Exchange & complete in 4 working days?

KateO78

Hi All, 
Is it possible to exchange and complete within 4 days?  Everyone is apparently ready, 27th Aug agreed but all for completion... but we haven’t exchanged yet.  Our solicitor is being hard to get hold of, and has been working on my completion statement for 2 days now.....  Our sales progresser called them yesterday and they said all was fine and they would be sending the statement out that day (didn’t arrive) ..... should I be nervous?  This seems very close to the wire?  Can it all happen at the last min? 

HummingBird76

Yes it can - sometimes exchange and completion happen on the same day.  Trust in the process.  That said.... don't know why its taking your solicitor so long to do a completion statement...!

martindow

Is the estate agent involved in chasing?  They are best placed to chase things along and should be very motivated to do so and receive their fees.

iwb100

I think you will find it will be exchange and complete in the same day. Many solicitors are working to that as standard due to Covid. Otherwise exchange before completion requires lots of Covid waivers inserting into contracts. Your solicitor should have told you by now what money is required to complete on 27th (if you haven’t already deposited this or if all settled) - I’d be a little concerned if they haven’t given time needed to transfer money. But you can do a same day chaps payment or online transfer both clear in a day or instantly.

KateO78

iwb100 said:

I think you will find it will be exchange and complete in the same day. Many solicitors are working to that as standard due to Covid. Otherwise exchange before completion requires lots of Covid waivers inserting into contracts. Your solicitor should have told you by now what money is required to complete on 27th (if you haven’t already deposited this or if all settled) - I’d be a little concerned if they haven’t given time needed to transfer money. But you can do a same day chaps payment or online transfer both clear in a day or instantly.

Thanks - I have been asking them since Monday about deposit to transfer!!!!???? 

They are driving me crazy, and only today have they checked with the mortgage lender if the funds  will be available!!! I have been chasing them all week about it!

KateO78

martindow said:

Is the estate agent involved in chasing?  They are best placed to chase things along and should be very motivated to do so and receive their fees.

We had Dixon’s and Purplebricks..... unfortunately the buyer was via Purplebricks (first pre-COVID buyer was with Dixon’s who were excellent in progressing the sale) Purplebricks don’t really help as they are paid upfront sale or no sale.... you can email post sales support- but they are next to useless! 

Lesson learned- if I ever move again to pay for a high street agent !! 

(Also the onward purchase also is via Purplebricks 🤦🏻‍♀️)

KateO78

HummingBird76 said:

Yes it can - sometimes exchange and completion happen on the same day.  Trust in the process.  That said.... don't know why its taking your solicitor so long to do a completion statement...!

Ok, I am trying really hard to trust the process, and most likely driving everyone mad! Just so far my extras been no constant chasing = no progress.  That is why 3 days to do a completion statement is making me very nervous.
We have had to start packing and pay a deposit for the removal services- as 27th is so close we can’t leave it any longer... but I’m not that comfortable due to no exchange yet.  Although all involved keep saying they are working towards completion for 27th 🤯

AskAsk

the new norm now is to exchange and complete on the same apparently.  i have heard some people say they are doing this now because of the risk of covid 19.  so 4 days is more than adequate.

KateO78

AskAsk said:

the new norm now is to exchange and complete on the same apparently.  i have heard some people say they are doing this now because of the risk of covid 19.  so 4 days is more than adequate.

Thank you - that is helping calm my nerves!
This whole process is so stressful 

AskAsk

KateO78 said:

AskAsk said:

the new norm now is to exchange and complete on the same apparently.  i have heard some people say they are doing this now because of the risk of covid 19.  so 4 days is more than adequate.

Thank you - that is helping calm my nerves!
This whole process is so stressful 

i have never exchanged and complete on the same day even when the circumstance was perfect for it.  that there is no chain, the house is empty and the payment is cash so the mortgage company is not involved.

i was surprised to hear a couple of people say that they completed recently and their solicitors had advised same day exchange and completion even though they are in a chain and they are getting a mortgage.  they have been advised this is much safer as the seller could die from covid between exchange and completion and they won't be able to get their deposit back easily as the courts are slow and getting money from a deceased estate will be drawn out.  then they themselves may lose their job between exchange and completion and won't be able to get the mortgage but still have to buy the house.

apparently mortgage companies are now set up to exchange and complete on the same day.  i think effectively it means the solicitors won't exchange until they are ready to complete.

Scotbot

AskAsk said:

KateO78 said:

AskAsk said:

the new norm now is to exchange and complete on the same apparently.  i have heard some people say they are doing this now because of the risk of covid 19.  so 4 days is more than adequate.

Thank you - that is helping calm my nerves!
This whole process is so stressful 

i have never exchanged and complete on the same day even when the circumstance was perfect for it.  that there is no chain, the house is empty and the payment is cash so the mortgage company is not involved.

i was surprised to hear a couple of people say that they completed recently and their solicitors had advised same day exchange and completion even though they are in a chain and they are getting a mortgage.  they have been advised this is much safer as the seller could die from covid between exchange and completion and they won't be able to get their deposit back easily as the courts are slow and getting money from a deceased estate will be drawn out.  then they themselves may lose their job between exchange and completion and won't be able to get the mortgage but still have to buy the house.

apparently mortgage companies are now set up to exchange and complete on the same day.  i think effectively it means the solicitors won't exchange until they are ready to complete.

As a seller I would insist on a couple of days between to sort out the move. The chances of the buyer dying from covid are pretty slim and even if they did they would probably be feeling ill beforehand and ask to delay exchange.  Likewise with losing your job. Sure it could happen but the risk over a 3 day period is minimal and one I would be prepared to take.  I am the one paying the solicitors fees so it is my choice, they can advise but I am the one who i instructs