Seller refusing same day exchange and completion but no chain - why could this be?!

[Sunraying]

We are trying to buy a house with no chain on either side. The seller doesn't live in the house and lives somewhere new! We have to exchange and complete on the same day because there's a tiny chance our bank will do another credit check before we actually ask for the mortgage money, and I know our credit score might be a bit different.

DH applied for a loan in between getting the mortgage agreed and now. We haven't taken out a loan but did apply for one. I can see the loan company searches on his experian credit file, so worried now.

We want to exchange and complete on the same day just in case the bank does another credit check and decides not to give us the money, then we don't lose our 10% deposit because the conveyancer already has the money from the bank so we know it's there before actually signing anything.

The seller is dead set against this. I don't know why though, it's not going to take any longer this way around. Why could it be he's digging his heels in about this?

I don't think it's a big deal, people exchange and complete on the same day all the time. I do think though that people get very stuck on power trips and having their own way when selling a house which might be what your seller is doing

Unfortunately, ultimately, you're a bit stuck. He has the house you want and he doesn't want to do it :(

It's not unusual to get additional borrowing when buying a house to do work to it, I think you have little choice but to hedge your bets and explain if the tiny chance the bank check becomes reality.

I'm a property lawyer (commercial property admittedly, but I have been involved in some residential transactions).

Simultaneous exchange and completion is not that unusual or risky. Until exchange, either of you can pull out, so all of the pp saying you are making it more risky is complete bumpf.

As the licensed conveyancer poster said, your solicitor won't be able to advise re the possible credit checks - their job is to check the legal title to the property - so you are either going to have to continue to push for simultaneous, or exchange adapt and take the risk (which, is what I would do if I really wanted the house).

How much notice does the bank need for drawdown? Our first house we exchanged one day and completed the next, so we had the funds prior to exchange, could you do that?
Good luck op, it's stressful, and tbh, I don't think this thread has facilitated your stress levels at all!

Sunraying They gave no reason. Personally I heard afterwards that they were well known for pulling stunts like this. But as the house was sold it rather backfired on them. As it happened them reneging was the best thing that could have happened as it meant the agreement we had signed up to was null and void so allowing us to go with another mortgage company and for them to sort out a new agreement, which they never did.

I honestly don't see the problem. Most mortgage lenders, once the funds have been drawn down and released to the solicitors will allow the solicitors to keep them for a few days if exchange is delayed.

So why doesn't your solicitor draw the funds today, then when they hit the account exchange with completion set for a few days afterwards?

Licensed conveyancer here too and given the seller has concerns as to whether you will actually complete, I would be advising him against simultaneous too.