Exchanging & Completion

zoemk12

To make the June 30th deadline it looks like we might need to do this simultaneously. What are the pitfalls? 

Also our buyers -FTB, so not effected by the deadline, say their solicitors need 5 working days to call for the funds- is this from exchange? (I’ve done this many times but haven’t had this before)? Thanks 

[Deleted User]

The pitfall is that you're all packed up and then don't exchange. But there are lots of positives.

Your buyers will need to have their funds in place for exchange, so can't wait until the day of exchange.

user1977

zoemk12 said:

Also our buyers say their solicitors need 5 working days to call for the funds- is this from exchange? 

It's from whenever the solicitors ask for the money. They don't need to exchange first. In practice lenders don't need 5 working days notice, that's just their worst case scenario. But obviously the solicitors will need some sort of notice of when completion looks (almost) certain to happen in order to get the money organised, they're not allowed to ask for the mortgage funds too early and then just sit on it indefinitely.

MaryNB

I was supposed to have a week between exchange and completion but exchange got delayed. My solicitor kept insisting she needed 5 days in between to request funds. Suddenly she changed her mind, requested funds 4 days before completion and we exchanged the day before completion. 

TBagpuss

As others have said, the solicitors need time to get the funds from the lender - and the time runs rom when they submit the request. If completion then doesn't happen as planned they then send the money back to the lender.

I understand that a lot of lenders are requiring longer notice at present because of the high volume of completions taking place before the end of the month -  of course your solicitor (or your buyers solicitor) may still be able to persuade them to release the funds on shorter notice but it is not guaranteed .

Pitfalls- you don't know until the last minute whether you re moving, you may end up pay extra for your removals and may find yourself all packed up with nowhere to go