So, legal eagles...why CAN'T we exchange and complete on the same day?

[detoxdiva]

huh huh huh???

Or is it just the solicitor at the top of the chain being awkward?

I think that you can, ie it's possible but probably quite stressful time-wise. I think.

You can but it's risky - certain searches need to be done between the two dates.

You can, because we did. I think it is more work for the solicitor, which is probably why he doesn't want you to.

I did when I bought my first house - I thought it was perfectly normal.

You can.

you can, we did ! at 4.50 on a friday !! as our goods were being loaded onto a removal van!!

was sick with relief after the phone call !!

You can, we did it and I certainly wouldn't recommend it!

(not unless you get some sort of peverse kick out of the prospect of you, your family, pets and worldly possessions suddenly all becoming homeless at the end of a long day . We did manage avoid that scenario but it wasn't nice waiting)

Thanks for your replies - we're in a chain of 3 and we all want to move next week, but we're being held up by the solicitor at the end of the cahin who is insisitng on his clients signing the contracts in his office (?) and he now says he can't fit them in until 'sometime' next week, and is suggesting a completion date of 2 weeks after.

We accepted the offer in Dec and dh has holiday booked for the next 2 weeks, and I'm now seriously fed up with waiting.

get your sol to kick his b*tt !

They don't need to sign in his office. Can you get your estate agent or solicitor to have a word with your buyer/his solicitor?

My solicitor suggested two weeks to make sure the money was all in place. Notice to the mortgage company etc. We compromised on one week.

Another "we did it" here. But that was because there was a period where you didn't have to pay stamp duty so we were rushing towards the deadline.

We were OK because we weren't moving on that day, but bear in mind that anyone can pull out without any real penalty prior to exchange, so it is rather nailbiting if you were going to try to move that day.

You can, my mum had to exchange and complete on the same day as she was buying a house from an elderly lady who was seriously ill in hospital her daughter had power of atternoy (sp).

The solicitors just made sure all the paperworks was completed before the day.

Message withdrawn

If it is only a chanin of three - and it's along tiome since I've had to survive the English system - but when I was having probelsm with a solicitor who was dragging his heels and waht I knew was a short chain, I threatened to the vendor that I would pull out! (Had not intention of doing so).

That got the solicitor moving.

Yes you can. I have grey hair and a nervous tic to prove it

i did, once

You can, we have in the past

Oohh Prettybird, I don't think I'm brave enough to threaten to pull out, and besides it took sooooo long to sell, that I don't think they'd believe us anyway

ANABEL CARAMEL - What are the searches that have to be done between exchange and completion?

searches that have to be completed between exchange and completion ? What would be the purposes of those then ? Surely searches are carried out to ensure that the purchase is the right thing for the purchaser and highlights any potential problems with flooding, building applications in the surrounding area etc. What would be the point of 'searching' these things once exchange has occurred and the buyer is legally bound to the purchase?

I think the problem with same day exchange and completion is the risk of funds not making all the way through the chain in one day (I think the banking system that deals with fund transfers closes at 3pm?).

FC&NK - not sure - local searches??? I only know you CAN ex and complete on same day but I'm sure someone told me it was risky for that reason. I think threatening to pull out always works - doesn't mean you have any intention to do so but tends to shake people up.

ndp - that's a good point, I hadn't thought of that. Aggh, I just want it all over and done with - I've had to open a bottle of wine just to cope with thinking about it all