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Original poster

Simultaneous exchange and completion

14 replies

LemonadeKing · 19/08/2020 20:52

Has anybody ever done simultaneous exchange and completion using help to buy? It's been suggested to us as there are huge delays with help to buy. Are there any downfalls we need to be aware of? We will be discussing it with our solicitor tomorrow, it seems like a good idea in theory but we are super stressed that it leaves no room for error.

OP posts:
Bells3032 · 19/08/2020 20:56

Are you selling your property or having to give notice at the same time? If so then don't do it as you can be all packed up and ready to go and it falls through (there was a thread a couple of weeks ago). If you are chain free and not necessarily moving on the same day then it's fine although id still want a couple of weeks to sort furnishing etc

Original poster
LemonadeKing · 19/08/2020 21:00

No we aren't selling anything and notice isn't an issue. We don't have to move on the same day either.

OP posts:
changemynamefornow · 19/08/2020 21:02

Read a horror story on here from a couple who did this a few days ago. All packed up, stuff in removals van, buyers mortgage had a last minute query so it all got delayed

notheragain4 · 19/08/2020 21:33

What do you mean delays with help to buy?

FluffyBunnyTails · 19/08/2020 21:44

We have recently bought a new home using help to buy and had to exchange and complete on the same day. The developer wanted us to exchange first so they could then do the snagging etc before completion but after exchange but agreed to do it before exchange and completion.

We asked the solicitor what issues doing it simultaneously could cause and weren't told of any.

ODFOx · 19/08/2020 22:31

Solicitors are recommending it at the moment wherever possible in case of Covid delays between the two. We sold a flat recently and did both on same day but we weren't having to
Move out so I guess the worry was minimised on that front. If you are buying only I'd go for it OP.

justpoppy · 20/08/2020 06:03

We’ve just exchanged on our purchase (no sale as I’m keeping my house). Due to complete next Friday and move in the following day. Having read the thread about the poor mumsnetters purchase fell through on the day of exchange and completion I’d never do it. I believe early on in lockdown the law society we’re encouraging simultaneous exchange/completion in case someone got Covid during the waiting period after exchange. I don’t think that’s the case now. Certainly wasn’t according to our solicitor.

Bells3032 · 20/08/2020 09:21

@justpoppy yeah they were worried about lockdown and people getting ill causing issues, i think now unless it's a long chain they are recommending a covid clause that it can be delayed by mutual agreement.

BernadetteRostankowskiWolowitz · 20/08/2020 09:24

If I was in no rush to move in, as in FTB moving from parental home or similar, it wouldn't bother me.

I'd never agree to it as someone within a chain though.

cookiesaurus · 20/08/2020 09:43

We did a simultaneous exchange/completion at the beginning of May. Our buyers were being absolute tits and insisting that we move on the date we agreed to originally way back in January before the global pandemic hit! They basically said that they would pull out if we didn't move by their specified date in May.

The house that we purchased was empty (since February) and I pushed everything back on to the EA as they were pressuring us to make the date. We had issues with removals etc but by pushing back to the EA they sourced three firms who were still working with SD measures in place.

Everything went well and we were in our new home by 1pm having vacated our old property that morning. Our removals company were awesome even though they weren't covered by the BAR.

It worked for us at a time that requires extraordinary measures. Is it ideal? Certainly not, it leaves far too many unknowns. I was quite anxious that our buyers would lower their offer the day before/morning of the sale as we had this on a previous sale where the offer was dropped by 50K the day before exchange! However, it all went smoothly. It is a risk but if you aren't selling then you're less exposed imo.

Good luck

Original poster
LemonadeKing · 21/08/2020 13:36

In terms of delays with help to buy I mean that each stage of the process has ridiculous waiting times (up to 17 working days in some cases for stage one). I think we've decided to go ahead so fingers crossed it all works! Thanks for all the advice.

OP posts:
notheragain4 · 21/08/2020 14:26

The only reason we aren't doing it is because I refuse to pay the additional £150 fee haha.

bouncydog · 21/08/2020 20:19

We don’t live in UK so maybe our rules are a bit different. However a friends daughter was advised to do this. Result was a devastated young couple, who had spent on surveys etc who were gazumped on the day of the simultaneous exchange. Had they been allowed to pay their deposit and sign contracts prior to completion they would have been entitled to compensation equal to their deposit plus the deposit returned. I think this is a disgusting practice as the seller can walk away at the last minute without penalty.

ShyTown · 21/08/2020 20:27

We did it but we were selling an empty house (had been rented but tenants already moved out) to cash buyers who were in rented and had some time left on their lease. Worked fine in our case. If you’re not selling anything, buying a new build and you won’t be in a mess if something happens on the day that causes delays then it sounds like it might work well for you too.

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