How does simultaneous exchange & completion work

Irishpearce26

Hi Guys, Still waiting to exchange with an agreed completion of 3rd March. Its looking likely this could take place on completion day. I've only ever exchange 1-2 weeks beforehand so would be interested in hearing others experiences on exchanging and completing on the same day.

eddddy

Unfortunately, with same day exchange/completion, there is no advance guarantee that it will happen.

It sounds like you're probably selling and buying at the same time (as opposed to just buying).

So maybe check with your solicitor the day before that everything is still on target. (You could also ask the EA if they've heard any worrying feedback from anyone in the chain - e.g. anyone getting cold feet, etc)

Then, on the morning, get everything packed into removal vans. And wait to hear from your solicitor - and give the go ahead or exchange/completion.

If exchange/completion then happens, go to the new property and unload the removal vans. If it doesn't happen, unload the removal vans back into your old house - and try to find out if it's a temporary delay (maybe of a few days) or whether it's something more long-term/permanent.

God luck!

Irishpearce26

eddddy said:

It sounds like you're probably selling and buying at the same time (as opposed to just buying).

So maybe check with your solicitor the day before that everything is still on target. (You could also ask the EA if they've heard any worrying feedback from anyone in the chain - e.g. anyone getting cold feet, etc)

Then, on the morning, get everything packed into removal vans. And wait to hear from your solicitor - and give the go ahead or exchange/completion.

If exchange/completion then happens, go to the new property and unload the removal vans. If it doesn't happen, unload the removal vans back into your old house - and try to find out if it's a temporary delay (maybe of a few days) or whether it's something more long-term/permanent.

God luck!

Thanks @eddddy very helpful. Our buyer has exchanged on their property already and I think broken the chain yesterday. Our seller is a developer with a part ex house so no chain above us and the people who lived in the house have completed already so house is empty. I don't think there should be any issues but wasn't sure of the process and how long it could take.

knightstyle

The main problem with same day is that if some of the money in the line gets held up you may not get the keys till late in the day and occur extra moving charges, or even have to delay it all till the next day.
For this reason we insisted on exchanging the day before or earlier. 
We had the keys at 11AM and that was great.

eddddy

Irishpearce26 said:
Thanks @eddddy very helpful. Our buyer has exchanged on their property already and I think broken the chain yesterday. Our seller is a developer with a part ex house so no chain above us and the people who lived in the house have completed already so house is empty. I don't think there should be any issues but wasn't sure of the process and how long it could take.

So it sounds fairly low risk - in terms of people changing minds etc.

But if exchange has been delayed, I guess there is some 'unfinished legal business' somewhere - which maybe could still drag on past 3rd March.

I guess other 'covid related' risks include - your buyer (or maybe even you) loses their job before 3rd March, so the mortgage offer is withdrawn or somebody gets ill and has to isolate, so decides not to exchange/complete etc.

But if all the legal stuff is done, the funds are in place (mortgage and deposit), and everyone gives the go ahead exchange/completion is just a series of phone calls between solicitors.