Completion failure

[NIsense]

Hi.
I am in a 3 person chain midway. I'm heading towards exchange very soon I think. Now I'm doing my own head in thinking about completion problems and potential failure. Can anybody advise me how rare failing to complete is? I'm a born worrier so please forgive me for this query. I shouldn't have listened to Phil Spencer's blog!

I thought that simultaneous exchange and completion was the norm now (due to covid) ?
DD was supposed to exchange/complete this week, they had already had to extend their rental by two weeks and have to be out by the 16th, now the date has gone to next Tuesday She is a teacher so on Easter break, the top of the chain of 3 is an 85 year old downsizing from a massive house to a retirement flat and she has refused totally reasonable requests to expedite completion such as providing an indemnity on an outstanding search. DD’s vendors have 3 teens so obviously wanted to use the Easter break to move.

There should be legal penalties for not meeting an agreed date, oviously allowing for extreme circumstances.

We exchanged and completed on the same day. Quite stressful day first waiting buyers money to be released then exchange and finally completion at 16:50.

@turtlewurtle

We exchanged and completed on the same day. Quite stressful day first waiting buyers money to be released then exchange and finally completion at 16:50.

No intention of doing that but fair play to you. I think I would've had a meltdown in that situation.

I mean everyone has said that it's very very rare, so I certainly wouldn't pay out any money for storage "just in case", the likelihood is that completion will happen as planned, just like it does 99.9% of the time.

I shared my story really to show that should the worst happen, it is actually perfectly possible to organise storage and new removals within a few hours.

I certainly wouldn't ever expect or plan for this to happen.