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Original poster

Tell me lots of positive stories about exchange/completion on Fridays please...

54 replies

Karcheer · 05/07/2020 21:41

It looks like we may have to exchange and complete on the same day - im terrified im going to be stranded in a van with my bed on board, dogs etc in my car and no where to sleep all weekend if it doesn't happen :/

Ive suggested to the agent we do this on a wednesday rather than a friday, so we've a bit of contingency...

But am i panicking over nothing?

OP posts:
JadLi · 05/07/2020 21:58

Completing/exchanging usually is on the same day. As long as your solicitors have everything in place and you have agreed on a completion date there's nothing to worry about. We were out of one house and into the new house by lunchtime.

Original poster
Karcheer · 05/07/2020 22:05

@JadLi i have moved about 8 times and always had at least a week in between... how strange I've never had to do this before then?...

OP posts:
JadLi · 05/07/2020 22:16

Very strange, I thought that was the norm! I've moved 3 times and all been on same day usually all complete around lunchtime so just about had time to get everything moved in.

thetrolleywitch · 05/07/2020 22:18

You can't legally be bound to a completion date before you've exchanged. Depending on if mortgages are involved, you need a certain number of working days between exchange and completion to allow the transfer of money to be initiated and take place. I have nothing helpful to add, possibly a Wednesday is better than a Friday but just wanted to correct the misinformation above!

thetrolleywitch · 05/07/2020 22:19

You can't legally be bound to a completion date before you've exchanged. Depending on if mortgages are involved, you need a certain number of working days between exchange and completion to allow the transfer of money to be initiated and take place. I have nothing helpful to add, possibly a Wednesday is better than a Friday but just wanted to correct the misinformation above!

Original poster
Karcheer · 05/07/2020 22:26

@thetrolleywitch i have asked my F.A if its possible for me to do this (i have a mortgage)

OP posts:
pilates · 05/07/2020 22:26

Is there a reason why you have to exchange and complete in the same day?

pilates · 05/07/2020 22:26

On

Original poster
Karcheer · 05/07/2020 22:27

@pilates because my buyer has requested it.

OP posts:
AWiseWomanOnceSaidFuckThisShit · 05/07/2020 22:31

I wouldn't want to NOT c and e on the same day, one fell swoop and all that

pilates · 05/07/2020 22:34

I would want some time between exchange and completion so I could relax a little knowing it’s all legally binding. What reason have FTB given?

PastMyBestBeforeDate · 05/07/2020 22:35

I've never exchanged and completed on the same day. Always had a week between.
Is it to do with them not being able to muster up the deposit (if not FTB)?

pilates · 05/07/2020 22:35

Sorry I’m presuming they’re FTB, maybe not

Original poster
Karcheer · 05/07/2020 22:43

@PastMyBestBeforeDate @pilates no they aren't FTBs they have a home that they are remortgaging to buy ours.

@pilates I really want a week too, as do the people we are buying off of :(

OP posts:
sunrainwind · 05/07/2020 23:05

I would push back on this too. Unless I didn't have to move that day (ie currently living with parents) I wouldn't risk it. Paying for movers/packing and cleaning the house etc - too risky until you've exchanged in my opinion.

stanski · 05/07/2020 23:12

Theoretically a lender can change their mind and decide not to lend after exchange so that may be why they want a same day.

We are purchasing and I requested this but my lender has a 5 day minimum between the two so we're looking at exchanging on a Friday and completing the following Friday and hopefully all goes smoothly.

Poppiesandnettles · 05/07/2020 23:18

Apparently it’s the norm whilst covid is on the scene. If between exchange and completion someone contracts covid or has to self isolate then that person may not be able to complete, potentially losing a large deposit? Check with the solicitor to see what they advise. Ours solicitor advised early on they recommend exchange and complete same day at the moment.

youhave4substitutes · 05/07/2020 23:20

"Depending on if mortgages are involved, you need a certain number of working days between exchange and completion to allow the transfer of money to be initiated and take place"

That's misinformation too. Some mortgage lenders stipulate a period between exchange and completion. Others don't.

Poppiesandnettles · 05/07/2020 23:21

Also to add ask for a Tuesday, Wednesday or Thursday move date, just in case or delays with funds, but definitely not a Friday!

Rubyandsaphire · 05/07/2020 23:48

I'd request any day but a Friday.
I once had an exchange and complete on a Friday very short chain it was cutting it fine and I received the keys at 4:45pm.
So next time I moved I refused a Friday I'm so glad I did as solicitor above in chain went awol they'd sold my house but the one I was purchasing didn't go through till the next day - I had 3 kids, single parent, everything was packed into the removal van and no bed /house it was about 2pm the following day it all went through. I've always exchanged and completed on the same day but never would I do it on a Friday.

LolaSkoda · 05/07/2020 23:59

Did both in the same day a few weeks ago. Was all done by 11am. It may have changed but the solicitors were only doing same day, in case someone was seriously ill/died of covid between exchange and completion.

Good to get it all done at once but there was a lot of uncertainty and stress, as there was a worry that they will pull out etc. Couldn’t properly confirm removals and ended up with a delayed post redirection.

Sailor2009 · 06/07/2020 00:04

We did both on the same day (Friday) loaded a van with pretty much everything except the mattress and kettle the night before. Picked up the keys to our new place at about 11am. Took the van back before they closed that night. Went really smoothly.

Fettfrett · 06/07/2020 06:55

Push back, if the rest of the chain want a week then your buyers will have to go with that. When we moved last time we were mid chain and the bottom of the chain wanted a same day exchange/completion so they didnt end up paying another months rent. We flat out refused, as did our seller. Ive always had a minimum of a week in between, and exchange has never happened on the day it was supposed to so I cant imagine how stressful a same day completion would be.

BammBamm · 06/07/2020 08:14

We exchanged and completed on a Friday 3 weeks ago. It was a very smooth transaction and I think the keys were ready around 11/11:30. I can thank my wonderful solicitor for that though! Also, she did say that she was happy to do both on the same day as we were in a short chain.

Dragonsanddinosaurs · 06/07/2020 08:21

We moved on a Friday, and there were issues further up the chain. We literally got the keys to our new place as the solicitors closed. We very nearly ended up homeless for the weekend, as our sale was done by lunchtime. I would avoid Friday at all costs if possible!

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