Same day exchange and completion required?

betsybee

I'm not sure if our buyers are being pushy with us because we couldn't meet the stamp duty deadline but they have now at the final moment insisted that their mortgage company has insisted on a same day exchange and completion.

This is the same couple who messaged us and said if we weren't ready to move out before the stamp duty deadline we could complete and stay in the property as long as we needed as they weren't moving in straight away! We said no to this obviously. 

I know same day exchange and completion does happen and we are lucky to be in a tiny chain (our buyers are doing let to buy and we are buying an already empty property) but we have the added complication of plumbed in medical equipment that needs to be taken out the day before the move. It's a whole day job so it wouldn't be easy to put back if the sale fell through at the last minute.

We'd also like to book removals in advance without the risk of wasting our money if it doesn't go through. 

Are the buyers having us on or do mortgage companies now stipulate same day exchange and completion? 

eddddy

Mortgage companies aren't stipulating that.

But they might be referring to the (usually very small) risk of having your mortgage offer withdrawn between exchange and completion.

For example:

• You exchange contracts on 11th October with completion on 25rd October
• On 18th October, you lose your job and income - e.g. because you're sacked, the firm goes bust etc
• You have to tell your mortgage lender - and they are likely to withdraw your offer
• So you cant complete on 25th October - you're in breach of contract - you get sued

So if you exchange/complete on the same day - that can't happen.

user1977

betsybee said:

they have now at the final moment insisted that their mortgage company has insisted on a same day exchange and completion.
 

Complete nonsense. Lenders have no involvement with how far in advance (if at all) exchange happens, it has nothing to do with them. So either your buyers are deliberately telling fibs, or somebody has misunderstood.