Exchange and completion same day ? urgent help

everfor007

i am first time buyer, earlier my solicitor said same day exchange/completion is risky and suppose to start the exchanging shortly with 5 days completion. Due to travel emergency i want to complete on same day. Before i go back to my solicitor, Need your advise. 

There is no chain in the property and property is vacant and seller is happy to handover key immediately. Also understood natwest has no issue doing same day exchange/Completion.

 i am happy to transfer the deposit+stampduty transfer to solicitor  account before in advance.  i guess major risk is mortgage lender not sending the payment on time.  can solicitor ask one day before to natwest(my mortgage lender) to forward the mortgage amount to his account, is it possible ? so that on day full amount will transferred to seller solicitor account in the morning itself.     

is there anyother risk, apart from lender transfer? kindly advise how to  reduce the risk for failure in same  day exchange/completion ?

housebuyer143

The only risk would be in a chain when there is no guarantee it would happen. For no chain and if you don't need to move in asap then there is no problem. 

user1977

There is no need for exchange to have happened before the solicitor requests funds from the mortgage lender.

Marky4040

everfor007 said:

i am first time buyer,

is there anyother risk, apart from lender transfer? kindly advise how to  reduce the risk for failure in same  day exchange/completion ?

Travel emergency? ....Going on holiday you mean

Anyway there's no issue with exchange and completion on the same day if it's a straight forward purchase like yours. Depending on the lender can take 1,2 or 3 days for funds to be released. You only need to be on the end of the phone anyway.

everfor007

Marky4040 said:

everfor007 said:

i am first time buyer,

is there anyother risk, apart from lender transfer? kindly advise how to  reduce the risk for failure in same  day exchange/completion ?

Travel emergency? ....Going on holiday you mean

Anyway there's no issue with exchange and completion on the same day if it's a straight forward purchase like yours. Depending on the lender can take 1,2 or 3 days for funds to be released. You only need to be on the end of the phone anyway.

>>Depending on the lender can take 1,2 or 3 days for funds to be released. 
i guess above  fund to be release before same day of exchange/completion?   Same question asked earlier as below

>> Can solicitor ask one day before to natwest(my mortgage lender) to forward the mortgage amount to his account, is it possible ?

Marky4040

everfor007 said:

Marky4040 said:

everfor007 said:

i am first time buyer,

is there anyother risk, apart from lender transfer? kindly advise how to  reduce the risk for failure in same  day exchange/completion ?

Travel emergency? ....Going on holiday you mean

Anyway there's no issue with exchange and completion on the same day if it's a straight forward purchase like yours. Depending on the lender can take 1,2 or 3 days for funds to be released. You only need to be on the end of the phone anyway.

>>Depending on the lender can take 1,2 or 3 days for funds to be released. 
i guess above  fund to be release before same day of exchange/completion?   Same question asked earlier as below

>> Can solicitor ask one day before to natwest(my mortgage lender) to forward the mortgage amount to his account, is it possible ?

If you've choosen a date to exchnage and complete then yes the solicitor will have asked for the funds to be drawn down several days prior in rediness. However they can request the day before or the same day too, the process is very quick with most major banks.

donutandbeer

My solicitor charges extra (think it’s £300+) if one wants same day exchange and completion. I actually prefer that our solicitor lists a lot of these fees separately and we can see what we need. I can only imagine they are charging extra because they need to do a bit more work!? Therefore solicitors that don’t charge extra for same day exchange and completion probably generally don’t want to do the extra work 😂

Weathergirl_76

I don’t know why, but some solicitors don’t like to exchange and complete the same day. My friend did this. The property she was purchasing was vacant and she was not in a chain herself. She asked her solicitor to, and he agreed to, but I don’t know if he would have suggested it. 

I viewed my property again the day before exchange, just to check all was in order and there were no nasty surprises. Then I went to the solicitor and signed all paperwork and he proceeded to exchange. I see no reason why you can’t. 

TheJP

I guess the main risk is if for some reason they cannot exchange on that day, you may have costs of removals, or if you're in rented you may need to vacate by then etc. Personally i would rather avoid same day exchange and completion so that i know the date agreed at exchange is more secure.

london21

If is a straightforward purchase, otherwise 1-2 days minimum spacing might be good between exchange and completion. 

pleasedelete

I always change and complete on the same day if possible
Mortgage funds need to be requested in advance

The best ever was that us and the vendors had same solicitors firm but different solicitors. 10am we both wandered in to sign and exchange. Went to localbar/coffee shop for lunch and 1pm the completion was done and went get keys