Exchange & Complete same day.

saajan_12

Depends on exactly what you mean by 'no chain'. 
- only 1 transaction expected to happen that day?
- is the new property vacant already? 
- do you have any rush to move out of the old property? eg impending sale / tenancy / family moving in

If that's yes / yes / no then no issue with same day.. its really just a paper transaction and you can do the physical moving at your leisure. If not, then you have to think about how much notice you need and what the implications are if it falls through at the last min. 

user1977

Tatters26 said:

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. 

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.

True - but if everybody's ready to complete, there's no point in pointlessly twiddling your thumbs waiting for the date in the contract to arrive, you can always complete earlier if you want. The solicitor will probably prefer not to be requesting mortgage funds in advance of there being a contract, because of the admin hassle of having to send it back and re-request if there ends up being a delay (and the cost to you of extra bank transfers and potentially a few days' interest). But once the money has turned up, they can complete.

Tatters26

saajan_12 said:

Depends on exactly what you mean by 'no chain'. 
- only 1 transaction expected to happen that day?
- is the new property vacant already? 
- do you have any rush to move out of the old property? eg impending sale / tenancy / family moving in

Yes one transaction and property vacant. No rush at all or pressure bar the fact we're living with my mother-in-law! 

user1977 said:

True - but if everybody's ready to complete, there's no point in pointlessly twiddling your thumbs waiting for the date in the contract to arrive, you can always complete earlier if you want. The solicitor will probably prefer not to be requesting mortgage funds in advance of there being a contract, because of the admin hassle of having to send it back and re-request if there ends up being a delay (and the cost to you of extra bank transfers and potentially a few days' interest). But once the money has turned up, they can complete.

And this is the EA (and my partner's) perspective. Why wait if our situation doesn't need it?

L21P

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. 

Just to add to my comment,. The solicitors received the mortgage on Thursday afternoon for exchange and completion on Friday but seemed to think a few days delay would be no issue. 

TripleH

We've just exchanged and completed on the same day.

We weren't in a chain and had an overlap between when our rental contract ended and we completed.

If you do have leeway in leaving your current address and moving in your new home, I don't see it as a problem.

If you are in a chain and are pushing to have no overlap between property ownership then I think it is a bad idea as there are too many ducks to line up and you are at the whim of others.

ele_91

We did it, we were living with family as had sold to break a chain and the house was empty. We had set the completion date with a view to exchanging beforehand however due to one thing or another it ended up being simultaneous. It’s fine if you don’t need to involve removals.

LizaVCook

We’re exchanging and completing next week. Chain of 3. I’m not looking forward to it but our vendors have pushed for it. 

Snookie12cat

Tatters26 said:

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

I dont think its a big issue for you, as you seem to have nothing to sell, so you wont be outside in a moving van if things go wrong. You can just turn up later and go to your house.

I don't like it, as i want to have time to arrange things ready for moving day (like my sons taxi to school, as otherwise they will keep taking him to the old house until they sort it), and wouldn't like the stress of thinking we are moving and then it not happening and we have paid out movers etc. I will be having a few weeks in between when we finally get to exchange.

Tatters26

Getting the funds seems to be a stumbling block though from the mortgage lender, in terms of requesting it after exchange (which I assume is normal?) and then you have to wait 5 days. So can this only ever really happen as a cash buyer with no mortgage required?

Sorry if this is a silly question

user1977

Tatters26 said:

Getting the funds seems to be a stumbling block though from the mortgage lender, in terms of requesting it after exchange (which I assume is normal?) and then you have to wait 5 days. So can this only ever really happen as a cash buyer with no mortgage required?

Sorry if this is a silly question

No, there's no need to exchange before requesting the mortgage funds.