Exchange & Complete same day.

Tatters26

Terrible idea? Even if there is no chain either end?

MaryNB

No. Very common. I exchanged the day before completion. Although makes it more difficult to organise movers and make arrangements due to the risk of exchange being delayed.  

eddddy

It depends on your circumstances. If the uncertainty isn't a problem for you, it's probably OK.

Why are you considering it? Is it for speed?

user1977

If there's no chain either end then (presumably) you don't need to actually move on the day (or even take the day off work), which removes one major potential headache.

MrsBrush

Trouble is, despite it being common, is that you do this at your own risk for additional costs should something go wrong. Neither the buyer or the seller is legally committed until exchange, which means you could find yourself sitting outside your new home with all you belongings packed into a lorry, only to find that someone has pulled the plug and there is nothing you can do about it.

We had a recent situation, where exchange was supposed to happen 2 weeks ahead of completion, and failed every day for 5 days because the vendors conveyancer had not verified the ID checks (after 5 months...!)  and hadn't told anyone. Wil 2 working days to go until completion, off the back of this, we renegotiated dates as my husband and I had no faith that they would get an exchange and completion over the line on the same day. Even my solicitor, who does simultaneous exchange and completions all the time, advised that we exchange in advance.

L21P

We exchanged and completed on Friday but we also had no chain and the property was empty.
Thursday afternoon it looked like it might have to be pushed back to Monday. Luckily all the paperwork was received early on Friday and we had the keys by lunchtime. Very smooth if a little stressful. 

Willis75

Tatters26 said:

Terrible idea? Even if there is no chain either end?

It’s a big risk. I wouldn’t do it unless the property you are purchasing is empty.

I did this once to accommodate the vendor only to find when we got there that they hadn’t moved out. Rushed us but failed to get removals. We had to stay in hotel and the next day we literally had to go in and move them out.

Scotbot

If there is no chain what's the point? Simultaneous exchange and completion is supposed to get round issues of covid isolation but if the property is empty what is the point? Have a couple of days in berween and save yourself the stress

Flugelhorn

we did it once in Feb, only because the exchange didn't work on the Friday and all got done on Monday morning - no chain either way and no-one moving in for a few days. Wouldn't do it if there were removals or a chain involved

Tatters26

L21P said:

We exchanged and completed on Friday but we also had no chain and the property was empty.
Thursday afternoon it looked like it might have to be pushed back to Monday. Luckily all the paperwork was received early on Friday and we had the keys by lunchtime. Very smooth if a little stressful. 

This is similar to us and perhaps I should’ve mentioned this, so apologies. 

We are living with family and can stay longer if we need to. We are FTB with a mortgage secured for the property. The property we are buying is empty and is sat there ready to move into. So no chains.

So...we've got the EA telling us why wait? They said the traditional gap between exchange and completion to reduce risks and allow for money is less of an issue for us as we aren't selling anything, and the seller of the empty property isn't waiting on anything to move into. It was a renovation project for him and he's agreed the sale, given it to his solicitor and (touch wood!) so far it's been a smooth process.

On the other hand our solicitor is saying why rush? You're comfy with family, exchange and then get the keys the following week. He is 100% more than happy to exchange/ complete same day if we ask him to, its not that he can't or won't do it, but he just said he rarely sees the point if there is no tearing rush to get in.

As FTB I've felt through this whole process overwhelmed and swamped with opinions and pressure from a lot of people, but thought on here without bias and without a dog-in-the-fight so to speak, I could get some more impartial advice.

A family member told me the EA just wants his money so don't listen to him. A work colleague said don't listen to your solicitor, he's probably being lazy and can't be arsed with the same day stress!

steampowered

Same day exchange and completion is fine, if you have no immediate rush to move into the property. It's totally fine if you are happy to buy the property now and move in at your leisure over the next week or two.

Same day exchange and completion is a problem if you need to move your stuff on the day of completion. Doing it on the same day means that the completion date can change at short notice, which mays it difficult to arrange movers. Or even worse your movers might have to wait outside the property for hours while they wait for completion to happen.