Agreeing exchange and completion dates

[OhTheAngst]

Am in a chain:

it goes
FTB buying from vendor1, who has estate agent
vendor1 buying from vendor2, private sale
vendor2, buying from me (vendor3), private sale
me buying from vendor4, with EA, this is the end of the chain

Me and vendor2 know each other. He has informed me that he thinks FTB wants a completion date of 24th April. We don't know what exchange date is proposed - I am worried FTB wants it same day as completion. Vendors 4, 3 (me), and 2 are ready to exchange, according to my solicitor.

How should we get this clarified? Obviously my sol could only talk to vendor2's sol about this. Also what problems might arise if exchange and complete same day?

If I were you, I'd aim for exchange a week before completion. Your solicitor should insist on this with both your sale and your purchase.

Nothing is legally binding before exchange. To do both on the same day risks removal companies turning up and it all falling through.

No skin off the FTB's nose for there to be a week between dates usually... And the people who own property currently gave more to lose. What makes you suspect they want both of the same day?

Twas only what my buyer thought - not sure why! Neither he nor I have been in a chain before, without the power of MN I would be lost.

Have spoken to my buyer, told him to push it with his buyer, and I suppose I can ask my sol to ask for firm dates for exchange and completion - will do this Tues.

Some of those below us in the chain wanted this last time we sold/purchased. Our solicitor wasn't having any of it and insisted there was at least a week between exchange and completion.....as it turned out we had eleven days. Our buyers would have preferred less as it was getting close to Christmas and they had DC, but as we had a five day move to prep for and no-one was keen on moving on a Friday, we ended up completing on a Tuesday which worked out well in the end.

Is vendor 1 ready to exchange? If not, you (or anyone in the chain) cannot propose an exchange date. The FTB certainly cannot influence an exchange date. Only the solicitors can decide this and that will be when there are no more outstanding issues. Then you can talk completion dates and you will be able to put forward a date that suits. Simultaneous exchange/completions can be done but are not encouraged - completion has to take place before banking closes mid afternoon and in your case that's five in the chain to make sure funds are in and keys handed over. Anyone who doesn't manage to complete on said day would be in breach of contract, meaning compensation to all those out of pocket. My firm prefers 10 days between exchange and completion so that there is enough time to do the paperwork and order the funds.

On our recent sale to ftb the solicitor did exchange and completion in one day. Even though we had already moved and didn't need removals etc it was incredibly stressful not actually knowing until 10 am on the day whether it was going ahead.
In future I will insist on a gap of at least a week.

We have exchanged and completed on the same day twice. Both times the removal men had loaded our stuff on to the lorries before exchange.

The first time it happened our solicitor came to the house we were selling brandishing a missed document that needed signing before we could exchange. Shame they didn't discover this until 11.30 am on the day!

Second Time it happened there was a cock up which meant we were exchanged but not completed because the money from our buyers got lost in the system. It eventually went through seconds before close of business.

Both times happened on a Friday. Never,ever,ever,ever will I go through that again.

...and that's why you try your very best not to have them on the same day.

give it at least a week. You need time to deal with utilities, set up post redirect, finalise removals and so on. I cannot see why anyone would want the incredible stress of same day exchange and completion.

Well, guess what? Both vendor1 and vendor2's sols are on holiday this week (rueful )