Exchanging and completing on the same day

eddddy

orbit22 said:
There is no estate agent. The buyers approached me originally. 

OK - so I guess you could phone the buyer, to 'progress the sale' (as the EAs would call it).

Did you do any of the financial evaluation of the buyer that an estate agent would do?  Like ask to see bank statements for proof of funds and/or mortgage AiP?  Hopefully, they're not relying on a flaky or risky plan for getting their finance together.

orbit22

eddddy said:

orbit22 said:
There is no estate agent. The buyers approached me originally. 

OK - so I guess you could phone the buyer, to 'progress the sale' (as the EAs would call it).

Did you do any of the financial evaluation of the buyer that an estate agent would do?  Like ask to see bank statements for proof of funds and/or mortgage AiP?  Hopefully, they're not relying on a flaky or risky plan for getting their finance together.

No, I didn’t. It didn’t even occur to me to do anything like that. I thought they were a cash buyer.

I believe they have another property elsewhere, and they drive an expensive car. 

Scotbot

orbit22 said:

eddddy said:

orbit22 said:
There is no estate agent. The buyers approached me originally. 

OK - so I guess you could phone the buyer, to 'progress the sale' (as the EAs would call it).

Did you do any of the financial evaluation of the buyer that an estate agent would do?  Like ask to see bank statements for proof of funds and/or mortgage AiP?  Hopefully, they're not relying on a flaky or risky plan for getting their finance together.

No, I didn’t. It didn’t even occur to me to do anything like that. I thought they were a cash buyer.

I believe they have another property elsewhere, and they drive an expensive car. 

Doesn't mean they own the car. Of course they could  be minted and tight, that is how some people get rich.  Since you are not buying you might as well go for simultaneous exchange and completion and see what happens. To reassure yourself check with your conveyancer in writing that she will not complete until all funds received.  She won't but no harm to have it in writing,

orbit22

Scotbot said:

orbit22 said:

eddddy said:

orbit22 said:
There is no estate agent. The buyers approached me originally. 

OK - so I guess you could phone the buyer, to 'progress the sale' (as the EAs would call it).

Did you do any of the financial evaluation of the buyer that an estate agent would do?  Like ask to see bank statements for proof of funds and/or mortgage AiP?  Hopefully, they're not relying on a flaky or risky plan for getting their finance together.

No, I didn’t. It didn’t even occur to me to do anything like that. I thought they were a cash buyer.

I believe they have another property elsewhere, and they drive an expensive car. 

Doesn't mean they own the car. Of course they could  be minted and tight, that is how some people get rich.  Since you are not buying you might as well go for simultaneous exchange and completion and see what happens. To reassure yourself check with your conveyancer in writing that she will not complete until all funds received.  She won't but no harm to have it in writing,

Thank you. At least I'm reassurred about the simultaneous exchange/complete thing.
just have to keep my fingers crossed.

Thanks to everyone who has commented. 

Weathergirl_76

My friend recently exchanged and completed on the same day. She was living with family, having sold her property and put things into storage. Her purchase property was awaiting probate as the seller died shortly before what would have been exchange. This delayed her by about 3 months.  Her purchase property was empty, and she was a cash buyer, having sold her property to avoid losing her buyers who’s mortgage offer was running out. 

She asked if it could be done, for no other reason than there was no need to wait, and her conveyancer said there was no reason why not.  There was no issues with it in her circumstances. 

orbit22

Update.....

Just to say......

The purchasers did seem to be wanting to save the bank charges for transferring two lots of cash on different days, so they transferred the whole lot to their solicitor, and we exchanged on Monday and completed yesterday, Sigh.

Anyway, thanks again, everybody, for your reassurance. Alls well that ends well (apart from some very frazzled nerves!)