8879 definitely positive there regarding the possibility of the lender revoking between the process. Also, at least with this way all the money is transferred to the solicitor rather than in stages. I’d be interested to know a solicitors point of view. I don’t know why FTB don’t do this more often, especially on completed new builds.

TornSoldier

I see the risk is with the additional moving costs etc. If the property is empty and available, I suppose then it is the best way. I suppose I will have a gap in my situation.

[Deleted User]

I dont like them but some times its just done to be done to get the transaction done and out the way.

Ive got one going through on Friday on a simultaneous. FTB's both living at home buying from an investor with the property empty. No risk to anyone as they arent moving in on friday anyway. It has dragged on they are on their 3rd property due to fall throughs so they just want the keys asap.

I wouldnt dream of it in a chain though. Ive had one not complete until 4:30 previously and that was just 2 people, imagine if the chain was longer!