Exchange/completion same day

tervozina

I was just wondering how long it usually takes to exchange/complete on the same day?
I know that if you don’t do it same day, completion is usually done by midday but considering exchange on the same it would take longer. I hope my question makes sense...
We have exchange/completion on 5th Jan and we have to live our rented place by 2pm, so was wondering if we gonna have enough time, so I would really appreciate if someone could share their experience, please?

tink_1983

It depends on the lender and if any issues arise that day. 
If you need to be out I'd be packed and in your van waiting for keys. No reason you cant be out of your rented on time, if you had a place to sell youd be ask to vacate by mid day ish.
My solicitor advised against same day exchange and completion, said it was risky as if any lender in the chain is slow or there is issue you might end up missing the deadline etc.
Good luck 

GDB2222

You are having the removal done by a firm, aren’t you?  They’ll have a big van, and they can start the job first thing in the morning. I don’t see why simultaneous exchange and completion changes that?

Unless you just have a couple of suitcases to move, you really don’t want to be doing that job yourself.

c9roline

I am in a similar position and would like to know how long the process takes. Ours is the 6th. Does the exchange’s and completion happen together or do all parties exchange and then once all exchanged, all parties complete? 

I have no idea how this works and I’m so nervous about being packed and ready to go and then something happens to prevent the move! We were pretty much forced into the same day exchange and completion as our seller would not agree to the Covid rider.

davidmcn

Exchanging on the same day as completion does not itself add anything to the timescales. 

Blue_bell_20

That’s risky giving up your rental on the day of exchange/completion. Hopefully it all goes well for you. We don’t plan to give notice until after we’ve exchanged. Sure it means an expensive few months, however we would rather overlap than risk having no where to live.

Dont forget to allow time to clean the rented place. If you have furniture etc maybe hire a van for a few days, pack the large items the day before to allow cleaning time and reduce stress on the day.

MovingForwards

Exchange and complete at the same time is a phone call between both firms, with the money being sent to the sellers solicitors, then a call to say it's received. A call to you to say congratulations, the property is yours.

It's seriously not recommended to give notice on a rental before exchanging as anything could go wrong and you could be homeless. Why did you do that?

tervozina

MovingForwards said:

Exchange and complete at the same time is a phone call between both firms, with the money being sent to the sellers solicitors, then a call to say it's received. A call to you to say congratulations, the property is yours.

It's seriously not recommended to give notice on a rental before exchanging as anything could go wrong and you could be homeless. Why did you do that?

We had our reasons. 

Well there is no chain, the bank will release funds on 4th, already had a confirmation from them. Hopefully there will be no problems on the day, but we have a backup plan anyways. 

Thank you for your response 

greatcrested

The biggest issue is the risk that it gets delayed/cancelled. With no contract in place until the day, you have no guarantee it will go ahead.

So, you book a day off work, your removal firm turns up at 8 AM and starts loading, and then at 12 you get a call saying the whole thing is off (for any one of dozens of pssible rasons).

OK- so much for the gloom. If all goes ahead, the fact that both happen on the same day will make no practical difference. In theory, Completion will be 12, or 2 (read your contract!), but in practice it will happen when the money involved in the chain reaches the relevant people. If you are last in the chain, the money may have to pass up between 4, 5, 6+ solicitors, so your buyer may not pay you till 4 or even 5 O'Clock. Or you might Complete by 10.00.....