Nervous about exchanging and completing on the same day

babyblade41 · 28 January 2020 at 2:37PM

I think a word in the solicitors shell like today and demand to know where they are with exchange tomorrow .

I'm pretty sure your buyers won't pull out even if it doesn't happen realistically , possibly posturing .

My buyers tried that one and my house was back on the market in hours..they soon got back on board and completed 3 weeks later

hazyjo · 28 January 2020 at 2:41PM

Is the delay with your purchase? If so, I would speak with the removal co to see if they would be able to store everything for X number of days. If it all falls through on the purchase, you could find a rental quickly and get your stuff delivered there.

May only be for a day or two (although remember the removal co may not have availability to take on a move so you may have to wait longer).

Was in a similar boat a few years back. Was selling a house with my ex. I found somewhere to buy later than we found a buyer, but thankfully managed to play catch-up. Up until a couple of days before, I thought my stuff may all go into storage. Was quite stressful (especially with 2 cats), but life sometimes throws you a bit of a curveball.

eddddy · 28 January 2020 at 2:49PM

HanPop wrote: »

Well our solicitor has given 3 dates for exchange so far that haven’t been stuck to (our solicitors fault) and my buyers are getting understandably annoyed and said they would ‘reconsider their position’ if it wasn’t done on Friday.....it wasn’t done on Friday and not yesterday either and we are edging closer to completion date without it having happened and I don’t want to risk losing our buyer as we have had a tough year house selling/buying wise. We are moving into a new build so no chain above us.

This sounds a bit vague.

It sounds like your buyers were expecting a gap between exchange and completion.

Have your buyers actually agreed to exchange and complete on the same day?

Alisha__ · 28 January 2020 at 2:59PM

We exchanged and completed on the same day. The date it happened was actually tentative completion date and exchange date was supposed to be one week before that. We never intended to do it this way but our solicitor was too slow and we had to keep pushing him after missed exchanged date due to his slow pace. We only agreed to do it this way because it was a chain free process (we were FTB and the house we purchased was already empty). We also had assurance from our landlord that we could keep the rental property if completion did not happen for any reason. It was just one day before completion that our solicitor was finally ready and requested mortgage funds but close to the end of business day. I had to chase the mortgage lender to make sure that they would release mortgage funds on the day of completion. If there was any chain or our landlord was not so cooperative, I would have never aimed for same day exchange and completion.
As others have suggested, make sure your solicitor confirms he is actually ready to do it the same day.

Mutton_Geoff · 28 January 2020 at 3:01PM

Does your solicitor also have receipt of funds from the mortgage company? Unless that's already been arranged (which would have been if exchange/completion same day was the intention), then you may find this will hold things up anyhow.

HanPop · 28 January 2020 at 4:43PM

Yes we had a text this morning from our lender to say that the funds would be with our solicitor today so at least they’ve sorted that. I doubt we’ll exchange today now .

HanPop · 29 January 2020 at 5:11PM

We have exchanged!!! Finally. Been a long day packing the whole house up. Now waiting for our funds to show in the developers account so we can collect the keys. Although they had to get a locksmith out earlier as they’d lost the keys to our new home!