Downsides to same day exchange/completion?

[Whoknewher]

The process has taken slightly longer than expected so I'm keen to exchange/complete as soon as possible.

It's been just over a week since my solicitor sent her enquiries so hopefully we'll hear back in the next week or so.

I was going to ask if we could exchange/complete on the same day but are there any cons that I need to consider?

For context, I'm a first time buyer, no chain and the property is vacant. I'm renting at the moment from a family member so won't need to give notice or move out straight away.

None for you - the main concern is for those selling too - I’d be worried about booking a removals firm as the sale may not go ahead.

I prefer a gap, I think it's ridiculous to do them on the same day. Use to be it was usually a month between, these days it tends to be a lot shorter. But a sale can fall through at any time until contracts are signed, so it's big gamble for those requiring removals or needing to pack stuff. It would be okay for you, maybe, but possibly lousy for those further up the chain.

The property may be vacant but is it still full of furniture?

If do the Sellers would probably prefer a gap between Exchange & Completion. So that they can book a removals firm after Exchange & pay a deposit knowing nothing should go wrong or get delayed last minute.

Edited as misunderstood situation.

It might be OK but as a PP says, if ‘vacant’ just mean not lived in, the cost of removals could be an issue for your seller.

Also, if you are not going to move in immediately, you will be paying the mortgage earlier so it will cost you money.

Don’t do it! Someone I know was going to exchange and complete on the same day, the day before their buyers pulled out!!

There aren’t really any downsides for you. But there are for the sellers.

My removal company wouldn't take my booking til we had exchanged. Moving house is stressful enough without exchanging and completing in the same day.

I've just done it. We were living with my parents so had already moved. The vendor was moving into her mums house she had inherited.

We actually exchanged and completed whilst we were on holiday in Turkey. We didn't move in until we got back 2 weeks later.

Never done it before, but in this case, it worked.

Did it on a probate property which was already empty so no problems.
If we were still living there then no, I would not do it and instead insist on a gap.

As a PP said, getting removals booked could be a nightmare as if it were to fall through they would still want paying (not relevant in OP's case I know).

I've done it twice. Short chains and was fine both times.

DS's mortgage company specified a minimum time between exchange & completion (I think it was 5 days, but I'm not sure).

Did exactly the same as the OP for my first home and had no problems.

Don't do it. I once did it (not my choice). My sale went through took the keys to the estate agent and was told my purchase didn't (because the solicitor had gone awol). I couldn't go back to my home, all my stuff was in a van and we ended up checking into a hotel (me and 2 under 5 dc). It was another 24 hours before it was sorted and we had no recourse because we had no contract.

I've always had 2 weeks before exchange and completion. I've moved from rented twice and it worked really well because I refused to give notice until I had exchanged. Very rarely things collapse after you exchange but you've got recourse then.

As long as you are secure where you are then it could work for you

It's pretty common for it to be the same day!

When we bought our house we did same day!

I was a conveyancing secretary for years tho and never had a same day issue so yes there is a risk of a breakdown but very unlikely!

I know it became common during COVID to avoid the risk of someone not being able to move because they tested positive but was it common before that?

I haven’t worked in conveyancing in 20 years and we never, ever did it then due to the issues mentioned previously but I accept my knowledge may be very out of date!

My friends buyer pulled out on day of exchange/completion

They had moved out../buyer saw the house empty snd decided to pull out

Did it recently with my Dad but he was buying a retirement flat which was empty and he had cash to buy. His sale was about a month later, but there was a gap between exchange and completion below that as his buyers had a chain below them. So it's doable but in specific circumstances

Did it recently with my Dad but he was buying a retirement flat which was empty and he had cash to buy. His sale was about a month later, but there was a gap between exchange and completion below that as his buyers had a chain below them. So it's doable but in specific circumstances

Really? I've bought three times over 20 years using a different conveyancer each time and all have refused to consider same day exchange/completion and insisted on at least a week?!

OP i did same day as a 1st time buyer. It was fine, but I didn't know any different at the time!

I don't think there are any downsides if the property is already vacant.

Honestly the very idea brings me out in an anxiety sweat. Why would anyone risk it? Why would any professional recommend this unless the parties already know and trust each other?
The buyer could be dumped by the seller for a better buyer, right when they had their hopes up. Or it could be an expensive nightmare for the seller who just has to go on the buyer’s word for it that they won’t drop out. There are much more secured standard arrangements available to both parties for a reason.

If I had a good choice of buyers and one was pushing for this huge ask, I would go with another buyer, because it’s that much of an unwanted risk for me. I would be suspicious why a few weeks would apparently make such a difference to a buyer. I don’t know how I would be able to genuinely verify the urgency to give me peace of mind that the sale would actually happen on the day.

My concern would be that the buyer is trying to maintain their choices unencumbered by any legal obligation. Maybe they like a different property more and they are trying to make that work, right up to the time they want to move. Buyer could have offers in with different estate agents, meaning that different sellers are spending time and money and stress firming up to be ready to move for them; and so on if up a chain, but in reality the buyer will only be buying one final choice nearer the time. Leaving sellers with literally nowhere to go, removal fees to pay for, accommodation to find at no notice, potentially a broken chain, and no recourse to the ‘buyer’ who wasn’t ever really a serious one.

Why?

No idea. To avoid the problems mentioned above? It was Santander - they did actually release the funds more quickly but those were their stated terms & conditions.

How did the buyer see the house empty? They wouldn’t have got the keys before Completion.