Buyer suggesting exchange and complete on the same day??

[BrightGoldenHazeintheMeadow]

We are selling a house to a first time buyer. We have nothing to sell. The buyer has suggested completing and exchanging on the same day in a couple of weeks - we had proposed exchanging next week. I didn't know this was possible. Instinctively it feels wrong but maybe that's because I've never come across it before. Has anyone ever done this? Thanks.

Our solicitor told us to expect this during Covid, it’s become the standard. I don’t know if that’s the case everywhere but it definitely seems to be here.

Yes, I have done this before, in the days of 100% mortgages. It made me nervous, but didn’t phase my solicitor and was completely fine in practice.

I've done it too. Had no problems.

I've always done this, thought of it as normal.

Yep. I bought a house, exchanged and completed on the same day within four weeks of having the offer accepted two and a half years ago.

DS did it two years sgo, but he was a FTB and buying an empty property. Nothing to move in or out.

Hmm, unless it's really necessary it's very stressful for everyone as you need to assume it's going ahead without any confirmation that it is.

It was a bit more of a "thing" during the height of Covid last year but I thought people had scrolled back on it.

If you can exchange next week, much better to do so.

Just a quick point - make sure you can book removal people before you agree to a completion date and exchange!

Didn't do it on the same day but we only had a 2 day gap when we sold DMs house. When I expressed shock at the suddenness of it (we only had a few day's notice) the solicitor said it wasn't unusual to do both on the same day. Again there were no other parties involved - probate sale and cash buyer

What I don't understand about this, is what happens if you have a van(s) full of furniture and then, for whatever reason, the buyer pulls out or Exchange / Completion are delayed.

Last time I moved, the packers came the day before completion and my Van left at 11am.

I would be climbing stress mountain if all that happened when I hadn’t even exchanged.

@inmylifeIlovedthemall

What I don't understand about this, is what happens if you have a van(s) full of furniture and then, for whatever reason, the buyer pulls out or Exchange / Completion are delayed.

Last time I moved, the packers came the day before completion and my Van left at 11am.

I would be climbing stress mountain if all that happened when I hadn’t even exchanged.

What do you think happens?

It's not that unusual but could be stressful if you have to move out that day as well.

I’ve did it once. Just 2 in the chain with no furniture etc to move.

We have moved 4 times over 40 years and on only we've had exchange and complete same day x1, exchange then complete next day x 2. The only time we had longer was a part exchange on a new build.

The "best" one was our first house. Exchange Wednesday, complete Thursday, Friday was Good Friday and we married on the Saturday.

There’s a Solomon Grundy or Craig David joke here somewhere

Thanks everyone. I just wonder why they are doing this. Awaiting a response from them about this.

@Cs80

There’s a Solomon Grundy or Craig David joke here somewhere

@countrygirl99

The "best" one was our first house. Exchange Wednesday, complete Thursday, Friday was Good Friday and we married on the Saturday.

That was an eventful week

Why is it more of a thing during Covid?

It’s a bizarre request in some ways as if the conveyancing is done why not just exchange? I can’t think what might be the very last minute item that allows exchange on the day of completion but not the afternoon before IYSWIM?

I did this but was renting so didn't actually have to move on that day . I think if you are physically moving I'd want a week at least

My brother has just done this. Their buyers had a mortgage offer that ran out end May and if they'd reapplied then they'd probably all have lost the stamp-duty holiday. His solicitor said only a couple more searches to come back for his 'new' property but no reason why they couldn't exchange and complete on the same day, 28th May. He booked removers etc and just prayed! It all happened but I think he's probably in line for an ulcer tbh, he was very stressed about it all.

We did it during the first lockdown. It was just in case anyone had to self-isolate after exchanging and couldn't complete.

It's a totally crazy thing to do if you're in any sort of chain.

If you're not selling anywhere and buying an empty property then it works, but otherwise it creates far too much unnecessary stress.

It was briefly 'a thing' in the middle of last year, where there was concern about completions failing if one of the parties involved contracted Covid inbetween exchange and completion, but now it is once again more normal to have at least a week or two gap.

To be avoided if possible!

I'd always do this if at all possible, so I know the mortgage money is in the solicitor's bank account before I'm committed to buying. So simultaneous or two days in between.
(I am a property solicitor btw)