Urgent advice needed on completion nightmare

TripleH

We recently sold our property and it was exchange and complete the same day. We had asked to exchange the previous Friday but were told that this wasn't possible by buyers' solicitor.
I had put that down to their solicitors being useless (based on their behaviour throughout the sale).
Maybe explaining via estate agent what the situation is re everyone else in the chain,  it maybe that your buyer is not clued up on the terminology or maybe add a clause whereby you agree a penalty if you don't move out by a certain date (if they want it formal). 
Ask either way and explain.

stephanieh888

Thank you all so much, this is helping a lot. It has been very hard to know what is for the best in quite a scary situation.

We think that based on this and other advice we have been given we will take the risk, however we will get advice from our solicitors first thing tomorrow to be sure that we are as comfortable as possible. 

Thank you TripleH, we will also discuss this with our EA. 

[Deleted User]

But remember if you aim to exchange and complete on a Friday.., you will have to wait til Monday to sort any problems out.  And have to deal with overloaded mortgage lenders/solicitors because almost everyone else is exchanging/completing on a Friday.  Better to do these things mid week.

pinkteapot

Agree with everyone else saying re-negotiate for mid-week if possible. 

There was some talk above of exchanging with your seller and not your buyer. Don’t even consider doing that. Whole chain exchanges simultaneously and then the only risk is that it doesn’t actually go ahead and you lose money committed to removals etc.

Don’t order any services (internet, Sky etc) until exchange.

Re internet, you often can’t arrange internet for completion day anyway as it can take time to get set up. Add a 4G data bolt-on to your phone if you don’t have much data on your contract, and use your phone as a wifi hotspot for a few weeks. When we first moved to this house last year we couldn’t get fibre initially so had 1Mbps ADSL. Useless for working from home so we used 4G and it was fine. 

momo1103

We are also being recommended to exchange and complete on the same day, difference is we are ftb bottom of chain.
https://forums.moneysavingexpert.com/discussion/6152528/exchange-and-complete-on-the-same-day

Flat_Eric

stephanieh888 said:

Exchange was set to happen last Friday and money was requested from the lenders, leaving everyone a week to book removals, pack their houses, arrange postal diversion, Internet and what not. On the day we received an email saying our buyer was refusing to exchange unless it is done on the same day as completion. She is a first time buyer living with parents, so minimal risk for her, but both we and the upper chain have all refused due to the risks involved.

I would ask your solicitor / the estate agent to find out when the lender money for the various parties in the chain is due to arrive?  If this Thursday then this might allow scope for an exchange late on Thursday giving the chain the security that the move is taking place on the Friday.  

mattyprice4004

Just a quick one, and a small helpful (hopefully) note - you can pick up a USB mobile broadband dongle or mobile router from £10, then you just need a SIM with data (again, not much) - this would help mitigate the broadband worry.

I get that it's annoying to have to pay extra, but it'll solve the problem  
Either that, or approach your new neighbours, explain the situation and offer £20 towards their broadband bill (providing they're unlimited). Our new neighbour a few years ago asked us for the same, which we happily did and refused any payment.