Exchange & completion on the 30th June deadline

[Bobnstacysmum]

FTB. Looks like we may end up in a very tight spot and in worst case we may have to go for same day (30th June) exchange and completion. Our documentation process is completed, we both are ready to do exchange few days earlier with 30th June as completion date.

Considering worst case scenario of same day exchange & completion on 30th June, is there anything I should be aware of so that I can prepare myself?

I'm not concerned about moving as I've plenty of time for that. I'm also aware that monies should be sorted out before that day. I'm ready with money. I'm not sure if it will all be sorted out with mortgage lender or not?

I read somewhere about giving consent to solicitor just after exchange and before completion which has to be before 3 pm or something which I'll manage.

Anything else to be aware of?

Just check your solicitor has arranged for mortgage money to be transferred the day before so they have the money ready.

Considering worst case scenario ...
The worst case is that you don't complete before 1st July. Have you made it clear (to the seller and your solicitor) that your offer is subject to this, and that the offer after 30th is lower (by the amount of the SDLT now due).

You need vacant possession on completion - what are the sellers doing about removals? Is it booked?

@senua

You need vacant possession on completion - what are the sellers doing about removals? Is it booked?

Yes they will be out by then.

@senua

Considering worst case scenario ... The worst case is that you don't complete before 1st July. Have you made it clear (to the seller and your solicitor) that your offer is subject to this, and that the offer after 30th is lower (by the amount of the SDLT now due).

Didn't anticipate that so it was not in the offer.

@Subbaxeo

Just check your solicitor has arranged for mortgage money to be transferred the day before so they have the money ready.

Yes, this is the most concerning issue right now. My solicitor is aware of that.

How long does your mortgage company take to release funds?

A family member is in exact same boat, but mortgage company needs 7 days so they need to complete conveyencing to point of exchange this Wednesday

I’d check this : good luck, I moved for end March and that was stressful too. Hope you make it

I had exchanged two weeks previously and was due to complete June 11th chain of three, and the mortgage company at the bottom didn't release funds in time so it didn't happen until Monday the 14th, if I had been buying on this would have caused chaos as I was moving 70 miles, as it is I'm not just yet and had booked a hotel (while my house was still mine and empty)
If you are ready to exchange why not do so now? And get the solicitor to make sure the mortgage funds are released in good time.

How long does your mortgage company take to release funds?
A week.
I'm sending SOS to solicitor tomorrow.
I'm not sure what is the hold up? I've signed all documents, seller has done the same too.

@Livingintheclouds
If you are ready to exchange why not do so now? And get the solicitor to make sure the mortgage funds are released in good time.
Yes exactly I'm not sure what is the hold up. May be it all got mixed up in communication.