We’d like to remind Forumites to please avoid political debate on the Forum.

This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.

PLEASE READ BEFORE POSTING: Hello Forumites! In order to help keep the Forum a useful, safe and friendly place for our users, discussions around non-MoneySaving matters are not permitted per the Forum rules. While we understand that mentioning house prices may sometimes be relevant to a user's specific MoneySaving situation, we ask that you please avoid veering into broad, general debates about the market, the economy and politics, as these can unfortunately lead to abusive or hateful behaviour. Threads that are found to have derailed into wider discussions may be removed. Users who repeatedly disregard this may have their Forum account banned. Please also avoid posting personally identifiable information, including links to your own online property listing which may reveal your address. Thank you for your understanding.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
The Forum now has a brand new text editor, adding a bunch of handy features to use when creating posts. Read more in our how-to guide

Exchange and completion same day?

AndreeaG
AndreeaG Posts: 12 Forumite
in House buying, renting & selling
Hi,

We are FTB and buying a vacant property with no chain.

Would it be possible for us to exchange contracts and complete on the same day?

Kind Regards,

Andrea

Comments

  • buggy_boy
    buggy_boy Posts: 658 Forumite
    Part of the Furniture Name Dropper Combo Breaker
    AndreeaG wrote: »
    Hi,

    We are FTB and buying a vacant property with no chain.

    Would it be possible for us to exchange contracts and complete on the same day?

    Kind Regards,

    Andrea

    Simple answer... YES

    Just as a warning though this can take sellers by surprise so I would at least get a date in advanced so all parties are aware
  • Wyndham
    Wyndham Posts: 2,650 Forumite
    Part of the Furniture 1,000 Posts Photogenic Name Dropper
    It is possible.

    Whether it's a good idea or not is another matter. Until you have exchanged you have no guarantee of the completion date. If something goes wrong, you may have to postpone your move. How would that affect you? What if you've booked removals/arranged furniture deliveries/set up utilities/lots of other things? All of them will have to be rebooked if there is a delay - and there is often a delay in house buying.
  • Slithery
    Slithery Posts: 6,046 Forumite
    Eighth Anniversary 1,000 Posts Name Dropper Photogenic
    Possible, yes. But only a wise decision in certain circumstances...
    https://forums.moneysavingexpert.com/discussion/6029868/same-day-exchange-completion
  • G_M
    G_M Posts: 51,977 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Combo Breaker
    If you're not that bothered if the date changes at the last minute eg day before or even same day) then yes.


    If you will be making any plans (eg giving notice on your tenancy, booking removals or a day off work) then no.
  • babyblade41
    babyblade41 Posts: 3,968 Forumite
    Part of the Furniture 1,000 Posts Name Dropper Photogenic
    Even in the best of circumstances I would advise against it if possible...

    The only time I'd consider doing so is if I have nothing to move and going from parents to new house and in the same area , no children, pets , etc etc.

    Doable , yes.. preferable, no
  • AndreeaG
    AndreeaG Posts: 12 Forumite
    Hi all,

    Thank you for your responses.

    We leave with our parents and the property is 0.5miles from where we currently leaving.

    On average how much notice will the lender(s) require prior to the release of the funds?
  • Slithery
    Slithery Posts: 6,046 Forumite
    Eighth Anniversary 1,000 Posts Name Dropper Photogenic
    AndreeaG wrote: »
    We leave with our parents...
    Where are you going?
  • [Deleted User]
    [Deleted User] Posts: 0 Newbie
    1,000 Posts Second Anniversary Name Dropper
    Lender will need about 5 days notice to release funds properly and guarantee they will be there on a certain date.

    In reality a lot of lenders can release the funds with 1 day notice. But no solicitor will allow you to exchange without either having 5 clear days to completion, or the money already in their account.

    As an example of the latter, client recently exchanged on Monday, completed Tuesday. This was because the mortgage funds came in a day early and the solicitor couod exchnage risk free rather than do simultaneous
This discussion has been closed.
★ ★ ★ Meet your Ambassadors

🚀 Getting Started

Hi new member!

Our Getting Started Guide will help you get the most out of the Forum

Categories

  • All Categories
  • 354.4K Banking & Borrowing
  • 254.4K Reduce Debt & Boost Income
  • 455.4K Spending & Discounts
  • 247.3K Work, Benefits & Business
  • 604K Mortgages, Homes & Bills
  • 178.4K Life & Family
  • 261.5K Travel & Transport
  • 1.5M Hobbies & Leisure
  • 16K Discuss & Feedback
  • 37.7K Read-Only Boards

Is this how you want to be seen?

We see you are using a default avatar. It takes only a few seconds to pick a picture.
Update Your Picture