Exchange and complete same day

[Yesterman1]

Help! Our solicitors have indicated we're completing tomorrow but we still haven't exchanged. When we call they just say that we're 'still on track for tomorrow' but we've had to hire a van to move our stuff and book in a shopping delivery for the evening.

I never realised how precarious an exchange and complete in the same day must feel - has this ever happened to anyone where its fallen through on the day? Is this common?

What if we're packing up the van tomorrow and they call to say it's off? Does this happen?

Feeling very unsure right now!

Bump

I think it’s quite common to be honest. Stressful but not unusual.

Very common to do both in the same day, especially now.
Is there some reason you think it won't go ahead?
Personally I always prefer E&C on the same day.

I think in all of our house moves we have exchanged and completed on the same day.

Are you in a chain? Have you spoken to your sellers / buyers (or agents) to check everyone else thinks tomorrow is the day?

It feels quite last minute if the afternoon before you're still not sure.

in normal times it should never be done. Covid has made it a thing but it is still immensely difficult. Post redirect, insurance, removals, broadband/phone will be either difficult or impossible to do in time.

your solicitor works for you and needs to tell you what is going on. Get on the phone and demand some information.

I wouldn't do it if I were you. There was a thread on here a few months ago, where somebody had organised a removal firm, everything packed up, vans loaded, and at the last minute the whole thing was pulled.

I exchanged a week before completing.

Thank you all, I'm fretting here but good to hear it's not totally unheard of.

Solicitors set the date of the 5th Feb last week so it's the date everyone has been working towards but it just seems so crazy that even the day before we can't just exchange so at least tomorrow is 'safe'.

All that stuff like broadband and post redirect simply won't be done, it just seems too unstable to do it now.

Buyers solicitors have been absolutely impossible and uncontactable throughout the whole process, think that's why I really feel it may not happen tomorrow.

So stressful!

www.mumsnet.com/Talk/property/3986419-fallen-through-on-completion-day?msgid=98871229#98871229

Here's that thread btw... not to alarm you, but after reading this, I'd never go down that route. No matter how much it is being pushed during covid

Despite the posts above it really is not very common for exchange and completion to take place on the same day.

The only circumstances where it should be contemplated is when the buyer has no related sale and the property being purchased is already vacant. In all other instances it should be avoided where possible.

You’re right to be cautious OP. Anything could happen but hopefully it won’t and you’ll be happily enjoying your new home tomorrow evening.

I’m curious to know why @Sporranrummager
prefers both on the same day. Like the OP, I would always want a gap.

Good luck!

Personally I always prefer E&C on the same day

May I ask why?

If you are selling and buying it just makes the whole thing even more stressful.

This is why I’m currently in a smelly air bnb until tomorrow when we finally complete.

Were told last Wednesday for completion. Had to book and pay for removals/time off work/swap Internet etc.

Bottom of chain solicitor utterly awful and held everything up. Still hadn’t exchanged as last of stuff loaded onto van. Ended up in storage and us in air bnb, where we finally exchanged 48 hrs later for completion a week after that.

Very expensive nightmare that could all have been avoided. Hopefully tomorrow will make it all worth it.

Our solicitors gave a choice of

1. Exchange in advance, complete later >> but if you can't move due to covid and let the chain down, everyone claims their costs off you
2. Exchange in advance, complete later, but have Covid clauses >> if you can't move due to Covid, you're stuck with sunk removal costs, but rest of chain can't claim against you (in theory, not really tested in courts)
3. Exchange and complete same day >> if falls through on the day, you're stuck with sunk removal costs.

Least with 1) and 2) you have a fixed date to aim for.

We exchanged and completed on the same day back in November and it was absolutely fine. With covid it was actually a relief because there were no implications (apart from a delay) if someone had to self isolate at the last minute. We were in our new house by 1pm. However, it was a Monday so possibly quieter from a financial/legal point of view, and the chain was small (first time buyers - us - new build PX).

We exchanged and completed on the same day- our entire lives were packed on to the vans before we'd even exchanged! It was really stressful but ultimately worked out fine. Fingers crossed for you!

My sister sold her (empty ) house last week. Exchange was on Thursday and completion the following day.

We sold our house last month - we had already moved out but had left large items of furniture in to ‘stage’ the house. Exchange was on 22nd December and completion on Friday 15th January as per the buyer’s wishes. Lo and behold, we caught the Coronavirus (spouse also had kidney stones and caught the Coronavirus whilst in hospital). Our 10 day isolation was to end at midnight on 13th January but we now live 3 hours away! We were still weak and exhausted from the Coronavirus and I think my spouse actually now has Long Covid.

Our Estate agent was a gem; we hired a storage unit at LoknStore and the estate agent’s brother (a man with a van) went to the house, removed the furniture and took it to the storage facility which for the first two months is 14 pounds per week. We will hire a van sometime soon to retrieve our items.

It just goes to show how illness (especially now with the Covid) how plans can change unexpectedly and suddenly.

It can be fine, but there are numerous reports of nightmares.

The fact is, there is more risk with doing both on the same day. Until you have exchanged, you can’t be sure it will happen. Very very frequently, planned exchange doesn’t happen on the day it wa S planned for and sometimes the who,e sale falls through. If that happens after you’ve packed your van and the next people are waiting outside to move in, you really are screwed.

Essentially, if you have a choice, avoid it.

@LividLoving

This is why I’m currently in a smelly air bnb until tomorrow when we finally complete.

Were told last Wednesday for completion. Had to book and pay for removals/time off work/swap Internet etc.

Bottom of chain solicitor utterly awful and held everything up. Still hadn’t exchanged as last of stuff loaded onto van. Ended up in storage and us in air bnb, where we finally exchanged 48 hrs later for completion a week after that.

Very expensive nightmare that could all have been avoided. Hopefully tomorrow will make it all worth it.

As if moving isn't stressful enough without having to deal with this nonsense. You have my sympathy!

I did...no issues whatsoever!

I didn't expect my comment to cause so many questions 🙊
It is my preference because it removes any doubts about whether the mortgage money is going to turn up, it's all ordered and in the bank before you exchange.
It can't be ordered a week in advance so there's always the worry that the lender will change their criteria or something will delay it but the buyer is liable for everyone else's costs if they've exchanged but can't complete.
Rare, but does happen, especially now.

It's very stressful for everyone concerned..................!!

Thank you all for comments and thoughts, it is clearly a really tricky place to be in and involved a lot of crossed fingers that it won't go pear shaped...

We have been sort of forced into it by the solicitors, our opinion never mattered to them. Hopefully tomorrow will go smoothly for us. 🤞