Nationwide Mortgage simultaneous purchase??

lindos90

Please can anyone tell me, if they have a Nationwide mortgage, do they allow exchange and completion on the same day?

I can't find anything specifically mentioned on their website. Google is just bringing up various solicitors guides saying it 'can' be done, but some leander's insist on at least 5 working days between exchange and completion, but doesn't say which ones go by that rule.
TIA x

housebuyer143

Yes, this really isn't something your lender is concerned about and it more to do with your solicitor. 
They will request the money for the day of completion and that's what the 5 days you are taking about it, so the bank has time to process the request.

 The risk of doing it the same day is that you don't end up exchanging and the money has to be returned.

K_S

lindos90 said:

Please can anyone tell me, if they have a Nationwide mortgage, do they allow exchange and completion on the same day?

I can't find anything specifically mentioned on their website. Google is just bringing up various solicitors guides saying it 'can' be done, but some leander's insist on at least 5 working days between exchange and completion, but doesn't say which ones go by that rule.
TIA x

@lindos90 Afaik, it's as per what the above poster said. Exchange of contracts is not something that the lender is overly bothered about, though their guidance to solicitors will often refer to exchange as a point by which all contentious matters related to the mortgage must be run past Nationwide and resolved, to avoid the risk of Nationwide pulling the offer between exchange and completion and leaving the buyer on the hook for the deposit.

If you want to see what the lender guidance to the sols contains, the UK Finance (previously CML) handbook here lays it out
https://lendershandbook.ukfinance.org.uk/lenders-handbook/englandandwales/nationwide-building-society/

Whether or not same day exchange and completion will be possible for your transaction will depend on whether it is practical to do so, if there is a chain and the others in the chain agree or not, etc. From past experience with clients, some solicitors will strongly advise against same day exchange and completion as a policy. If exchanging-completing on the same day is important to you, best speak to your sols sooner rather than later.

lindos90

Thanks for replies. It may son's purchase, and it's me that's worrying 🤦‍♀️.
He's not expressed a preference about it being on the same day. He was just asked by his solicitor when he wanted to complete. The solicitor hasn't ever mentioned an exchange date, nor when he needs to pay his deposit, and his completion date is approaching fast (24th, this Wednesday!!!!) so I'm guessing she's doing it all on the same day now. Which we have always avoided, but then we have always been in a chain.

He's a first time buyer, property is an ex rental with vacant possession, so there's no chain at all, maybe that's why she decided to go for the same day, and felt no need for a separate exchange day.

user1977

lindos90 said:

Google is just bringing up various solicitors guides saying it 'can' be done, but some lenders insist on at least 5 working days between exchange and completion, but doesn't say which ones go by that rule.

I've never heard of any lenders who care about the period between exchange and completion. The lender is not a party to the contract, so how far in advance you exchange is nothing to do with them.

You might be getting confused because they will need some advance notice of when completion is planned to take place (which is typically 5 working days, though in practice it can almost always be done faster than that). But you don't need to have exchanged before requesting funds, just have a reasonably good idea of when completion is likely to take place.

housebuyer143

lindos90 said:

Thanks for replies. It may son's purchase, and it's me that's worrying 🤦‍♀️.
He's not expressed a preference about it being on the same day. He was just asked by his solicitor when he wanted to complete. The solicitor hasn't ever mentioned an exchange date, nor when he needs to pay his deposit, and his completion date is approaching fast (24th, this Wednesday!!!!) so I'm guessing she's doing it all on the same day now. Which we have always avoided, but then we have always been in a chain.

He's a first time buyer, property is an ex rental with vacant possession, so there's no chain at all, maybe that's why she decided to go for the same day, and felt no need for a separate exchange day.

Solicitors set completion dates loosely and will aim for it but it is very very common for it to be pushed out.

If she hasn't asked for the deposit yet or asked the lender for the funds then it's very unlikely it's happening on Wednesday tbh. 

I would get him to call them to find out what's going on.

lindos90

Thank you for all the replies. I can't seem to share a screen shot of the information but it basically said this:

"some lenders require a minimum period between exchange and completion, typically five working days"

so thats what was worrying me in case Nationwide was 'one of those lenders'.

However, Son texted me this morning, says solicitor has sent him an email with the breakdown of all costs including his deposit and asked him to transfer the money to the business account today, so looks like its all going ahead as planned for Wednesday after all. Thank goodness he is on afternoon shift today!

(The bank details for the transfer were double checked too before he sent the money, so no scammers involved!)

Thanks for all your advice, and I hope you can see why I was concerned having read the 5 day thing.

housebuyer143

lindos90 said:

Thank you for all the replies. I can't seem to share a screen shot of the information but it basically said this:

"some lenders require a minimum period between exchange and completion, typically five working days"

so thats what was worrying me in case Nationwide was 'one of those lenders'.

However, Son texted me this morning, says solicitor has sent him an email with the breakdown of all costs including his deposit and asked him to transfer the money to the business account today, so looks like its all going ahead as planned for Wednesday after all. Thank goodness he is on afternoon shift today!

(The bank details for the transfer were double checked too before he sent the money, so no scammers involved!)

Thanks for all your advice, and I hope you can see why I was concerned having read the 5 day thing.

House buying is very stressful. Especially when solicitors don't communicate and then try and do it all at once.  Most lenders say 5 days but most when it comes down to it can get it the funds sorted much faster.
I'm glad it looks to be working out for Wednesday 👍