Cash buyer exchange/completion same day

choccy1972

Hi.
Just looking for people's views.

Buyer suggested exchange/completion on same day. I asked solicitor and she advised to exchange then 2 weeks to complete, so I have time to arrange removals, etc. This has been put to buyer but they've asked again to exchange/complete on same day.

I just don't want to add on that extra pressure, as if something goes wrong, I'm not in a position to pay any cancellation fees for removals/storage.

Any views appreciated. Thanks.

jbainbridge

There's no right or wrong answer. You and your buyer just need to agree. Is the buyer in a hurry? Do you have an linked purchase ... they'd need to agree too.

A two week gap is the most sensible .. I'd stick to your guns!

camden_kid

Dodgy. Push back against that.

eddddy

Is there a chain above you (i.e. are you buying somewhere else to move into)? 

If so, the whole chain needs to agree to the exchange/completion timescales. What do they say?

(The argument in favour of same day exchange / completion at the moment is because of COVID. e.g. You exchange contracts and then somebody in the chain becomes ill, or has to isolate - and it makes moving difficult or impossible. 

A COVID clause could be added to all the contracts in the chain - but then you might have removal cancellation fees etc to pay anyway.)

hazyjo

camden_kid said:

Dodgy. Push back against that.

It's not 'dodgy' at all. It's what most solicitors are advising in this current climate.

Can you compromise with a week?

I wouldn't usually advocate same day exchange/completion, but even I would choose that at the mo.

choccy1972

eddddy said:

Is there a chain above you (i.e. are you buying somewhere else to move into)? 

If so, the whole chain needs to agree to the exchange/completion timescales. What do they say?

(The argument in favour of same day exchange / completion at the moment is because of COVID. e.g. You exchange contracts and then somebody in the chain becomes ill, or has to isolate - and it makes moving difficult or impossible. 

A COVID clause could be added to all the contracts in the chain - but then you might have removal cancellation fees etc to pay anyway.)

Thank you for your reply. No chain, but need time to arrange storage and removal companies. I understand it's a difficult time. Just spoke with solicitor again to clarify things as was starting to panic 😃 She's going to try and push for time in between.

Thank you.

camden_kid

hazyjo said:

camden_kid said:

Dodgy. Push back against that.

It's not 'dodgy' at all. It's what most solicitors are advising in this current climate.

Can you compromise with a week?

I wouldn't usually advocate same day exchange/completion, but even I would choose that at the mo.

It's dodgy because the OP is being coerced into doing something they don't want to do.

hazyjo

camden_kid said:

hazyjo said:

camden_kid said:

Dodgy. Push back against that.

It's not 'dodgy' at all. It's what most solicitors are advising in this current climate.

Can you compromise with a week?

I wouldn't usually advocate same day exchange/completion, but even I would choose that at the mo.

It's dodgy because the OP is being coerced into doing something they don't want to do.

Not really as it's pretty standard right now, but understand it may not be what they want so may choose not to. Still not sure what makes it 'dodgy'. Perhaps something is being lost in regional translation, so let's beg to differ

Greatgimp

It all depends on if the sale is cetain, for-sure, definite, guaranteed to happen. If you decide it will, you can book removals for that definite date.

hazyjo

Greatgimp said:

It all depends on if the sale is cetain, for-sure, definite, guaranteed to happen. If you decide it will, you can book removals for that definite date.

That can only be guaranteed with exchange. Doing both on the same day will always carry an element of risk.

Greatgimp

hazyjo said:

Greatgimp said:

It all depends on if the sale is cetain, for-sure, definite, guaranteed to happen. If you decide it will, you can book removals for that definite date.

That can only be guaranteed with exchange. Doing both on the same day will always carry an element of risk.

Exactly - I sold a few months ago and refused to exchange and complete on the same day. The removals company offered to defer the removal date at no extra charge so if there was a delay, it wouldn't cost me. I agreed to employ the removals company only AFTER exchange.