Same day exchange completion v a gap?

Tsj90s

I'm nearly ready to exchange, just wondering what the advantages/disadvantages are of same day exchange/completion and those with say a week between the two? FTB, empty house no chain. I know my contract said maximum 20 days between the two, but what is the better option?

youth_leader

My seller asked to exchange/complete on the same day, which I was fine with, as I'm in rented and have a few days overlap.  She then changed her mind and asked to exchange the week before, and on reflection, I'd rather have the security of knowing the deal is done and I can relax.

annetheman

FTB moving into empty new build no chain and have 14 days between - I wanted time to give notice on my rental and pack - I'm moving on my own and only about halfway done with packing after 1 weekend! I didn't realise I had so much crap.

Anyway, I think a gap is good if you have a very high level of confidence in the security of your personal situation i.e. that your circumstances won't change and result in mortgage offer being refused.

Otherwise, not worth the stress IMO of same day.

EDIT TO ADD: 

It was originally 1 month between exchange/completion - I gave notice on my flat when it *seemed* like exchange was imminent, according to solicitor. Then a bunch of issues cut that down to 2 weeks; imagine if that had been a same day thing.

parkingadvice1212

If you exchange and complete a week later you can book all your removals/van hire, internet provider, delivery of furniture etc. once the exchange is done
If you do it the same day then it may fall through and you will be out of pocket for everything you booked

purplebutterfly

Followingthis with interest as we are also FTB,  no chain,  no mortgage and currently renting.
When we eventually find a property, we're hoping to have at least a fortnight between exchange and completion so we can get some small things done in the house before we move in.  It will also mean we can give notice on our flat and know that we'll be okay.   I  would rather pay a few extra weeks rent than risk things going wrong and leaving us with nowhere to live!  

We're using money from an inheritance property which we sold and the completion date on that changed 3 times - so we are aware of issues with getting timing right! 

Seashell517

purplebutterfly said:

Followingthis with interest as we are also FTB,  no chain,  no mortgage and currently renting.
When we eventually find a property, we're hoping to have at least a fortnight between exchange and completion so we can get some small things done in the house before we move in.  It will also mean we can give notice on our flat and know that we'll be okay.   I  would rather pay a few extra weeks rent than risk things going wrong and leaving us with nowhere to live!  

We're using money from an inheritance property which we sold and the completion date on that changed 3 times - so we are aware of issues with getting timing right! 

Has your vendor agreed to let you have keys at exchange? You normally wouldn't be able to do any work before completion... 

mitch20151412

My solicitor has heavily insisted on simultaneous exchange/completion (FTB and our seller is moving into rented), we even had to sign a waiver to say we were aware of the risks due COVID if we didn’t want to simultaneously exchange/complete. Date has been set for Friday so will let you know if it goes smoothly!

purplebutterfly

Seashell517 said:

purplebutterfly said:

Followingthis with interest as we are also FTB,  no chain,  no mortgage and currently renting.
When we eventually find a property, we're hoping to have at least a fortnight between exchange and completion so we can get some small things done in the house before we move in.  It will also mean we can give notice on our flat and know that we'll be okay.   I  would rather pay a few extra weeks rent than risk things going wrong and leaving us with nowhere to live!  

We're using money from an inheritance property which we sold and the completion date on that changed 3 times - so we are aware of issues with getting timing right! 

Has your vendor agreed to let you have keys at exchange? You normally wouldn't be able to do any work before completion... 

I was under the impression that exchange of contracts formalised the sale to the extent where the vendor would allow small things to be done.  I didn't think you could pull out of the sale after contracts were exchanged?  
Otherwise  we'd just use the time to arrange removals. My best friend ended up with their stuff in storage for 5 days following a last-minute change in completion day and the removals firms all being booked up so they had to keep their original date.  

Tsj90s

Thanks for all replies, we dont need any removal hire or rent notice as I live at home at the moment and we will be decorating before moving in. Is same day riskier than a gap? 

youth_leader

I can't see that same day exchange/completion is any risk for you as you don't have removals or have to give rent notice.  Would also save you some money as you have to insure the property as soon as you exchange.

AnotherJoe

Tsj90s said:

Thanks for all replies, we dont need any removal hire or rent notice as I live at home at the moment and we will be decorating before moving in. Is same day riskier than a gap? 

In that case it makes no odds to you.

I was meant to exchange on a Thursday completing 10 days later but something went wrong in the chain well below me (a solicitor screwed up), the exchange failed,  and  happened the next day. Still had 9 days to complete (stuck to same completion date) and no need to rearrange removals etc. had that been same day completion, would have been a disaster.

But you have no buyer worries, you can go with what your vendor wants, and a day or threes delay shoudl it occur wont stress you, there is no risk to you, its all on your vendor.