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Original poster

Exchange and completion same day?

17 replies

AndreeaG · 15/11/2019 18:51

Hi,

We are FTB and buying a vacant property with no chain.

Would it be possible for us to exchange contracts and complete on the same day?

Kind Regards,

Andreea

OP posts:

NotOnMyWatchSunshine · 15/11/2019 18:52

Yeah I think it's possible. Before my chain collapsed about two weeks ago that's what my solicitor said I would have to do.

CornedBeef451 · 15/11/2019 18:56

We've done it twice. Bit of a nightmare but doable.

MillStone · 15/11/2019 18:57

I did exactly this under the same situation.

Hecateh · 15/11/2019 19:01

It's definitely possible, or it definitely used to be. I have done it 3 times in the past.

However I am exchanging Monday with a short chain and completion is Friday. The reason being, I have been told, is to do with mortgages further down the chain. It seems that lenders either can't (illegal) or won't even start the process of releasing the money until exchange has happened and that is the time they do their final checks with regard money laundering etc. I was told 5 days but I suspect it can be shorter than this. AND if you don't need a mortgage - no issue.

I also wouldn't guarantee any of the above is true as my solicitors and those of MY buyer are completely and utterly incapable of doing anything unless they are continually prodded with phone calls and confirmation emails - and even then it's doubtful.

foxatthewindow · 15/11/2019 19:13

It’s totally possible, but I’ve never really understood why anyone wants to. We’ve always had a good couple of weeks between exchange and completion, which works well for us. Exchange is the point at which everyone is legally committed and the point after which it all falling through is less likely so I like to get that sorted. And it’s nice to have time to prepare for completion.

Original poster

AndreeaG · 15/11/2019 19:14

Hi all,

Thank you for your responses.

We leave with our parents and the property is 0.5miles from where we currently leaving.

On average how many days notice will the lender(s) require prior to the release of the funds?

OP posts:

HelloCanYouHearMe · 15/11/2019 19:24

I exchanged on a Thursday and completed on a Tuesday. I was told that money had to be called for from the lender by the Monday afternoon in order for Tuesday completion to take place (note that my solicitor told me that exchange was going to happen imminently 3 times over 2 weeks before it actually happened, so you might want to take that last bit with a pinch of salt!)

ShellieEllie · 15/11/2019 20:33

My son did that last year as a first time buyer. Unfortunately it meant that he didn't get into the house until about 8pm that night as the family moving out hadn't really packed ready to go that day - don't think they actually believed it would happen that day and had to rush out to hire van!

Murinae · 15/11/2019 20:42

We did it about 6 years ago. The sellers had already moved into a rented house and we were chain free. I remember we had to pay the money over to the solicitor a couple of days beforehand I think so it was ready and waiting. Can’t remember who suggested doing both on the same day.

Mummytowooter · 15/11/2019 21:11

We’ve brought 4 properties and we’ve exchanged and completed on the same day every time. Stressful to be honest but it’s not uncommon

Blobby10 · 15/11/2019 21:17

I thought it wasn’t advised as e buyer is ‘supposed’ to view the new property after exchange and before completion in case there is something wrong which you can then insist on the seller sorting out 🤔

dillygaff · 15/11/2019 21:22

We are exchanging and completing the same day but cash purchase and the house is empty.
It's been surprisingly quick - 5 weeks ish.

Just waiting for the other sides solicitor coming back with which day next week. Their solicitor has been the slow link so I'm hoping they will at least respond quickly for this bit!

Robs20 · 15/11/2019 21:24

We’ve done it twice. Definitely possible.

Tanfastic · 15/11/2019 21:30

Yes this is very common. Conveyancing Secretary here.

Spickle · 15/11/2019 21:34

Definitely easier if there is no mortgage. If there is a mortgage, it could be tricky. Lenders don't usually send monies before exchange and you are running a risk that the monies won't be released in time for completion.

Dionysa · 15/11/2019 21:43

Not uncommon! I have done it several times.

wowfudge · 16/11/2019 08:37

No Bobby, a buyer is supposed to view before exchange and the place is to be in that condition on condition. The main reason for not exchanging and completing on the same day is that someone can pull out, leaving you high and dry with everything packed or committed to paying for removals, etc. If you exchange a few days in advance of completion it gives more security. Failing to complete means loss of deposit for the party which pulls out after exchange.

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