Exchange and completion - same day

annetheman

MovingForwards said:

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.

Hmmm I am getting close and was thinking of doing this. I think I will complete the day after exchange (FTB in rental moving into empty new build, no chain), move all my furniture and whatnots that day, come back the next day and check the end of tenancy clean, finish any few bits e.g. painting scuffs and end my tenancy the next day (currently on rolling due to the delays...). 

I guess the main thing is ensuring there is time for the mortgage to actually be paid and that usually takes a week, so I've read. So maybe it's not possible?

biscan25

Do you not have to give notice on your tenancy?

bucksbloke

If you are in a chain, never exchange and complete on the same day. 

annetheman

biscan25 said:

Do you not have to give notice on your tenancy?

It's a bit complicated - my AST agreement ended in May when I expected to complete. Lockdown etc meant I couldn't move anyway so the agent and landlady are letting me just continue to pay my rent monthly and will refund me if I moved within the month, with agreement just by email/text and me giving monthly updates before I pay the rent.

I aim to time exchange & completion so that I leave at the end of the monthly paid period and I won't ask for the refund because they've been extremely kind enough to let me stay so long past my end date. Blame EWS1

Quid pro quo though - if I had moved in May, landlady would've lost months of rental income so worked out well for us both.

We do have a very good tenant-landlady relationship anyway.

Competsoph

bucksbloke said:

If you are in a chain, never exchange and complete on the same day. 

Reasons?

MovingForwards

annetheman said:

MovingForwards said:

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.

Hmmm I am getting close and was thinking of doing this. I think I will complete the day after exchange (FTB in rental moving into empty new build, no chain), move all my furniture and whatnots that day, come back the next day and check the end of tenancy clean, finish any few bits e.g. painting scuffs and end my tenancy the next day (currently on rolling due to the delays...). 

I guess the main thing is ensuring there is time for the mortgage to actually be paid and that usually takes a week, so I've read. So maybe it's not possible?

Mine checked the seller was ready to complete, drew down funds, waited until they were in the bank, I had sent my money, then he sorted out exchange before logging off for the night. Only takes a few emails to organise everything.

This was the back end of April, if it could be done then, it can easily be done now.