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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:
Itscoldouthere · 06/07/2020 08:21

The current complete and exchange in a day has been put in place due to Covid, it isn’t the norm in England. However if you have any time between exchange and completion most lawyers are insisting on a Covid clause being signed (which basically allows you to get out of the sale if Covid becomes a problem ).
I exchanged last Friday and complete at the end of the month. We have a Covid clause.

youhave4substitutes · 06/07/2020 10:05

@Itscoldouthere my last three in England have exchanged and completed on the same day. None of them were due to the current situation. The two before that I had a week in between, the two before that were same day and beyond that I can't really remember.

It's really very standard both ways, much of it depends on the mortgage lender.

Original poster
Karcheer · 06/07/2020 10:11

Hi All, thank you.

I’ve suggested to the estate agent that we aim for Wednesday, waiting to hear back...

OP posts:
Itscoldouthere · 06/07/2020 11:25

@youhave4substitutes well I’m surprised to hear that, I don’t know anyone who has ever exchanged and completed on the same day and I’m in my mid 50s having bought and sold 6 times now.

I’d really not want to do that, I like a few weeks to get everything together book removals co etc
Also I’ve often not had exchange happen on the expected day several times, this time we expected it to happen for two weeks before it actually did on Friday, nothing to do with us, issues our buyers end and we are not in a chain just us and them, they aren’t selling anything and we currently aren’t buying anything so in theory very straightforward.
Also must be difficult if you are in a long chain to all do it on the same day ?
But it sounds like it’s worked for you so I don’t now doubt that it happens outside of Covid.

Itscoldouthere · 06/07/2020 11:28

@youhave4substitutes is it a new build buying thing as well?
Just wondering as I’ve never bought a new build?

Blobby10 · 06/07/2020 11:39

There also used to be a gap between exchange and completion so the buyer could have another look at the property and check that no issues had arisen since their offer was accepted. I don't know how that would work in these times ? I've never taken advantage of it as have always put a lot of trust/ far too much trust in my sellers to be decent humans but I did have a friend who wished she had as her sellers managed to bring the ceiling down (foot through the loft floor) and didn't fix it before completion. Once everything had gone through she couldn't claim against them for anything!

Sooverthemill · 06/07/2020 11:49

You can ask why and you don't have to agree. FWIW I try to exchange a week or so before completion and always request a Wednesday or a Thursday.

SeasonFinale · 06/07/2020 12:10

exchange and completion on the same day is not normal and is an exception rather than the rule. There is a certain amount of work that is done between exchange and completion by the solicitors too.

If they are buying it as a second property there is literally no reason they need to do this unless they do not have the deposit!

2155User · 06/07/2020 12:12

Definitely not the norm pre covid.

Mildura · 06/07/2020 14:51

Exchanging and completing on the same day is quite rare, even at present.

It works without issue if there is no chain, a FTB buying an empty property for example, but brings unnecessary additional stress if there is any sort of chain.

Much, much more common to have at least a week inbetween.

GU24Mum · 06/07/2020 15:07

Simultaneous exchange and completion is very stressful all round frankly! I know it was more of a "thing" in April/May than usual but I thought things were going back a bit to having a gap.

I'd agree that a Weds is less stressful than a Friday - and avoid the end of the month - especially a Friday at the end of the month!

MrsMoastyToasty · 06/07/2020 15:12

I've done exchange on a Wednesday and completion on the Friday of the same week, and that was stressful enough! Especially when the removals company decided all our belongings wouldn't fit in one lorry load, so all our non essential/seasonal stuff went off to storage for 48 hours.

Original poster
Karcheer · 06/07/2020 15:29

We've agreed a wednesday.

It's a small chain one above, one below - neither of whom are moving on that day, so makes no odds to anyone but us!

OP posts:
pilates · 06/07/2020 17:24

Good luck op.

mumofamenagerie · 06/07/2020 20:05

We have exchanged and completed simultaneously twice now on a Friday - no problem either time. The last time was a month ago when solicitors wouldn’t do them on different day!

mumofamenagerie · 06/07/2020 20:05

Oh, and it was done by 9.30am!

youhave4substitutes · 07/07/2020 13:57

@Itscoldouthere I don't know anything about buying new builds specifically, I've never bought one either.

I've bought and sold lots of houses. I own several at the moment. And it is much more common than pps here are making out. I don't find the completion process stressful, there's not actually much to be done in between exchange and completion because everyone knows it's happening. It's not something that is presented to the solicitors as a surprise Grin.

I have no preference to which day I complete. Friday is preferable to many though simply because they have the weekend to get sorted.

Mildura · 07/07/2020 14:23

I've bought and sold lots of houses. I own several at the moment. And it is much more common than pps here are making out

I own my own firm of estate agents, and if I recall correctly @GU24Mum is a property solicitor. I suspect we know more than most about what is commonplace! I cannot remember the last time I had a simultaneous exch/comp, not in the last few years certainly.

If you are a buyer who is not selling anywhere and purchasing a vacant property then simultaneous exch/comp can work perfectly fine.

But what if you're in a chain of 5 and everyone involved has to pack up their entire house in to a van without knowing for certain whether completion will actually be taking place that day. Far too stressful, and rather unnecessary.

Fettfrett · 07/07/2020 14:31

[quote youhave4substitutes]@Itscoldouthere I don't know anything about buying new builds specifically, I've never bought one either.

I've bought and sold lots of houses. I own several at the moment. And it is much more common than pps here are making out. I don't find the completion process stressful, there's not actually much to be done in between exchange and completion because everyone knows it's happening. It's not something that is presented to the solicitors as a surprise Grin.

I have no preference to which day I complete. Friday is preferable to many though simply because they have the weekend to get sorted. [/quote]
"Not much to be done between exchange and completion, except for packing up your entire worldly possessions, confirming removals, arranging utilities at the new place, arranging your mail to be forwarded etc."

Most people don't do all of this until after exchange has happened and the completion date is set. It sounds like you're talking about buying BTL properties which is a completely different ballgame to moving house. If you arent talking BTL and just have lots of properties for yourself, then of course you wouldn't find it stressful if you have other hones to go to if it all goes tits up on exchange/completion day.

youhave4substitutes · 07/07/2020 14:34

Well of course. In a chain of 5 that would add to the stress. But they still have to pack up and move the same day unless they are not moving straight in Confused as an estate agent you'd know that.

You'd also know that in a chain of 5 it is highly unusual that at least one of them wouldn't have a mortgage lender stipulating a break between exchange and completion.

The OP is in the middle of a small chain and only one is moving on the day. It should go perfectly fine and is a perfectly normal process. Bizarre that you can't remember any that happened on the same day in my experience.

youhave4substitutes · 07/07/2020 14:40

@Fettfrett well people have managed it perfectly well this year! Of course they are generally savvy enough to not leave booking a removal firm to moving day!

It doesn't come as a surprise and if the solicitors are good then it's unlikely to fall through on the date of exchange. I have both BTL, home and second home, renovation properties. As do lots of people, making this a very common process.

The "not much to do" was for the solicitors, not the buyer!

The fact that someone who owns an estate agents not being able to remember a single incidence of something I and many others do all the time is odd to me. Particularly as that must mean they've sold no houses in the past 4/5 months Confused

Nat6999 · 07/07/2020 14:41

I completed on a Friday, was on a course for work in the morning, spent every break on the phone, was able to collect keys at 3.30, we weren't moving in until renovations were done.

Mildura · 07/07/2020 14:45

But they still have to pack up and move the same day unless they are not moving straight in confused as an estate agent you'd know that

The point being, if you've exchanged 2 weeks prior you know exactly on which day you are completing, therefore you pack up the property in the full knowledge that you are going to the next property.

If you are trying to exchange/complete simultaneously there is a far, far greater risk of something happening at the last moment to cause the transaction not to go ahead.

Surely that was obvious? Confused

Bizarre that you can't remember any that happened on the same day in my experience

It's not bizarre at all! I deal with around 100 transactions a year, and have done for the last 25 years. Exchanging and completing on the same day is very, very rare.

If you are an investor buying up empty houses it may be common for you, but that does not make it a common scenario for all.

Foxinsocks1 · 07/07/2020 14:47

We exchanged and completed on a Friday. There were 4 in our chain, 2 below 1 above. It was one below insisting as she only had that Friday off work. I was 8 months pregnant and had a toddler at the time and we loaded the vans, went to Tesco for breakfast then collected keys. Thankfully all went smooth but I wouldn’t do it again on the same day.

okiedokieme · 07/07/2020 14:51

It's normal to have a week in between. I suspect the buyer doesn't have a deposit (tied up in the property) we waived deposit as an alternative