Must everyone in a chain exchange on the same day?

13luebottle

We are at the top of a chain and are purchasing a house that is already empty. We have had lots of difficulty in trying to arrange exchange and completion dates but now seem to be getting closer to doing that. Our seller has proposed a different exchange date for them than everyone else. This seems really strange to me. Everyone else in the chain would exchange on one particular day and our purchase would exchange on completion day - six days later. 
Surely that means if they choose to pull out in those six days, we are left having to contractually sell our house without anywhere to buy. Seems massively risky. 
Anyone else had this experience?

Thrugelmir

Everybody in the chain needs to come to a compromise and settle on an agreed date.  Not always easy, as everybody's circumstances differ. 

firsttimesellerldn

In your situation I would just refuse to agree to that - as you say it could leave you homeless at no notice. 

princeofpounds

13luebottle said: 

Surely that means if they choose to pull out in those six days, we are left having to contractually sell our house without anywhere to buy. Seems massively risky. 

Yes, it is. And so you should refuse it, explaining that the transaction needs to work for the entire chain, that you cannot bear all the exchange risk on your own shoulders, and - perhaps as a second step - asking why they would actually want simultaneous exchange and completion?

Worth bearing in mind that through much of Covid solicitors switched to giving advice to make simultaneous exchange and completion. Normally that is less popular, because of the obvious risks of not being able to plan. However, it does reduce other risks, such as someone in the chain dying between exchange and completion, or mortgages being pulled due to people losing employment. It's possible that they are still in this mindset, when most other people appear to have moved on. 

pinkteapot

Absolutely do not do it, for the reasons given. Ask the EA *why* your seller can't exchange on the same day as everyone else. If the house is already empty they should be the most flexible of everyone in the chain.