Complete and exchange on the same day

AngelEyes91

Hello,
I am selling my house and purchasing another property. We are due to exchange next week.. obviously as other threads have stated it’s a bit of a worry at the moment doing anything really.. never mind exchanging and completing on properties.

I work for the emergency services so as you can imagine my time is quite limited at the moment! Earlier this evening I sent through an email to my estate agent and solicitor to say I really think we now need to talk about completion dates due to my work and this pandemic.. also I’m buying shared ownership and the lady meeting me to complete on my flat at the housing association needs to arrange childcare in advance to give me the keys and do the meter reading!

Do I call them tomorrow and state it’s a better idea to exchange and complete on the same day? I don’t know the best thing to do really and this isn’t my area of expertise.. if anyone could help with advice I would be grateful

greatcrested

Doing both on the same day is very stressful, and also hard to plan.

Would you need to book time off, or arrange anything in advance? If so, don't do this - there's no guarantee it will happen on the day you hope for.

If you exchange in advance (a week? 2 weeks?) then you have a contractualy fixed date for Completion. You can book the day off work, arrange removals/friends to help, and do all the planning, certain in the knowledge it will happen on the day agreed.

AngelEyes91

Very good advise thank you! Yes I would need to plan ahead so probably not the best idea for me then!
I’m so worried about the country locking down that I’m not sure what’s best to do, I’ve given some dates I can do so I guess that’s all I can really hope for. Thank you for your help!

jaks101

In the exact same boat as you. I feel your pain

Sncjw

I have next week off work but I have told them this to see if we can sign any paperwork in meantime. 

If I have it within the month I have plenty of time to move in as I am chain free and just need to give notice on flat 

AngelEyes91

So my solicitor today has advised me to exchange and complete on the same day.. who knows what’s in store! I’ve given them dates and hoping they can sort it.

127001

I can give you my real life story from 2 years ago. I came home from work on the Monday to find a post it note on the door, we are completing Friday.  I called solicitor as we hadn't exchanged with our buyer and they said the buyer is pushing for exchange and complete this Friday.  I said ok.
That week we moved everything in to storage, the house was empty.  Friday came and told expect keys to our new place mid day.  Spoke to the owner of the house we were buying all ok. 

Mid day came and no news then the lady we were buying the new house form called to say her solicitor advised her not to release keys.  
I called my solicitor, there was a problem.  The solicitor buying our current house had sent over too much money.  I asked ok can you just not refund the different, no was told laundering rules meant the full amount had to be sent back and our buyers solicitor to send the right amount.  As this was late in the day not enough time for chaps payments, between the buyer, the solicitor and us so the exchange and complete failed.  
We exchanged Friday, completed Monday and spent the whole weekend in a house with no beds, furniture, tv absolutely nowt.
If you do decide to exchange/complete never do it on a Friday!!

MovingForwards

@127001 it's always been the advice not to complete on a Friday, in case there are issues.

AngelEyes91

Thank you both, I think all solicitors are pushing for exchange and completion on the same day at the moment.. not my ideal scenario but that seems to be how its going

Tiglet2

Simultaneously exchanging and completing at this time means that if the banks (or just one bank) shuts down and monies are not transferred on the day, no-one is in breach because they won't have exchanged.

AngelEyes91

That makes sense Tiglet so probably the best way to go then