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Original poster

Exchanging and completing on the same day

30 replies

cookiesaurus · 29/04/2020 23:18

Hi all,

We are due to exchange and complete on the same day (next week) and I am really not certain of the day's timeline? We are doing this due to the level of uncertainty around lockdown as if we exchange and then cannot move we are liable for our buyers' deposit and costs! It certainly isn't ideal and provides no peace of mind going into the sale due to the possibility of some last-minute gazundering.

On the day, our removals are arriving at approx. 8 am which means that potentially our van could be loaded before everything is signed and sealed so to speak.

Our buyers are cash buyers and the property we are buying is vacant as the sellers moved out in February.

I've googled completion day timelines and can't seem to find anything other than opinions on whether or not people think it is a good thing or not.

Can anyone advise on exchanging and completing on the same day and what the day will look like (other than being stressful!)?

TIA

OP posts:
ShyTown · 30/04/2020 00:14

We’re doing this on Friday only we’re just selling and not buying. We live abroad and are 6 hours behind so I’m guessing there’s a good chance that we’ll have the cash in our bank account when we wake up in the morning and our buyers will be in, having been met at the house by the agent with the keys. I can report back after we’re done if it would be helpful to you!

Original poster
cookiesaurus · 30/04/2020 07:19

Good luck @ShyTown! I hope everything goes smoothly!

If you wouldn't mind updating after you have completed that would be useful.

Thanks

OP posts:
Mrsrobinson247 · 30/04/2020 08:35

We did it when we bought in 2014, FTB and vendor was in a nursing home. We exchanged and completed about 2.30pm. There wasn’t a gap between exchange and completion (well maybe 10 mins but I wasn’t aware of it). I was at work, had a call from the solicitor at about 2.15pm to say they were ready then at about 2.30pm to say we had completed.

It was very strange, I think it needs to be done by 3pm to make sure the money goes through. We were later on because we were staying in rented as the house needed work and there was just the one transaction so we weren’t too bothered if it drifted a day. I would have thought you could push to be earlier in the day.

Spickle · 30/04/2020 10:50

The solicitors will check with each other that they are all ready to go on the day. Providing your cash buyers have transferred all the monies promptly to their solicitor (preferably the day before completion), then the solicitor can effect the exchange and transfer monies to your solicitor so that your solicitor can exchange and transfer the monies and any mortgage monies to your vendor's solicitor. Once all monies are received to the correct parties, then you have completed. There is no point in you pushing to be in earlier, because you will have no control over when the buyers solicitor transfers the funds.

Original poster
cookiesaurus · 30/04/2020 14:52

Thank you all for your replies.

I spoke with our solicitor this morning and she thinks it will all go through as our buyers are keen to move into our house.

I just feel like you never know until the contracts have been exchanged!

OP posts:
missmarplesapprentice · 30/04/2020 17:46

We did it a few years ago as FTB as the property we were purchasing was tenanted. Tenants contract was meant to be up before exchange but they pushed our vendor and requested to stay longer than their contract so were not moving out until the completion date. For this reason we didn't exchange till the day as legally we had to make sure they had left.
We didn't get the keys till about 3pm, but other than the worry about vacant possession, the whole exchange/complete on the same day was fine.

Lonecatwithkitten · 30/04/2020 22:33

Did this on last house move. 9.15am all solicitors in chain exchange contracts. Then money moves up chain for completion. My sale was completed 10.30am and my purchase completed at 1.30pm- this was the slow link as I had different solicitors for sale and purchase.

ShyTown · 01/05/2020 15:38

We’re done! Almost missed it because no one told us the solicitors would need to call/email to confirm our approval to go ahead and we were asleep given the time difference (the one day the toddler isn’t up early, typical!) but the buyers are in and our bank account is looking extremely healthy! Now comes the harder part of finding somewhere else to live, when we’re stuck in the US for the foreseeable future and are trying to move back to London before our visas expire...

GherkinsOnToast · 01/05/2020 17:01

Ours exchanged at 9.30 and all completed by 1.30. Estate agents rang us by 2.30 to tell us.

We were packed and sitting on our drive when the call came and then headed to the new house. The purchasers van was parked around the corner waiting for the same call. I would get everything packed and then sit and wait for the call.

Original poster
cookiesaurus · 01/05/2020 20:49

@ShyTown congratulations! I'm glad it all went relatively smoothly! It's Sod's law that children sleep when you don't want them to or you need to be up!

OP posts:
Original poster
cookiesaurus · 07/05/2020 20:56

So, we exchanged and completed today! It all went really smoothly apart from our solicitor getting a flat tyre on the way to work!

Everyone in the chain was organised and we were in our new house by 12.30pm! The removals company we're very efficient but not particularly appreciative of the social distancing measures tbh.

Good luck to anyone else in this situation!

OP posts:
ShyTown · 07/05/2020 21:27

Glad it went smoothly for you and hope you enjoy your new home!

Rhapsodyinpurple · 07/05/2020 21:29

Congratulations, enjoy your new home.
I'm hoping that we aren't too far behind, but suspect we have slipped another week.

Callmesausage · 08/05/2020 07:39

Congratulations, hope you enjoy your new home

fairydustandpixies · 08/05/2020 08:11

I did this. I was told to go to the house I was buying on the day of exchange/completion first thing to check it. I met the estate agent there at 9am, checked it, all okay, phoned my solicitor to confirm and by 9.45am it was all done and I had the keys. This was 18 months ago. Good luck OP!

maxiflump1 · 08/05/2020 10:51

@c

maxiflump1 · 08/05/2020 10:55

Congratulations on moving op. How did you find your removal company? All the ones we've tried are closed as abiding by British association of removals guidance. We are desperate to move but a bit nervous about chancing it with any old firm!

cittigirl · 09/05/2020 15:13

I'm waiting on dates now..hopefully on monday to exchange/complete on the same day. It's been a long old slog not helped by lockdown obviously but the end is in sight 🤞

cittigirl · 09/05/2020 15:13

Where abouts are you maxiflump1

maxiflump1 · 09/05/2020 16:26

@cittigirl fingers crossed the end is in sight! We are south west. Moving from Bristol to Somerset.

cittigirl · 09/05/2020 16:29

maxiflump1
Can't help you I'm afraid, I'm in Dorset. There are removers working now though. Hope you find somone soon and good luck with your move x

Original poster
cookiesaurus · 12/05/2020 19:19

@maxiflump1 we told our estate agent that they needed to find three removals companies for us. We were being pressurised to move and our original removals firm stopped working.

I think the BAR removals firms are beginning to start up again as our original firm contacted us to say they would begin operating this week.

Might be worth asking your EA!

Good luck!

OP posts:
maxiflump1 · 12/05/2020 20:41

Thanks @cookiesaurus. Thankfully the firm we were going with originally are opening for business next Monday so we are pencilled in for next Thursday. Just need to get all the solicitors talking to each other to sort out the legals! So close now...

Callmesausage · 13/05/2020 15:18

We exchanged and completed today! So pleased, now we have a couple of days to move ourselves.

MissLemon18 · 13/05/2020 17:09

CONGRATULATIONS PPs! 🤗🎉🎊

We're pencilled in for 27th, keeping everything crossed... 🤞🤞🤞

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