Simultaneous exchange and completion - booking removals
Primotomb · 26/10/2020 15:08
If I'm not going to get the usual 2 week gap between exchange and completion, when will I know it's "safe" to book the removals? All parties are working towards a 3rd December completion. We're expecting our report from the solicitor thus week and I think the rest if the chain is a little behind us. It's a short chain. Our sale isn't linked to our onward purchase and 3rd December is slap bang in the middle of DS mock exams so were planning on staying put for a week after exchange and moving on 10th. Do I just book removals for 10th and hope that "extra" week gives us enough of a safety net?
maxelly · 26/10/2020 16:10
I am confused by your question - simultaneous exchange and completion means you exchange and complete on the same day, so you vacate the property/hand over keys/move to new place on the same day you complete. You'd need to book your movers for the day you guess you will exchange if this is what you are doing - difficult/stressful and runs the risk you'll have to pay whatever cancellation fee your movers charge if it doesn't happen on the day you guessed, but that is how simultaneous exchange/completion works.
Or you can of course not complete on the same day you exchange and can stipulate a weeks gap or more - if you want 2 weeks ask for 2 weeks (far more normal than simultaneous exchange/complete, pre-Covid anyway) - if you've already purchased/have access to your new property and aren't dependent on the sale money to move in, then yes why not book the movers for the 10th on the assumption that is the earliest you will complete (and if you haven't completed by then you will move anyway to avoid having to cancel the movers?). But if your buyers are asking for a simultaneous exchange and complete on the 3rd, it will be no good telling them you have movers booked and will clear out on the 10th, as they will expecting to actual get the keys/vacant possession on the 3rd - you need to check this with your solicitor?
movingagain20 · 26/10/2020 16:20
You won't know it's safe, that's the risk of simultaneous exchange and completion, I know some solicitors are pushing it atm because of Covid but I wouldn't do it, we moved last month and had the usual gap, there was a thread not long ago where a woman was packed up in the van and it fell through. If you must m, you book the day, adjust where necessary as you get closer, and cross your fingers.
Primotomb · 26/10/2020 16:37
Thanks @maxelly. Sorry that wasn't clear. We haven't sold ours yet so no buyers waiting to get into our property. It's the new property that were waiting to exchange/complete on. We aren't dependent on the sale proceeds (mortgage free on current house, sizable cash savings, will pay off big chunk of new mortgage when we eventually sell current house and use balance for improvements on new house). We want to be settle in new house for Xmas.
chukwe · 26/10/2020 16:42
I hope you don't do simultaneous exchange and completion on the same day which I did few months ago.
The last 2 week was really stressful wondering what'll happen if it fails through. I couldn't sleep/ less sheep.
I hired a very big skip 2 weeks before and packed myself as I had a lot to throw away including beds, cabinet etc.
I booked a removal company for the day and all went well but it could've done wrong.
maxelly · 26/10/2020 16:44
Ah well in that case I would push for exchange on the 3rd and completion on the 10th then - if they are adamant they want it simultaneous then I guess the safest thing to do would be to wait until you've exchanged/completed and then book movers - depending on how much notice your company needs I would have thought if you exchange on the 3rd you could probably still move on or around the 10th. Or you could book for the 10th now and run the risk completion will be delayed, most movers will let you cancel up to 48 hours ish before and you will only lose your deposit so if solicitors are confident then probably not too much of a risk to book it?
anniegun · 26/10/2020 16:48
You should wait until completion before booking removers .Otherwise you will end up with a cancellation fee (or all your stuff stuck in a truck!). Targeting a date is fine but has anyone ever exchanged on the date they expected? There is almost always a last minute delay for some piece of paper.
anniegun · 26/10/2020 16:51
Sorry meant to say wait until exchange (although if its simultaneous then that would be completion as well)
Movinghouseatlast · 26/10/2020 17:05
I wasn't sure whether to post this.
I did this and it fell through seconds before exchange. The vendors quite simply changed their minds.
£7k down the drain, sitting crying surrounded by my life packed up in boxes.
It turned out to be the very best thing that could have happened for many reasons. However, I really really would advise against doing it.
Xmaspartyanimal · 26/10/2020 17:11
We had exchange and completion on same day. It was very exciting as buyers money wasn't released until the day. All our stuff was in removal van and we hadn't even exchanged. Exchange happened and completion at 16:45. Really tight but we managed.
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