Exchange and completion - same day

rase111

Hey all,
I am edging closer to exchange now that my conveyancer has advised that I should expect contracts this week.   The house I am buying is vacant and I am wondering if it is worth requesting an exchange/completion on the same day.

Does anyone have any experience of this?  The pros and cons?  

happy_2008

I personally prefer them on seperate days so that i know completion is definately happening after exchange, i would know when booking removals that there would be no problems on completion day.

rase111

Fair point and definitely worth considering.

JonMitchell

Although it could be achieve, depending on both side of solicitors knowing that the cut off time for fund transfer for purchase tends to be 14:30 (might have changed a bit). Best to have few days separation in between. Disrupting the usual daily life of solicitors does not bring joy for anyone. Just speaking from past experience
Congrats to your new move! 

saajan_12

This has been discussed many times, so search the forum. Main points are:
PRO: No window when you are committed but links in the chain could fail to complete or your mortgage could be withdrawn, putting your deposit at risk (and deposits / costs for the chain until you can claim from the relevant party). 

CON: Time to work out removals, changing addresses etc before the day of. If you do book things earlier, you risk the cost of these if exchange / completion doesn't go through. 

PERMOTIO

We just exchanged and completed on the same day and it worked well. The only downside was not knowing with 100% confidence that you were going to move on that day, though we were moving from rented accommodation with an overlap so wasn't as much of an issue.

iwb100

JonMitchell said:

Although it could be achieve, depending on both side of solicitors knowing that the cut off time for fund transfer for purchase tends to be 14:30 (might have changed a bit). Best to have few days separation in between. Disrupting the usual daily life of solicitors does not bring joy for anyone. Just speaking from past experience
Congrats to your new move! 

This just isn't true now - exchange and complete in the same day has become routine with COVID - there isn't really much more issue in doing it from a technical money/solicitor side. The RISK is obviously someone pays for their removals and changes addresses then on the day somewhere in the chain someone doesn't have the money or whatever and whole thing is off. And you lose your removals fee. BUT the other way now is you exchange a week before then two days before completion someone in the chain is ordered to self isolate for 14 days, or someone loses their job and their mortgage offer or any number of covid related scenarios. So to exchange before completion YOU MUST insist on your solicitor protecting you with Covid waivers and riders that stop you from being liable if completion has to be delayed or can't happen at all. That is a lot of extra work for your solicitor and of course you need to be sure the risks are adequately dealt with pre exchange. Its no good exchanging without those protections in the current climate because you don't know what risks are there.

So on balance the least risky method is exchange and complete on same day, simultaneously. Yes you might risk £1000 removals fee and a lot of hassle changing back addresses and whatnot. BUT that risk IS A LOT lower in impact than losing your deposit and potentially being liable if something went wrong. 

babyblade41

It's something I would never do , I like to get the bulk of the furniture moved out after exchange, gives me time to clean the house, fill any holes or scuffs that have occurred whilst moving stuff out 

Clean ovens and white goods if they are staying.

Completion at least a week later and never on Friday, Wednesday latest 

JonMitchell

iwb100 said:

JonMitchell said:

Although it could be achieve, depending on both side of solicitors knowing that the cut off time for fund transfer for purchase tends to be 14:30 (might have changed a bit). Best to have few days separation in between. Disrupting the usual daily life of solicitors does not bring joy for anyone. Just speaking from past experience
Congrats to your new move! 

This just isn't true now - exchange and complete in the same day has become routine with COVID - there isn't really much more issue in doing it from a technical money/solicitor side. The RISK is obviously someone pays for their removals and changes addresses then on the day somewhere in the chain someone doesn't have the money or whatever and whole thing is off. And you lose your removals fee. BUT the other way now is you exchange a week before then two days before completion someone in the chain is ordered to self isolate for 14 days, or someone loses their job and their mortgage offer or any number of covid related scenarios. So to exchange before completion YOU MUST insist on your solicitor protecting you with Covid waivers and riders that stop you from being liable if completion has to be delayed or can't happen at all. That is a lot of extra work for your solicitor and of course you need to be sure the risks are adequately dealt with pre exchange. Its no good exchanging without those protections in the current climate because you don't know what risks are there.

So on balance the least risky method is exchange and complete on same day, simultaneously. Yes you might risk £1000 removals fee and a lot of hassle changing back addresses and whatnot. BUT that risk IS A LOT lower in impact than losing your deposit and potentially being liable if something went wrong. 

Good to know it is technically possible nowadays in the midst of Covid. Thanks for the info!
Though I think I would still stick with my old mindset of mitigating risks to a minimal for myself - still prefer few days separation. But hey, it's down to individuals preference 

MovingForwards

If you are a FTB in a rental or living with parents it makes no odds if you do exchange / complete the same day, you can easily organise moving a few days later.

I exchanged just before my solicitor finished for the night and completed for following morning, got the keys in the afternoon and arranged removals for 3 days later.

Scotbot

iwb100 said:

JonMitchell said:

Although it could be achieve, depending on both side of solicitors knowing that the cut off time for fund transfer for purchase tends to be 14:30 (might have changed a bit). Best to have few days separation in between. Disrupting the usual daily life of solicitors does not bring joy for anyone. Just speaking from past experience
Congrats to your new move! 

This just isn't true now - exchange and complete in the same day has become routine with COVID - there isn't really much more issue in doing it from a technical money/solicitor side. The RISK is obviously someone pays for their removals and changes addresses then on the day somewhere in the chain someone doesn't have the money or whatever and whole thing is off. And you lose your removals fee. BUT the other way now is you exchange a week before then two days before completion someone in the chain is ordered to self isolate for 14 days, or someone loses their job and their mortgage offer or any number of covid related scenarios. So to exchange before completion YOU MUST insist on your solicitor protecting you with Covid waivers and riders that stop you from being liable if completion has to be delayed or can't happen at all. That is a lot of extra work for your solicitor and of course you need to be sure the risks are adequately dealt with pre exchange. Its no good exchanging without those protections in the current climate because you don't know what risks are there.

So on balance the least risky method is exchange and complete on same day, simultaneously. Yes you might risk £1000 removals fee and a lot of hassle changing back addresses and whatnot. BUT that risk IS A LOT lower in impact than losing your deposit and potentially being liable if something went wrong. 

PersonalIy  I would instruct the solicitor to put covid waivers in, I doubt that would come to an extra £1000. I don't  care if it is extra work I am paying them for it!