Same day Exchange and Completion worries

Squirrelz92

Swami_Trinel said:

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? 

This is my plan exactly! Me and the vendor are happy to exchange and complete on the same day. Hoping to have the removal man move my stuff into the new house a few days afterwards as I am wanting to get in there and deep clean it (silly really as I am getting the house rewired whilst unoccupied too)! Then once my stuff is moved in, I will still have a day or so to clean the rental. 

louk2000

Sorry to bump an old post of over a year ago but we have an offer in place and if all our searches come back ok (due to come back end of month), we will be looking to exchange and complete on the same day.  We are renters who are buying the house we are renting off our landlord and his wife.  There is no chain involved and we will not be needing to move and nor would they as we've lived here for 4 years.  Would exchanging/completing on the same day be a wise idea given these circumstances providing our mortgage provider allows?

MovingForwards

louk2000 said:

Sorry to bump an old post of over a year ago but we have an offer in place and if all our searches come back ok (due to come back end of month), we will be looking to exchange and complete on the same day.  We are renters who are buying the house we are renting off our landlord and his wife.  There is no chain involved and we will not be needing to move and nor would they as we've lived here for 4 years.  Would exchanging/completing on the same day be a wise idea given these circumstances providing our mortgage provider allows?

Yes, it makes perfect sense.

louk2000

Thank you very much, we will look to do that then.

saajan_12

louk2000 said:

Sorry to bump an old post of over a year ago but we have an offer in place and if all our searches come back ok (due to come back end of month), we will be looking to exchange and complete on the same day.  We are renters who are buying the house we are renting off our landlord and his wife.  There is no chain involved and we will not be needing to move and nor would they as we've lived here for 4 years.  Would exchanging/completing on the same day be a wise idea given these circumstances providing our mortgage provider allows?

Yes, you'll avoid most of the issues of arranging removals / time off / overlap in rent and mortgage anyway. Make sure you agree with the LL what happens with:
* final rent (pro rata etc?)
* no notice period (mutual surrender effective the date of completion)
* rental deposit

Also your mortgage provider shouldn't have an issue, as they're not party to exchange anyway. Just make sure your solicitor knows to request the funds x days ahead of time (x depends on the lender's policies).