Buyer wants to Exchange +Complete same day

ChocolateLover_3

I have eventually got a buyer for my flat and the estate agents says he wants to exchange and complete on the same day in 4 weeks
Its a corporate buyer,and thats the only way that he can get the mortgage,he is apparently buying other flats on the same day also ?
But what will happen if he chnages his mind at the last minute, I mean I will have to have moved out the day before contracts + exchange ,what if he changes his mind and we will have moved out? Should I ask for a deposit to see if he is a genuine buyer ? Confused
Choccy

Doozergirl

You need to find out exactly why he needs to exchange and complete on the same day.

Sometimes first time buyers have 100% mortgages - because they have no deposit to exchange with, they need to exchange and complete on the same day. I think even in those circumstances you could agree to exchange with no deposit (I'm really not sure though)

The problem is that some buyers are underhand and will gazunder you. That means, when all your stuff is packed into the removal van ready to go, they suddenly refuse to even exchange until they get a price reduction. You are then stuck between a rock and a hard place. It happened to my husband's sister and they ended up having to find an extra £15,000 between them and their vendor.

If you are able to move out before completion or the place is empty - you are still at liberty to tell them where to stick their revised offer. If you can only move out on completion day then I would be very wary. My gut says no unless they are a FTB.

chappers

Wise words DG.
It is a chance you will have to take you don't have to move out before there is usually a handover time staed in the contract,do'nt move until its all done and dusted. He may have a valid reason for doing this, like Dg says he may not have a deposit. Get your solicitor to check his company out if he is a corporate buyer.
A word of warning if he cannot exchange contracts with you before the completion date. Then under NO circumstances should you exchange with the vendor of your new place if you are buying one.For the reasons mentioned by DG

ChocolateLover_3

Update from my original post
Received the sales memo today from estate agents ,the client they brought along came from another estate agent ( they split the fees) BUT the memo shows no buyers name only "c/o ***** Estates
Is this ok ?
I was told it was a company that was buying,corporate something ? thats why they wanted xchange/comp same day ,does this sound dodgy ??
There is a solicitors name and address for the buyer
Any advice ?
Choccy

Richard_Webster

I agree with Doozer and other posts. There could be a legitimate reason for this, but your solicitor really needs to find out exactly why from the seller's solicitor. Your solicitor can then explain the situation to you.

chappers

Also check them out on the web and ask your solicitor if there is any other legal document you could use in place of exchanging contracts.

Vaux-Hall

My solicitor usually completes & exchanges at the same time as a matter of course. Unless you have a problem raising the money in time, there's no reason not to. Once you've exchanged you are comitted to buy anyway, so why exchange before everything is 100% right? At which point you might as well buy it. Obviously there are individual exceptions, but my point is that it's not that uncommon.

chappers

You are correct it's not that uncommon but as this person is a corporate buyer I think the vendor has a right to be a bit more wary. People are more likely to pull out for business reasons than sentiment and if its a business deal there is a far greater risk of sharp practice.
To eliminate the risk you will just have to pass the procedure up the chain and complete and exchange on the same day on the property you may be purchasing.