Complete and exchange

[Aquinny]

Hi all,
Please can someone explain why the buyer on my property wants to complete and exchange on the same day. I've said I don't want to do that as its too risky but he still wants to do it that way.
Can anyone help. Any advice would be much appreciated. Thank you 😊

We did. Why is it risky?

Why is it risky for you?

The risk to them is if the house burns down or is damaged between completion and exchange. I find it really odd that anyone is ever happy to not do it on the same day.

I wouldn’t as if can go badly wrong. But just because they say that’s what they want. Doesn’t mean u have to do it that way. Of ur not happy to. Don’t.

It is more stressful and risky (e.g. more chance of cancelling booked removals), but also gives more security about condition and space to withdraw.

You don't have to agree?

It is excellent to exchange late if you want to gazunder so be prepared for that.

We've done it s couple of times also an exchange 1 day complete the next. We've only ever had short chains though.

I've done it twice and it's awful. Incredibly stressful. After the first time I said I'd never do it again but circumstances down the chain meant we ended up with it again.

One link in the chain did gazunder so as another poster said be ready for that.

Ask them why.

It’s been common over the last 2 years in case of last minute covid-related hiccups but much less so recently.