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Complete and exchange on the same day

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Comments

  • frogglet
    frogglet Posts: 773 Forumite
    Part of the Furniture 500 Posts Name Dropper Combo Breaker
    We were advised not to do that when we were buying in December even though we werent moving out our old house.  If things went wrong then it would be a problem especially on a Friday.
  • AngelEyes91
    AngelEyes91 Posts: 50 Forumite
    10 Posts Name Dropper
    Yes but there wasnt a pandemic in December - this is purely because of Covid-19
  • Tiglet2
    Tiglet2 Posts: 2,716 Forumite
    Eighth Anniversary 1,000 Posts Photogenic Name Dropper
    Yes, it is because of Covid-19.  Simultaneous exchange and completions are now being done because of the risk that you exchange one day and then cannot complete on the set completion date because one link in the chain has decided to close/send their staff home and the transaction fails to complete, meaning that one party is in breach.
  • MovingForwards
    MovingForwards Posts: 17,178 Forumite
    10,000 Posts Seventh Anniversary Name Dropper Photogenic
    AngelEyes91 said:
    Yes but there wasnt a pandemic in December - this is purely because of Covid-19

    Exchange and complete on the same day is quite a frequent option taken by FTB, who are in rental or living with relatives.

    It's always been recommended not to do this on a Friday as if it doesn't happen or there are issues, you have to wait all weekend to try again or resolve the issues. Best off recommending earlier in the week, removals should also be a bit cheaper too.
    Mortgage started 2020, aiming to clear 31/12/2029.
  • AngelEyes91
    AngelEyes91 Posts: 50 Forumite
    10 Posts Name Dropper
    Thank you MovingForwards! I have recommended a Tuesday or Thursday at the moment.
    My only concern is I know the buyers have got to give a months notice to their landlord so i'm not sure what will happen there!
  • MovingForwards
    MovingForwards Posts: 17,178 Forumite
    10,000 Posts Seventh Anniversary Name Dropper Photogenic
    Most people have an overlap of rental and buying, means they can go into their new home give it a good clean, do any bits then start moving over. When the rental is empty, give that a good clean and hand the keys back, expecting to pay a few weeks rent on top of their first mortgage payment.


    Mortgage started 2020, aiming to clear 31/12/2029.
  • iampetesmith
    iampetesmith Posts: 185 Forumite
    Seventh Anniversary 100 Posts
    MovingForwards said:
    Most people have an overlap of rental and buying, means they can go into their new home give it a good clean, do any bits then start moving over. When the rental is empty, give that a good clean and hand the keys back, expecting to pay a few weeks rent on top of their first mortgage payment.


    That's exactly what we did. Exchanged on a Friday, completed on the following Thursday and had 2 and a half weeks to move stuff out of our rental. I ran network cable through the whole house while it was empty and there was no furniture in the way.

    However, with the pandemic I can see why people are being advised to exchange and complete on the same day as this means no one can be penalised if businesses are shut down before completion day. Not sure if the penalties will still apply given the circumstances, but I don't think solicitors want to take the chance.

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