Exchange and complete in 4 days?

Curiouslama1234

Hi, I am selling my house and buying another. My buyer is a cash buyer and I will need a mortgage on the house I am purchasing. We have always agreed that the target completion date would be 31/03/22 however I am still waiting on my cash buyer to transfer funds to his solicitor so that we can at least exchange and then complete a couple of days later. The buyers solicitor keeps telling my solicitor that completion date is definitely 31/03 but until we exchange, nothing is set in stone. I am struggling with the risk of finalising the moving company incase it doesn’t go ahead, I am not fully packed up yet because I think there is a part of me that isn’t convinced it’s happening. 

Has anyone else exchanged and completed within a short space of time? What was it like? When I bought the house I am selling I had 4 weeks between exchange and completion to sort everything out of. 

anselld

It is possible to exchange and complete on same day.  Many have done it and it became more common through pandemic due to the risks of catching CV and being unable to move at the last minute.

You can either cross fingers and book everything assuming success or insist via your solicitor that you need at lease X days between exchange and completion.

Snookie12cat

I would say do not be bullied into it. If he's not sent the funds stand firm and say that you need a week in between and that will hopefully push him to do it. Then exchange and complete the week later.
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My same day exchange and completion fell to pieces last week, so I do not recommend it especially if you need to move out the same day. I did not luckily.

AndyDragon

I tried and failed to complete and exchange on the same day twice recently and each each chaps transfer costs back and to return funds.

also you said you need a mortgage? My mortgage needed 7 working days to request funds although am guessing as your solicitors are okay with the target date that this should be okay for you

if they are a cash buyer ready to go they have no excuses not to exchange so what reason is the solicitor giving for the deposit not being ready now?

NameUnavailable

I exchanged and completed the same day on the place I bought but it was empty and I wasn't in a chain.

Just explain that you need certainty in order to book removals etc., and will only agree to complete one or two weeks after exchange.

saajan_12

Until exchange, everything can still fall through so don't book anything that can't be cancelled / refunded.
- Mortgage can be handled before exchange and then money returned if it falls through
- Removals, changing utility accounts, etc can't be reversed as easily, so wait until exchange. 

So work out how much notice you need for those bits eg removals, and then insist you need that many days between exchange and completion. 

Shorter gaps or even same day can work, but often not on the first "planned" day. So its generally best left for people who aren't expecting to move that day (eg FTBs, LLs, etc)

Curiouslama1234

The latest update is that his solicitor has received the funds for the whole purchase however he doesn’t have the signed paperwork yet to push for exchange and complete. His solicitor is chasing him but the buyer isn’t responding. 

I have messaged him on the Purple Bricks app advising I need to confirm childcare and removal vans but he just reads it and doesn’t respond. So tempted to knock on and have a word to see if we go ahead or not, his address is the next road along. My solicitor asked his what the hold up is and he said he hasn’t been told anything from the buyer as to why they are holding it up. 

The mortgage funds have been requested ready  for Thursday and the house I am buying is empty.  Its as if everything has to be done on his terms and there isn’t any consideration for anyone else. I guess I will have to see how tomorrow goes and see if paperwork arrives. I just a go/no go rather than this dreaded limbo land 

Thrugelmir

Buyers solicitor may well be verifying the source of the funds to comply with Money Laundering regulations. 

Snookie12cat

Curiouslama1234 said:

The latest update is that his solicitor has received the funds for the whole purchase however he doesn’t have the signed paperwork yet to push for exchange and complete. His solicitor is chasing him but the buyer isn’t responding. 

I have messaged him on the Purple Bricks app advising I need to confirm childcare and removal vans but he just reads it and doesn’t respond. So tempted to knock on and have a word to see if we go ahead or not, his address is the next road along. My solicitor asked his what the hold up is and he said he hasn’t been told anything from the buyer as to why they are holding it up. 

The mortgage funds have been requested ready  for Thursday and the house I am buying is empty.  Its as if everything has to be done on his terms and there isn’t any consideration for anyone else. I guess I will have to see how tomorrow goes and see if paperwork arrives. I just a go/no go rather than this dreaded limbo land 

Just stand your ground, message and say I need a week in between so we can't complete this week now.
Do not let him have it on his terms. He isn't going to drop out because you want to complete a few days later.