Exchange and completion on the same day

renfirsttimebuy

I emailed my conveyanver saying I'm worried about the current situation. (I'm at the stage where my searches are being done). 

My conveyanver said: we are taking things day by day but various solicitors firms are closing or working from home which is either putting delays on transaction, which is why we are not committing are clients to a legally binding contract and instead doing a simultaneous exchange and completion on the same day.

What are your thoughts on exchange and completion? 

hazyjo

Usually I'd not advise doing it on the same day. In light of the current situation, it's probably the best option.
PS avoid Fridays (for obvious reasons)

SouthLondonUser

Exchanging and completing on the same day eliminates the risks that the bank may withdraw the mortgage offer (possible but low risk) and the risk that your buyer pulls out between exchange and completion (not unlikely in this environment), which would cause the mess of everyone in the chain suing each other.

However, do you appreciate that moving home will be hard if not impossible till this crisis is over, and that, even if you manage to complete, you may have to pay rent + mortgage till life goes back to normal?

greatcrested

hazyjo said:

Usually I'd not advise doing it on the same day. In light of the current situation, it's probably the best option.
PS avoid Fridays (for obvious reasons)

This.

Doing both simultaneously is always stressful and uncertain. But makes sense at present.

scholesfan88

We exchanged and completed on the same day, 5 weeks ago today.

We were in rented and weren't giving our notice to the landlord until we had the new house keys in possession, so it wasnt time critical if it didnt go through on the exact date.

goshawk134

In the current restrictions, I would opt for exchange/complete in one day !  Though as SouthLondonUser points out, right now moving is not easy !

Anamox

Why is exchange and completion recommended to happen on the same day in the current situation? Surely exchanging ahead of time solidifies your position in these turbulent times?

MovingForwards

Same day exchange and completion means no change of errors, delay receiving money from lender (usually received the day before) death, illness etc preventing completion.

bs93

We’ve done this twice now but the properties were empty and we lived with parents

AnotherJoe

Anamox said:

Why is exchange and completion recommended to happen on the same day in the current situation? Surely exchanging ahead of time solidifies your position in these turbulent times?

Solidifying your position not a good idea at present.

If you exchange  with completion in 2 weeks say,  a covid 19 related reason or issue can mean completion isn't possible for one or other party.

With same day, no one gets diagnosed and needs to isolate (and cant move) between the two events, or gets ill and goes into hospital, no govt rules change about what can and cant be done, the lenders policies dont change, the lender doesnt close down due to infections in their still open head office etc etc.