Same day Exchange and Completion worries

[Deleted User]

As our solicitor seems to be intent on a same day exchange/completion, please can those who have experience of this advise what happens if you book removals and completion does not happen?
i.e. who pays for the removal fees, as you have to give zero days notice of cancellation to the removal company? 
That is not to mention the hassle of rearranging childcare, switching utilities, mail redirection etc etc (the list goes on) at the last minute.
The same-day idea seems to be in place to cover solicitor's backs, and provide reassurance to FTBs who don't need to move in on completion day.
Thanks 

Vestraun

Does same day exchange completion leave you more vulnerable to a gazunder attempt? They would have you over a barrel if they tried anything on price. 

davidmcn

Vestraun said:

Does same day exchange completion leave you more vulnerable to a gazunder attempt? They would have you over a barrel if they tried anything on price. 

Changing the price (even if agreed) means changing a whole load of other things too though (including waiting for a new mortgage offer if there's a mortgage involved) so I doubt it's something which would be attempted immediately before a planned completion day.

greatcrested

All the issues you raise (apart perhaps from gazunder as David says) are potential/likely issues.

Read the booking terms of your removals company (and any other companies you arrange) carefully, but most will bill you with so little warning. After all, they've lost a day's work.

No, you can't pass the cost on to anyone as you've not exchanged. That's exactly why, in normal times, there's a 1,2 or more week's gap so that everything can be planned in that gap with certainty.

I've heard there's insurance you can take out but have no knowledge of it- someone here may know, or use duckduckgo.

davidmcn

greatcrested said:

I've heard there's insurance you can take out but have no knowledge of it- someone here may know, or use duckduckgo.

The last time we looked at that sort of insurance it was pretty limited - and I expect that now (if it's currently available at all) it will exclude anything COVID-related. After all, if the parties themselves think it's too great a risk to exchange in advance, you're not going to get the insurers to take on the risk at anything other than a vast price.

eddddy

This will be a situation that removal companies are very familiar with - so ask them how they are dealing with it.

I suspect that many removal firms are short of business, so they might be prepared to do something like 'share the risk' with you, by offering you a lowish cancellation fee.

Obviously, if they offer you any kind of special terms, confirm those terms in writing at the same time as you enter into an agreement with them.

hazyjo

Obviously try to avoid Fridays.

Choose a removals company with storage option. See if they're willing to store everything for a night or two if delays. Obviously don't pack the essentials.

Thrugelmir

labrajaws said:

The same-day idea seems to be in place to cover solicitor's backs, and provide reassurance to FTBs who don't need to move in on completion day.

More to protect all parties from an inability to complete. Many people are at high risk of redundancy, having to isolate due to Covid for 14 days, for example currently.  Same day avoids such issues. 

Chavy89

so i just recently moved and had to do a same day exchange and completion, which wasn't to bad for me as i was renting and still had the use of my old house for a couple of weeks after, however my seller didnt and he was top of the chain (chain of two me and him and his onward buy) which meant if my sale fell through so did his... 
long story short we were told that the sale would be complete by 11am by 4:55pm the sale was still not completed (for loads of silly reasons) and he had his whole house packed up and the removal men were sitting out side for nearly 2 hrs which he had to pay for as they were on a hourly rate. Luckily 10min later about 5:05pm it had all gone through and he was able to move in to his new house I on the other hand booked my movers the next day so had no issue mybe see if you can move out a day later you if possible 
HOPE THIS HELPS  

Swami_Trinel

I think this is where I am as a FTB in a rented property, with a vendor who isn't involved in a chain. I plan to keep the rental for a week or two for flexibilty, move on a quiet day and go back to the rental to clean and make good for the landlord (and my deposit). Unless I'm missing sokenthing from all I've read exchange and complete on same day seems sensible? 

momo1103

Swami_Trinel said:

Unless I'm missing sokenthing from all I've read exchange and complete on same day seems sensible? 

I think most solicitors are recommending this at the moment. We did it yesterday and it couldn't have gone smoother. Hoping the same for you especially as the vendor isn't involved in chain. (Our vendor also moved into a property that was top of chain).