Exchange/completion on same day. How does it work?

[Badhabits5]

Hoping to exchange/complete on same day. I haven't asked my solicitor this yet though so I'll see what they come back with. Can't see why the vendor would be unhappy to do so as the property is vacant.

How does it work through? Will the lender release funds before contracts are signed? The bank needs at least 3 days notice.

The only scenario where simultaneous exchange/completion should be realistically considered is when the buyer has no related sale and the property being bought is vacant.

Where there is a chain of some description it is unnecessarily stressful.

I've done it every time I've bought and sold. I didn't want to, particularly, but it worked out that way. Twice it involved a chain of 5, as well.

Not fun, not ideal, but apparently v much the norm at the moment due to Covid.

I did it earlier this year, small chain. 100% advise, it gives buyer the greatest protection—you have no idea what could happen between the two, yet are still legally bound to buy it. See another thread on here with someone who lost her job between exchange and completion! It’s normal with many solicitors now, it’s unlikely to go wrong if everyone is on board

It's perfectly doable (obviously) but it's not for the faint hearted!

@HeddaGarbled

We had first time buyers at the bottom of our chain who tried to insist on that. They’d behaved badly all the way through the process and we were suspicious that they’d try to reduce their offer on the day while everyone had all their worldly goods packed in removal vans, so we refused and insisted on exchange two weeks in advance of completion. We just didn’t trust them not to pull some last minute stunt. It made everything much easier to arrange and was considerably less stressful.

We had a similar FTB further down our chain (the chain the HA said our buyer didn't have). It's a stupid way to do it, stressful, expensive and difficult when it comes to removals, and we simply refused to do it. I have no idea why some people think it's a good thing. For anyone buying and selling at the same time, it's risky, as the person insisting on it, usually but not always a FTB, who is too selfish to consider the rest of the chain, can pull out at the last minute. It does happen. Leaving everyone else packed up with removals booked. I think it should be a month, we had to settle for just over a week as Christmas was approaching and we'd had to book removals before that. Had it not been that I felt sorry for our buyers, I'd have told them to go and do one and looked for another buyer.

My dd did this 2 weeks ago. Contracts were signed the week before, funds were released on the Monday (ie she sent her solicitor her money and the mortgage stuff sorted out), but they couldn’t actually exchange and complete until Friday at 10am! They packed up on Thursday, and as soon as they got the go ahead on Friday carried on packing up. They hired vans for 3 days and moved themselves.
It was the most stressful thing they’ve ever done, and I wouldn’t recommend it! The conveyancing system in this country is shocking.

It's very much the way it's done in Scotland. I agree though, it's stupidly stressful, thinking any party can pull out at the last minute.

@BeautifulandWilfulandDeadThe issue is the removal co.

I had to book and pay a hefty deposit for our removal co and had there been any hitch in the day, legal, financial, practical etc, I would still have been liable for the removal costs.

Plus you set up a load of admin and utility bills for completion day. Buildings insurance being the most important. And you have given notice to terminate your contract from your old place.

Exchange and completion on the same day means you take a gamble in all these.