Exchange and complete on the same day

davidmcn · 9 June 2020 at 9:55AM

labrajaws said:

If you book removals and something goes wrong, who is responsible for paying the fees incurred?

You are.

In practice, everyone will be reasonably confident that it can happen on the planned day, just not so much that they want to bet 10% (or whatever) of their house price on it.

MobileSaver · 9 June 2020 at 10:07AM

labrajaws said:

If you book removals and something goes wrong, who is responsible for paying the fees incurred?

The person who booked the removal (i.e. you!) is responsible.

The thinking is that the cost of a cancelled removal job is pocket money compared to the considerable costs someone could incur if, due to Covid-19, they cannot complete because they or a family member get ill/hospitalised or a localised lockdown being put in place etc.

greatcrested · 9 June 2020 at 10:37AM

https://forums.moneysavingexpert.com/discussion/6154284/same-day-exchange-and-completion-worries#latest

Missy79 · 9 June 2020 at 4:25PM

The thinking is that the cost of a cancelled removal job is pocket money compared to the considerable costs someone could incur if, due to Covid-19, they cannot complete because they or a family member get ill/hospitalised or a localised lockdown being put in place etc.

This. You pay your 10% deposit on exchange. If you lose your job/get ill/mortgage offer pulled/experience a loss in the family etc etc you are still liable to complete, at the agreed day and time. If you can't and this causes the chain to collapse you are now liable for everyone's costs for the whole the chain. If you can't complete at all, you are liable for everyone's costs and lose your deposit.

bob_the_dinosaur · 9 June 2020 at 4:32PM

we exchanged and completed on the same day, buyer was a ftb.
This situation is easiest as a ftb in your situation, the worst thing is its a bit of a nail biting moment waiting to get the keys, but if you can hold off a few days then you can do things at your own pace

momo1103 · 27 June 2020 at 5:14AM

Just to update, we simultaneously exchanged and completed yesterday and it could not have gone smoother

Exchanged at around 12.15pm and completed 20 minutes later.

Squirrelz92 · 27 June 2020 at 8:17AM

momo1103 said:

Just to update, we simultaneously exchanged and completed yesterday and it could not have gone smoother
Exchanged at around 12.15pm and completed 20 minutes later.

Would love for it to go this smooth for me in a few weeks time! Also exchanging and completing on the same day as a FTB! Congrats on your new home!!!

swajarbal · 16 July 2020 at 2:45PM

Does anyone else have experience of this where a chain is involved? Did anything go wrong on the day, or were there any last minute issues?

Sistergold · 17 July 2020 at 7:15AM

If the chain is long and there is a delay or hiccup then the process might spill to the next day but the solicitors will be handling it and all of you will have to cope. Exchnage and complete is the best at present with all the uncertainties of COVID, with some lenders changing their minds last minute!

Wkmg · 17 July 2020 at 7:23AM

We’re just about to exchange with a completion date in 4 weeks. It’s very difficult for us to move on any other day a few weeks either side of the completion date and our buyers and vendors want certainty that no-one will drop out at the last minute (both have been hung out to dry before). We’re buying a vacant house and our buyers are currently renting. If worst comes to worst I can load a big van the day before myself and do the move with 1 friend to help In 2 trips. I suspect if there was a proper lock down our vendor would give us access to put stuff in the garage a day or 2 early as well (completing on a Monday so have Sunday free).