House sale saga 2

[Toomuchtrouble4me]

I posted earlier this week - buyers wanted access before completion to pull up carpets.
Now they are holding up exchange and they want to exchange and complete on the same day - it’s a big long distance move and I’m thinking that there’s nothing to stop them dropping the price as our removal vans arrive if we haven’t exchanged!
Does this sound dodgy to you?
EA says it’s unusual but not unheard of, Solicitor wasn’t keen.

I’ve exchanged and completed on the same day, it was fine. It used to be much more common.

Yes I've done both on the same day, but I don't see the need to insist upon it.

I'd avoid if possible - it's only legally binding from exchange so it's risky. Especially if you do have to move that day (eg you aren't going into a rental or something with flexibility). I've done it twice with a fortnight between exchange and completion, which was great. Most recent sale was 3 days, which was also fine - but we'd already physically moved out!

I'd ask for an earlier exchange, otherwise you'll be super stressed on moving day wondering if they're going to try anything silly.

No to pulling up carpets before payment and completion. Until then the carpets are yours not theirs .

Completion and payment on same day; tell your solicitor to organise that with their solicitor and get their solicitor to confirm in writing they will be ready to do so. That's the work you're paying him to do.

Why do they want to hold up exchange? It's usually all only done on one day due to a timing issue or for speed. I'd be concerned about why they're suddenly delaying exchange as well as their other weird access request. I'd insist on exchange now or I pull out - they're not trustworthy.

@RincewindsHat

I'd ask for an earlier exchange, otherwise you'll be super stressed on moving day wondering if they're going to try anything silly.

Exactly this - nothing stopping them on the day suddenly offering less money and you're then so committed and packed up you feel compelled to accept.

I'd say no to any access till the sale is completed , possibly after exchange of contracts as if they pull out they will lose 10% of the purchase price .

I wouldn’t want to do it particularly as you are travelling a long distance. I would want some reassurance before making the journey that it’s all legally binding.

I would definitely say no to this. It does happen, but you don't have to agree to it, and you're taking a big risk if you do. It's a seller's market at the moment so you should be calling the shots, not them.

I always do this if possible, if the property is empty it is simple
They need to request the mortgage funds the day before and so the risk is largely theirs

Exchange and completion on the same day leads to work being done by the Solicitors ahead of time that is usually done in that interim period. Therefore if it does fall through feasibly your legal costs that you would have to bear are higher.

We did this in the second lockdown , we completed and exchanged the same day

we did however sign something that said if something went wrong the part who was responsible would be liable for all fees of both parties (including moving arrangements and all costs incurred to that point)

It seemed pretty standard to be honest so your Soliciter may already have a draft

If you have a long distance move, it’s totally impractical tbh. We were last in our chain, exchanged then completed 9 days later, we didn’t complete until very late in the afternoon.

Forget to say, a 3.5hr journey to our new home in the snow!

It’s definitely risky unless there’s no chain involved and it’s an empty house.

What’s to stop someone pulling out altogether at the last minute when you have delivery men outside ready to take your household contents to your new home? Exchange dates have to be agreed by both parties, I’d say no personally.

@HereComesTheSum

Why do they want to hold up exchange? It's usually all only done on one day due to a timing issue or for speed. I'd be concerned about why they're suddenly delaying exchange as well as their other weird access request. I'd insist on exchange now or I pull out - they're not trustworthy.

My thoughts exactly - are they going to try to drop the price as our removal vans arrive?

They can request what they like, and you can say no! Exchange and complete same day used to come with added costs - that’s a no from me

In this scenario I wouldn’t.

I think there’s red flags with them so you need to protect yourself.