Is exchange and completion on the same day normal now?

[Bakingdiva]

We're nearly at the point of exchange and today our solicitor (who finally answered the bloody phone) sprung on us that because of Covid it's apparently 'the norm' now to exchange and complete on the same day.

I can't think of anything more stressful. Is this anyone else's experience?

Not the norm, but not that unusual. I wouldn't want it for same reason - stress! (I did exch/complete on same day when I bought my first place but that was an empty ex-rental and i had a rolling flatshare contract)

Unless both of you are chain free it just makes life stressful. You don't have to agree! Say you want a 2 week break in between to sort of movers etc

It’s not the norm as such but more common now. Give your solicitor a break, conveyances are so stacked out at the moment it’s unbelievable!

No it's not normal. Tell them no and you understand the risk and let them sort out the chain.

We did it (moved during covid). I honestly think I’m still jangling with the stress of it 6 months later 🤣.

Though it did put other moving stresses into perspective and squash any new house doubts because there’s no way I’m moving again unless it falls round my ears!

Our buyer's solicitor tried this, the week before exchange, and were telling her that she wasn't allowed to have a gap between exchange and completion. We pushed back as our seller absolutely needed a gap to finalise some arrangements. I understand why they were doing this a year ago but no need anymore!

Our solicitor tried this. Pre covid. We wanted a week between as we needed to book leave/removals.

In the end the exchange date came and went due to a monumental fuck up on our sols part. We ended up exchanging on the Wednesday and completing on the Thursday.

Hated it.

Thanks everyone. Our buyers solicitor is fine with a gap between the two. Our sellers are moving to rented so no issues there. We've pushed back as we really don't think it's necessary

When we moved in 2016 this happened to us, it was the most stressful day ever as we had our removals van full and our house empty and stilll didn't know if it would go ahead!!! Unnecessary nonsense from our buyers solicitor!! I said never again but have sold and offer accepted on new house, hopefully moving in July

I've done it, but only when we were FTB and we were buying somewhere that didn't have a chain. This time we have a week, but seller wanted 2.

Totally understand how it'd be better from a legal standpoint. Imagine a child being sent home to self isolate the day before a move, but after exchange so it's legally binding. That could end up costing you £000's as you'd be liable for the whole chain's costs eg removals deposits, extra month of rent... Our solicitor refused us a Covid clause saying it wasn't worth the paper it was written on and tried to suggest same day exchange and completion. In the end we moved in school holidays and self isolated for 10 days before moving house to eliminate the risk of anyone needing to quarantine on moving day. I can't believe that 14 months in there's not a better mechanism to deal with this.

One risk is removal costs / deposit.

Ours were so busy they wouldn't accept bookings from people unless they had exchanged.

I've done it once. Never again! COVID or not. Just not happening.

Ou solicitor wanted us to do this. We refused as there was too much to do between exchange and completion that we couldn't do if they were on the same day (hand in notice for our jobs and booking removals).

Our solicitor was very cross and almost dumped us as clients! In the end we signed a waiver.

Exchange was delayed several times, so it would have caused chaos. Having said that, my 5 year old had to self isolate two days after we exchanged. Luckily we had been staying with family so he just self isolated there and me and dh got on with moving!

Now we're buying, I am easy either way as we're not moving in immediately. And if we do same day I will be understanding if anyone has to self isolate.

@Bakingdiva That wasn't a valid excuse for the same day exchange and completion.

The main reason is that someone in the chain doesn't have the money for the exchange. So doing them on the same day means that the mortgage provider will pay for the house on that day.

I have read some recent articles about mortgage providers pulling out between exchange and completion because of people's change in circumstances - losing jobs due to COVID etc. We've offered to sign something to say that even if our mortgage company pull out we have the cash to cover the mortgage (don't want to use it because our investment return is higher than the mortgage rate) so there is little risk on our end.

We're happy to have a short(ish) time between exchange and completion but not the same day.