3 Days Between Exchange and Completion?

Chrisabian

Hey guys, need some opinions and hopefully some who have had experience of this scenario.
Due to Covid and a variety of problems with our chain, we are still yet to complete our house transaction - we have been ready to exchange since mid-March! Our mortgage offer expires on 26th August. 
We are now hoping to exchange on Monday 24th and complete on Wednesday 26th.
All 4 parties in the chain are in agreement with this, but we've now got to sweat over the weekend as to whether this would be possible.
We were originally due to exchange yesterday and complete on the 28th - but our mortgage broker had our expiry date down wrong and the solicitors wouldn't exchange. We then tried to rush our mortgage extension through, but the soonest the lender can get it through is Tuesday. Why this extension isn't automatic as we effectively lost two months due to Covid, I do not know. So the next option was to try and scramble yesterday afternoon to not delay everyone and get things done for the 26th.
So my question is - is 3 days to exchange and complete possible? Will lenders process the funds in time, or are we getting our hopes up that we'll be in our first home on Wednesday for nothing?
Any more info I can provide to give a more accurate answer, please let me know! 
Stress and anxiety levels through the absolute roof.

giraffe69

Many transactions are exchanged and completed on the same day especially during Covid time.

HummingBird76

Yes, its absolutely possible. It's on the solicitors really to make it happen.

AskAsk

this question seems to be recurring at the moment.  someone asked 4 days recently and the answer is yes.  it is now quite normal for same day exchange and completion, even in a chain.  very stressful for all parties, but it is the covid way.

Chrisabian

Apologies if there are similar topics, I should have thought to search but my brain is like mush at the moment!

lika_86

It's not so much about the time between exchange and completion but the time required by your lender to draw down funds. Your solicitor needs to request funds from your lender, some have longer lead times for that than others. Your solicitor should be best placed to advise really.

bucksbloke

Some lenders want five days to draw down funds. You need to speak with your mortgage broker to see if this is possible. 

davidmcn

bucksbloke said:

Some lenders want five days to draw down funds. You need to speak with your mortgage broker to see if this is possible. 

It's the solicitor who'll have a better idea of how long is needed in practice. Although many lenders say five days, I've rarely encountered any who can't do it faster.

Angela_D_3

Never exchange and complete on the same day ... too many horror stories about people packed up sat in vans waiting for the keys to the new house 300 miles away only to find the chain has fallen through

Kyresa

If your solicitor knew this situation was likely to happen, they should order the funds in advance just to be "ready" for the nominated day of completion when it is so close.  

iwb100

Angela_D_3 said:

Never exchange and complete on the same day ... too many horror stories about people packed up sat in vans waiting for the keys to the new house 300 miles away only to find the chain has fallen through

In normal times maybe. But with Covid that risk is better than the risk of exchanging and then something happening that means you are in breach of contract because you can’t complete, or anyone in the chain for that matter. Same day exchange and completion minimises risks now.