Exchange and Completion on the same day

Johnhowell

Dear All,

My buyers' buyer (Housing Association) has requested that the exchange and completion occur on the same day.

I am the end of the chain - moved into partners home - so only the three parties.

Are there any issues with doing these on the same day. My solicitor is on holiday until next week, but his assistant was not that concerned.

Housing Association want completion by the end of the month because of budgeting reasons.

Thanks,
John

loga

We did exchange and completion the same in july last year, we didn't really know it was a problem so our seller. The sollicitors wer happy with these and everything was fine.

good luck with your sale

dubsey

We did an exchange and completion on the same day simply because of time restrictions (we had to move within four weeks). It was hectic for us but only because the people we were buying from seemed to think they could move out at leisure. We had a call at 12.30pm to say everything was done, ready to go. Our first lorry load was ready we needed two loads) and our seller had gone shopping in town! She came back at 4.30pm by which time our buyer had unloaded his stuff upstairs at our house and was loading the rest of our things into HIS van (thankfully he is a lovely guy that we still keep in contact with). We arrived at our new house to find they had barely started - she claimed she had heard from her solicitor yet.

Our next move they asked for exchange and completion on the same day and we agreed but our solicitor refused to do that. No idea why she just said no. We would still do it again. I think our problems were just caused by the dozy couple we bought from!

We've moved several times and there has been no difference in the solicitor phone call time, always between 10.30 and 1pm. I think it's more work for them and that's why sometimes they refuse.

Good luck with the move!

subjecttocontract

Your legal costs are likely to be higher.

You could find out how much extra they are (don't forget to add VAT) and insist on that amount being added to the sale price of the property......I'd add a little more to cover my own admin/ time etc.

After all they want it done, why should you pay for it ?

space_rider

I completed and exchanged same day just over a year ago. I didn`t pay anymore for solicitor fees, in actual fact, because I got the bill afterwards I don`t even think they charged me enough! Didn`t complain just paid it. I even got a refund a few months ago as the buyer solicitor never sent them a bill for the searches that my solicitor asked to buy off them.

Johnhowell

Thank you all for your comments.

As I have moved into my partners property already, there are only a few items remaining, so the ultimate moving out should not be a problem.

Next time I speak to my solicitor, I shall confirm that no extra cost will be incurred.

Looking forward to be mortgage free !!!:T

Regards,
John

dubsey

Just to agree with that, we have never paid anymore for exchanging and completing and the same day either. As you have said though, definately a good idea to check with your conveyancer that they are happy to do this.

subjecttocontract

Conveyancing costs are now very competitive. If you shop around for the cheapest AND then require them to put in more effort, rearrange their other work load, deal with your business at the detriment of others etc.......which includes exchange/ completion on the same day....there is very likely to be an extra charge.

If you don't get the extra charge it may be because you were paying to much in the first place and they have a larger profit margin built into your charges.

Johnhowell

Having never sold a property, what would the time be between completion and the money arriving in my account?

Would my old school solicitor send a cheque? Is it instant electronic transfer at 12:00 noon on the day of completion?

Does the solicitor deduct the estate agents fee and his before forwarding, or do they invoice me afterwards and I send a cheque?

Many thanks,
John

TighterThanTwoCoatsOfPain

My sol gave the choice... i could have a cheque for free, or a could pay a £30 chaps fee... i took the cheque as was not in a hurry for the $$

chappers

I wouldn't worry about this at all in fact providing your buyer has all the funds in place there really is no reason to have a gap between exchange and completion , if your solicitor is going to charge you more than otherwise quoted then find another, infact the whole process is probably easier for them, as has been said your solicitor will probably charge you for a telegraphic transfer but won't for a cheque.Sometimes it quite nice to have that big fat cheque in your hand even if it is only for a matter of a few hours.