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Time between exchange and completion or simultaneous?
13

StonySnowman · 21/11/2020 17:28

Quick straw poll...who is having (or has had) a gap between exchange and completion, and who is doing (or did) on the same day? Simultaneous really doesn't work for us, for a number of reasons, but I can see the risks at the moment and not sure what to do...

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HapHap · 21/11/2020 17:35

The usual is 1-2 weeks between completion but it depends on the circumstances.

I've had three purchases with simultaneous exchange and completion but none required a mortgage and the properties were empty.

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MoirasRoses · 21/11/2020 17:41

We are due to exchange on Monday, moving the following Monday. I think one or two weeks is fairly normal.

Our solicitor was very against same day exchange & completion .. which was a relief as we didn’t fancy it!

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StonySnowman · 21/11/2020 17:44

Thanks @HapHap. We want a week (I need to hand my notice in as we're moving a couple of hundred miles), and I don't want to hand it in then risk it falling through. Our solicitor is all but insisting on it (to start off with she threatened to dump us as clients, but now she will do what we want if we sign a disclaimer).

We are a chain of 3 and one mortgage involved (our buyers). We are in the middle and the only ones that absolutely have to physically do between two houses on the day. If either our buyer or seller has to self isolate, it can all still go ahead; we are the only ones really risking not being able to complete. For me, the risks of it falling through after I've handed in my notice (and therefore not being able to pay the mortgage) seem much higher. X

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HapHap · 21/11/2020 17:49

Your solicitor sounds very strange! They should advise, of course, but threatening to not continue with conveyance because you require a week between exchange and completion seems ridiculous.

House moves are still going ahead even in lockdown, I'd push to exchange ASAP so you have clarity to start booking removals, handing in notice, and set a completion date 1-2 weeks from exchange that suits you and the rest of the chain.

I believe there will need to be at least a week if there's a mortgage involved in the chain too, but I'm not certain!

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Frazzled13 · 21/11/2020 17:49

We did them on the same day for various reasons.
We were selling our flat to a first time buyer and our sellers were moving in with family so it was a two house chain. It was incredibly stressful (I was 36 weeks pregnant at the time which didn’t help). And the solicitors were useless.
I’d be very reluctant to do it again.

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optimisticpessimist01 · 21/11/2020 20:17

My mum is a solicitor and she always says to us (as we are currently looking for our first house) to insist on having some time between exchange and completion. Strange that your solicitors seem insistent on doing it all on the same day.

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smurfmonkey · 21/11/2020 22:43

We exchanged the day before we completed, at 4.50pm, it wasn't through choice but we were pushing to complete by a certain date due to various reasons on our side and our sellers side.

I wouldn't recommend it unless you're sure everything will go as planned. I had to provisionally book movers and could only let them know for definite once the exchange was confirmed at 4.50pm. It was extremely stressful!

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Lurchermom · 22/11/2020 04:45

We've had just under a week. Exchanged on Wednesday (or was it Thursday, the days are merging!) And we complete on Wednesday coming.

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catwithflowers · 22/11/2020 05:48

To those who did a simultaneous exchange and completion, how did you feel about committing to removals etc. We have booked our removal and have paid a small deposit but can change the date up to three working days beforehand and not lose any money. What if you had booked your removal then something went wrong last minute?

We are hoping for five days to a week between exchange and completion.

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joystir59 · 22/11/2020 05:58

We exchanged then had about two weeks until completion- we moved to a different part of the country so both had to give notice at work, so the space between was very important. The whole buying and selling process was enormously stressful anyway. Completion in a chain is stressful enough- you are moving and also waiting for those emails to ping through confirming that the money has changed hands so that you have legally a) sold your house and b) bought the new one. I think exchanging as well on the same day would be extremely stressful

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Maybenexttime08 · 22/11/2020 08:24

Can the solicitor call down the mortgage funds before exchange? Otherwise not sure how people manage exchange and completion so close?

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randomsabreuse · 22/11/2020 08:32

We've done simultaneous once (June) and couple of days once but both have been out of or into rental and already "empty" so no time pressure/notice to give...

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user1471538283 · 22/11/2020 09:02

We've always had 2 weeks but this time as our house is empty I want it all done the same day and soon!

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