Risk of gazunder on sim exchange + completion

[Gutterton]

We are selling a property and wonder if you think that there is greater risk of gazunder with a simultaneous exchange and completion on the day?

Is your buyer getting a mortgage?

Yes

Why do you think they would gazunder, it’s extremely rare.

Pretty unlikely. They'd need a new mortgage offer reflecting the correct purchase price so that would delay things for at least a few days whilst that was all sorted out.

No chance then. They'd have to get a new mortgage offer.

The mortgage is small if that makes any difference. I am just worried that they will ask for a discount as we agreed the price pre COVID. Don’t want to be over a barrel on moving day. Happy to have those negotiations sooner rather than later but don’t want a gun to my head on moving day.....aware this happens on exchange days sometimes.

if anyone is planning to move on that day then it is nuts to do simultaneous exchange and completion. How will you organise removals, broadband, post redirect, insurance even in normal times?

only works if buyer is coming from a rental (so doesn't move on that day) and property is empty.

That will be the case mencken

They're still answerable to their lender. The correct price has to be on the mortgage offer and the funds request.

Great thanks - that’s good to know x