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Is 4 working days between exchange and completion possible?
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Moonflower1978
Posts: 14 Forumite
Hi our solicitor has said we can set a completion date of next Tuesday 31st May and we should be exchanging tomorrow. Thats only 4 working days for mortgage funds to be requested, she doesn't seem to think this is an issue but is it? Any else's knowledge or experience on this please? She has not requested the funds yet as she was waiting this afternoon to hear back from seller solicitors that they agree completion date. They do agree but it was an email sent just now after I think my solicitor finishes so by the time my solictor request funds it would be tomorrow and that's only 4 working days?? She said we can exchange tomorrow to complete Tuesday
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Your solicitor, who literally does this for a living, thinks it's feasible, so I wouldn't be concerned about it. Mortgage lenders can usually get money out the next working day, 4 working days is fine.4
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Your solicitor isn't going to suggest something if it isn't feasible. Funds can be transfered very quickly.1
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Of course it is - same day is feasible. However, is it feasible for you to organise your life and move?2006 LBM £28,000+ in debt.
2021 mortgage and debt free, working part time and living the dream3 -
Sorry I should add the reason I'm concerned is because she had previously said 5 working days was needed. And yes we are in a private rental so would have a bit of an overlap to move and sort everything1
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People do same day completion/exchange... an unnecessarily risky approach in many cases but given that's doable then clearly 4 working days is much less pressure and very doableMoonflower1978 said:Thats only 4 working days for mortgage funds to be requested, she doesn't seem to think this is an issue but is it?4 -
Both ourselves and our son had same day exchange and completion when buying a property (no onward chain in either case).
So yes, I'm sure four days is possible.I used to be seven-day-weekend2 -
It's usually via CHAPS which is same day if done by a certain time dependant on bank (mine was 3pm)1
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On my first home, I exchanged and completed on the same day. The only thing the solicitor will need to do is tee the bank up in advance of the date, usually the day before.0
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I exchanged and completed on the same day. Why wait 4 long days?!
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it was stressful but we exchanged on 23rd and completed 24th, so all is possible!
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