Exchange on day of completion?

crl1995

I’m a first time buyer due to complete on Friday. We were expected to exchange contracts on Tuesday, it’s now Wednesday afternoon and we’ve still not exchanged. I’m told we can exchange on the same day if needed, but I’ve heard this is not ideal and should be avoided if possible! 
To make things worse, a solicitor in the middle of the chain is currently on holiday. Has anyone been in a similar situation? I am growing more anxious by the minute. I’m concerned the completion date will need to be pushed back. 

Flugelhorn

if you are a first time buyer then having simultaneous exchange and completion is not so bad - if you are selling and moving on to another house it can be very stressful as you don't know until it happens that it will actually happen - everything could be packed up and ready on the van and it still fall through.
re solicitor on holiday - shouldn't stop the process as someone else in the company will be covering 

macman

Same day exchange and completion is now routine under Covid-19, nothing to be concerned about. Many conveyancers will only allow it that way at present.

crl1995

macman said:

Same day exchange and completion is now routine under Covid-19, nothing to be concerned about. Many conveyancers will only allow it that way at present.

Ah I didn’t know this. Have just had a google and seems related to a risk people pulling out after exchange in case they get their mortgage offer withdrawn for example and circumstances changing? I think I am just more anxious that the solicitor is on holiday too. Thanks. 

crl1995

Flugelhorn said:

if you are a first time buyer then having simultaneous exchange and completion is not so bad - if you are selling and moving on to another house it can be very stressful as you don't know until it happens that it will actually happen - everything could be packed up and ready on the van and it still fall through.
re solicitor on holiday - shouldn't stop the process as someone else in the company will be covering 

Yes I have heard it’s less risky for FTB like myself, but ideally I’d avoid same day if possible! I guess I’m just going to have to keep my fingers crossed it all happens. Thanks. 

iwb100

It’s the new norm because it removes the risk of exchanging contracts and then being unable to complete and leaving you liable and losing your deposit.

The thing is if some in the chain are working on basis of exchange and complete in same day you will all have to do it, and some solicitors will not do anything else right now, they insist on it. 

So I’d not worry too much...I suspect you will exchange the day before or on the day of...

crl1995

iwb100 said:

It’s the new norm because it removes the risk of exchanging contracts and then being unable to complete and leaving you liable and losing your deposit.

The thing is if some in the chain are working on basis of exchange and complete in same day you will all have to do it, and some solicitors will not do anything else right now, they insist on it. 

So I’d not worry too much...I suspect you will exchange the day before or on the day of...

 I had no idea this was a thing at the minute - my solicitor hasn’t mentioned this to me at all, she’s been ready to exchange for over a week now. I guess it may be different for me being FTB? Anyway, I hope to exchange tomorrow, for my nerves if nothing else! 🤞
Thank you

jaxkesa

It's certainly not routine. Maybe more common that it was pre-covid but most are still exchanging and completing with a gap in between to arrange removals etc.

Flugelhorn

fortunately our most recent sale has been cash purchasers buying our no chain property.  Even then I wanted 2 weeks between exchange and completion - main problem seemed to be tying removals down as they seem to be extremely busy at present

nervousftbs

We did same day exchange and completion in a chain of 4 a couple of weeks ago (with us at the beginning as FTBs) - not going to lie, waiting was horrible especially as we were also in a position to exchange a week earlier than we were supposed to but it all went smoothly but we just had to wait ages to get our keys as everyone else in the chain was buying/selling so were all moving on the same day. We were told we could demand the keys but we weren't in a rush so didn't want to put pressure on our sellers as we know how stressed they were - we got the keys around 7pm. Fingers crossed it all goes smoothly for you!

crl1995

Flugelhorn said:

fortunately our most recent sale has been cash purchasers buying our no chain property.  Even then I wanted 2 weeks between exchange and completion - main problem seemed to be tying removals down as they seem to be extremely busy at present

Yeah, that’s an issue - I wanted to book a van to move the bulky stuff but they won’t book me in as haven’t exchanged contracts yet. Highly doubt I’ll be able to get one on the day, so will probably have to be a few days after. Luckily I’m only moving from my parents so not being kicked out of anywhere!