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Original poster

Exchanging and completing on the same day

22 replies

Bringsexyback · 19/02/2022 12:42

Is there any reason why you wouldn’t do this I’m buying an empty property from a landlord so there’s no issues there side and I would really feel a lot more comfortable doing everything on the same day with no risk to basically losing my deposit if anything went pear-shaped.

Would there be any reason not to that I’m not aware of ?
Thank you

OP posts:
LIZS · 19/02/2022 12:44

Why would you lose a deposit?

CovidCorvid · 19/02/2022 12:49

I did this last time I sold a house. It was an empty house which had previously been my dad’s. I hadn’t realised it was a possibility but my solicitor said it was fine. Certainly no issues on my side.

Hairyfriend · 19/02/2022 12:50

We did this for a derelict, empty property. We did view the property on the day to find that a valuable fixture had be cut out off the wall, and tyres which were supposed to be removed- had been flung into the overgrown brambles!!!

Luckily, I'd photographed the fixture beforehand. It was sorted quickly when we threatened to pull out. Otherwise, it went fine and we had the keys at 1pm.

I'd just check on the day/night before that everything is there that you expect and anything you are expecting to be removed (furniture/rubbish etc) has gone.

Original poster
Bringsexyback · 19/02/2022 14:27

@LIZS

Why would you lose a deposit?
Apparently the mortgage offer can be withdrawn right up to the moment of completion
OP posts:
LIZS · 19/02/2022 14:30

Exchange surely?

Original poster
Bringsexyback · 19/02/2022 14:56

@LIZS

Exchange surely?
No actually says completion in the terms and conditions hence I was thinking more yes okay that’s fine but I want it to take place in moments after they transferred my money
OP posts:
Ilikewinter · 19/02/2022 15:04

The only risk i see in your situation is that the house sale could fall through right upto the day you plan to move. Are you moving in on completetion day - ie will you have a van full of your belongings waiting to get your keys to the new house?

Otherpeoplesteens · 19/02/2022 15:13

I did this buying a new build more than 20 years ago. No problems at all.

Original poster
Bringsexyback · 19/02/2022 15:16

@Ilikewinter

The only risk i see in your situation is that the house sale could fall through right upto the day you plan to move. Are you moving in on completetion day - ie will you have a van full of your belongings waiting to get your keys to the new house?
Hopefully not no, my lease runs out on 8th May and I’m hoping that we should have a four week overlap, six would be much better to paint the place get the flooring down and just make it a more civilised move than the last one.
OP posts:
Ilikewinter · 19/02/2022 16:04

Ah ok so you should have plenty of time should the date need to move for any reason .I think its much more of a risk if youre in a chain and it could all fall through when youve packed up the house and the removal men have arrived!

Original poster
Bringsexyback · 19/02/2022 16:15

I honestly can’t see any reason why the date with change. I just went into a cold sweat when I read that in the terms and conditions that literally you could’ve handed over 50 grand and then for any reason whatsoever, they don’t even have to tell you, the Mortgage offer could just disappear

OP posts:
BuanoKubiamVej · 19/02/2022 16:16

Normally the point of a waiting period between exchange and completion is that it takes time to organise a removals van and get everything sorted to move, and as contracts can experience unexpected delays, booking a removals van without a contractually agreed moving date is likely to lead to expensive cancellation fees if the date gets pushed on by a week to sort out various problems. If you don't need that time then there's no problem with exchanging and completing on the same day. It's usually only a sane thing to do when someone in rented accommodation (so doesn't need to move out instantly but can have an overlap for the remainder of their notice period) moves into somewhere empty. If it's not this circumstance then there's a risk of one party or another being left either homeless or accidentally owning (owing a mortgage worth of debt on) two properties at once (generally unaffordable for most people)

DameCelia · 19/02/2022 16:18

@LIZS
Mortgage offer can be withdrawn after exchange and before completion.

Fireleap · 19/02/2022 16:24

We have done this twice, both times the property was vacant. It was fine both times. The first time we were renting and moved in slowly over a few weeks after doing some work, the second time we agreed the date and booked everything around it.

Original poster
Bringsexyback · 19/02/2022 16:26

[quote DameCelia]@LIZS
Mortgage offer can be withdrawn after exchange and before completion.[/quote]
Can you imagine, i think id literally give up

OP posts:
FinallySomeNormality · 19/02/2022 16:35

Did this when I bought a new build a few houses ago. The house was obviously vacant (as new) and we had overlap with our rental so didn't need to be out on a specific date so we did it and it was all good.

DameCelia · 19/02/2022 19:58

@Bringsexyback
Try being a lawyer who has to juggle your clients' understanding of that risk with their insistence on having a gap.
Telling someone their mortgage has been pulled and they've lost their deposit is pretty horrific.

Original poster
Bringsexyback · 19/02/2022 20:01

@DameCelia - what would be the fastest you could complete after exchange …. Are we talking minutes or hours ?

OP posts:
Lostpainter · 19/02/2022 20:05

I’ve always done it, not because I’ve planned it that way but because something has always gone wrong. It’s absolutely fine if there’s no chain. The solicitor calls to exchange then sends the funds straight after. Last time I have authority to exchange around 10am then had an email to confirm exchange about 11am. Collected keys at 2pm after agent confirmed funds cleared.

I would advise you don’t exchange and complete on a Friday if possible as your solicitor will be less busy. We did a Tuesday.

alwayswrighty · 19/02/2022 20:19

I mean in 22 years of being a mortgage broker I've never seen a mortgage offer get withdrawn after exchange but it could happen. I'd expect it'd be more due to finding the client had obtained the offer fraudulently or similar.

Original poster
Bringsexyback · 19/02/2022 20:23

@alwayswrighty

I mean in 22 years of being a mortgage broker I've never seen a mortgage offer get withdrawn after exchange but it could happen. I'd expect it'd be more due to finding the client had obtained the offer fraudulently or similar.
Thats reassuring
OP posts:
BunsyGirl · 19/02/2022 21:22

I did it when I sold a buy to let to a cash purchaser.

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