To ask if anyone's exchanged and completed on the same day?

[PaulinesPenStash]

I have sold my house and I'm buying another one

There is no chain, as I'm selling to an investor, and buying from an investor. So the only person moving is me. Everything is in place to exchange, and my solicitor wants to exchange and complete on Monday.

Is this normal ? I always thought it had to be a week between exchange and completion. (Not complaining though as the process has dragged on for months so we're more than ready!)

My concern is that if anything goes wrong on the day, we've booked a removal van and arranged for furniture to be delivered and it will be hassle

Ask for a week in between - you can’t book a mover in case it doesn’t exchange - stay strong!!!

We normally have 3/4 weeks between completion and exchange but once when we didn’t have a chain and stamp duty rules were changing we did same day exchange and completion. If we had delayed one more day the stamp duty would have gone up £20K! It was stressful but worth it.

I did when I bought a new build and was moving out of my parents but never since.

I work for a lender in completions. It’s done probably more often than you’d think. However there’s no guarantees of completing that day. Having said that it’s not like there’s any chain in place so if your finance is in place (if you have any) & you’re ready to go why not?

Your solicitor should advise you here though & explain why this is a good idea for your circumstances

I did, last September! Whole transaction took exactly four weeks from offer to exchange and completion on the same day. I even had the keys by 10.30am!

Yeah, we've done this the same day both times we've purchased a house. Not had a problem.

We did but we were in rented had a month left to run on the lease, we weren’t moving on completion day. I’d be nervy about it if we’d be homeless if the money transfer took a while or there was some other issue. On ours the transfer amount was ‘missing’ - ie not in our solicitors account or theirs - for much of the day. Memory of that is making me feel clammy again!

Yes i exchanged and completed last Wednesday, no chain buying house from family member

Done it twice. Once the first time I bought, the second time buying an empty house. It was fine, I wouldn’t do it in a chain.

It’s very common. If everything is in place I can’t see in your situation there is massive amounts of risk, however it isn’t guaranteed obviously.

We did when we sold our house and moved into the house I'm living in now. I have to say I was very twitchy about it but it all went fine.

It's actually very common but if you'd feel more comfortable you can request more time in-between (although that won't help for Monday now!).

Yes we did it a few years ago, no problems, good luck for Monday!

Yes we did. Uncomplicated and easy providing you have time to book the removals.

I’ve bought and sold around 6 houses and I’ve always exchanged and completed on the same day... I just thought it was the norm?

I've done it but never would again. We agreed to it because it was the only way to get in before Christmas. It was a nightmare because whilst everyone else in the chain sorted movers and got everything ready to go on the day, the people we were buying from hadn't. They were moving themselves and hadn't even started when we turned up mid afternoon (by which point the house was legally ours). We ended up paying our movers hundreds to help them or we would still have been on the driveway with a five month baby at midnight. Never again!

@eurochick nightmare 😱

Thanks for the replies

Everything in place, the solicitors are just waiting for my buyers funds to come in. It's been requested from her bank.

Pray for us 😩😩 🙏

It's really very commonplace, I wouldn't worry too much. Some solicitors do have squeaky bum moments waiting for money to come in etc., but it happens often and I've never known any major issues with it.

I did. I thought it was the norm too. Otherwise wouldn't you either own 2 houses for a week, or would need to find somewhere to stay for a week? Would your mortgage provider even let you own 2 homes at the same time??

Otherwise wouldn't you either own 2 houses for a week, or would need to find somewhere to stay for a week?

It’s neither

Exchange of contracts is when the transaction becomes legally binding. At that point either party can pull out but their is recourse for financial compensation.

The completion date is when the purchase price less the deposit if it has changed hands on exchange is transferred and at that point you are no longer the owner of the house you’re selling and become the owner of the house you’re buying.

Thanks @JacquesHammer

That makes it clearer

Always done it, exchange to conclude missives then the completion. All my house sales have been under the 6 week mark.

@JacquesHammer

Ah whoops! Thanks for explaining 👍

@Likethebattle

Under 6 weeks ! Wow. You must have had great solicitors, mine has taken almost 4 months. Very straight forward and no chain. We're really pissed off, its been very stressful

Yes we did. Not what I would have chosen and very stressful but it worked out fine.