Same day exchange and completion

[Amber17]

It's starting to look very likely that we aren't going to exchange in advance. Completion is supposed to be tomorrow.

We're FTBs in rented with a few weeks left on our tenancy so no issues on our side, and a very small chain (the property our sellers are buying is empty). Removals booked for next week.

I've driven past the new house and spotted them actively packing up furniture so hoping no issues there...

Is there anything I need to worry about? Obviously would rather have some time between the two but if it can't happen I'd rather have the keys sooner than later.

It’s quite common to do it on the same day. Have you been to the property recently to make sure it’s still in the same state as when you offered?

Exchange commits both parties to the deal. Should anything happen with your sellers' onward purchase, they could pull out on the day of exchange and completion. Who else is in the chain? I would never exchange and complete same day.

It’s quite common to do it on the same day

It really isn't. It's actually pretty unusual. 10-14 days is far more normal.

Unless as a buyer you're not selling anywhere and the property being purchased is vacant I don''t understand why anyone would put themselves under the added stress of simultaneous exchange and completion.

In this particular scenario the owners of the property the OP is intending to buy are potentially suffering the most inconvenience. They have to pack up their entire house ready to move out without any guarantee it will go through until the moment something happens.

We exchanged and completed on the same day when we were in the exact same position as you - FTB with a few extra weeks on the tenancy to allow for work in the house to be done prior to moving in. The date for exchange/completion was not agreed until we had visited the house to ensure total clearance - this was an ongoing issue with the vendor not clearing the house properly (previously tenanted by hoarders!!) so once we had 'signed it off', so to speak, everyone was in a position to proceed so it made sense to exchange and complete on the same day.

Best of luck for the move!

Thankfully since I posted the solicitor has just rung to say we've exchanged! So we're going to complete in less than 24 hours...

No chance to check the state of the house beforehand, we last viewed it in May aside from a little drive by at the weekend to check the roof was still on after all the rain. Hoping it's fine!

Wow countdown begins! Congratulations.

To be honest ours was such a bad case of hoarding (we're talking not being able to access a downstairs room due to 'stuff') that we were a bit over cautious!

Best of luck with the move.