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Original poster

Exchange and complete same day - insanity?!

39 replies

isthesolution · 30/09/2024 13:53

We are (hopefully!) very close to moving. It's been a long process - the chain goes our buyer (nothing to sell, no finance) - us - house we are buying - house they are buying (empty)

I've asked for exchange on our sale 2 weeks before completion but a lot of research I've done says people exchange and complete on the same day?! The thought of that terrifies me - what if someone pulls out, on the day, when everything is packed and ready to move?!

The purchase bit doesn't bother me so much - if that all fell through you could air BnB / rent / stay with family. But the sale part - selling my furniture (downsizing), paying removal people, dismantling everything, packing boxes etc - how do people get past the fear of something going wrong if they do that before exchange?! I just feel so so nervous!

OP posts:
Peonies12 · 30/09/2024 13:58

I’ve never known anyone exchange and complete on same day. We had a month gap which was ideal but I know 2 weeks is normal.

HateThese4Leggedbeasts · 30/09/2024 13:59

I think 2 weeks gap is standard. Maybe same day completion is when there is only 1 purchase and the property is empty.

fairlygoodmother · 30/09/2024 14:03

Same day completion is for when either one or both sets of solicitors forget to process essential items, or either the buyer or seller is very awkward and things don’t get resolved until the last minute.

yes it is very scary and stressful.

Livedandlearned · 30/09/2024 14:06

We exchanged and completed on the same day. It's not that rare, several people I know have done the same in a chain.

OneToThree · 30/09/2024 14:06

My friend exchanged and completed on the same day last week, not sure why but it was definitely scary for her too.

Bear2014 · 30/09/2024 14:10

We exchanged and completed on the same day when we moved 8 years ago. It was quite hellish, some people in the chain were causing delays and a couple of the solicitors were useless. The person at the top of the chain was moving overseas and that was their hard line completion date so what ended up happening was a massive scramble to facilitate this. We had the moving company pack up our flat into boxes the day before and on the morning of our move day we took our DD to nursery not having exchanged yet. We thankfully exchanged mid morning, loaded up the van and left the flat. There were still people moving stuff out of our new house at 8pm and they didn't have time to clean it at all which was not ideal waiting with a toddler. Would not recommend!

When we moved again last year we had about a fortnight between.

KeepinOn · 30/09/2024 14:13

Moving is hellish enough, I wouldn't ever want to voluntarily add to my stress by exchanging and completing on the same day.

midgetastic · 30/09/2024 14:18

Exchange and complete on same day is a thing you do when forced by circs - it's not something you chose to do

PinkArt · 30/09/2024 14:18

I did but it was a chain free sale - I was a first time buyer and the vendor had been renting it for a while (vacant when it went onto the market) so didn't need to move out. It worked well for us as it meant we could complete just before Christmas, which was a win on both sides, it I imagine it's a lot more hairy with a chain involved.

Mildura · 30/09/2024 14:21

Livedandlearned · 30/09/2024 14:06

We exchanged and completed on the same day. It's not that rare, several people I know have done the same in a chain.

It's quite rare.

I've worked in the property industry for around 30 years and have had probably about a dozen occasions where simultaneous exchange/completion took place.

Almost always when there was no chain either side.

Twiglets1 · 30/09/2024 14:21

midgetastic · 30/09/2024 14:18

Exchange and complete on same day is a thing you do when forced by circs - it's not something you chose to do

This.

Don't do it unless you absolutely have to for some reason @isthesolution

Original poster
isthesolution · 30/09/2024 14:29

Ok thank you everyone! That's made me feel a lot better!

I just can't get my head round the worry of it falling through. At least if we exchange two weeks before completion it gives us time to box up and make preparations! I feel like the whole process is so stressful. It's a week since we proposed a date and still don't have an answer - everything is just so slow!

OP posts:
Scampuss · 30/09/2024 14:40

I've done it twice, small chains, was fine.

updownleftrightstart · 30/09/2024 14:54

We've exchanged and completed on the same day twice. Genuinely didn't even realise it wasn't the norm to do this

Twiglets1 · 30/09/2024 15:02

We did it once when we were FTBs (can't remember why now) but I wouldn't do it again as would be too stressful worrying about everything now I've got a lot of possessions to be moved plus a dog.

So much easier to have a couple of weeks notice to organise removals and know for sure that you are moving on that day than to fear something going wrong at the last minute.

EntirelyMadeofBosoms · 30/09/2024 16:07

I've done it twice and don't recommend it to anyone. It's monumentally stressful to be moving house anyway, and this adds another enormous worry as you've identified. As another poster has said, this is often when solicitors haven't completed something on time. In your case I don't think anyone would object to your refusal to exchange and complete on the same day - one week is a very common timeframe.

NotMyFIrstTIme · 30/09/2024 17:13

I've done it twice, 6 months apart, but only under specific circumstances.
i.e. buying a house whose seller had already bought a new place & had moved in to that, and we weren't putting ours on the market for a few months.
Then when we came to sell our old house, there was no purchase dependent on it, and the buyers were first time buyers.

I wouldn't do it if there was ANY buying/selling chain involved.

Tupster · 30/09/2024 18:25

No way would I do it, for all the reasons you've stated. The stress of having to manage a move is quite enough without having to get to the point of booking removals vans etc for something that might not happen.

Yuckyyuckyuckity · 30/09/2024 18:31

We did same day when we were FTB and the seller had already moved out of the house we were buying. At the time I thought that was standard practice!

For our current home I think it was a week between the two.

LadyFlumpalot · 30/09/2024 18:35

It was a thing during Covid and was something to do with making sure no one came down with it between exchange and completion - as then they'd have had to isolate and it would have thrown the whole chain out/caused a massive legal headache.

Doesn't sound fun though! There was a week between them when I bought and that was barely enough time.

soberfabulous · 30/09/2024 18:37

I've bought and sold properties 3 times and always exchanged and moved on the same day with no issues. I had no idea this wasn't the norm!

Ilovegoldies · 30/09/2024 18:39

PinkArt · 30/09/2024 14:18

I did but it was a chain free sale - I was a first time buyer and the vendor had been renting it for a while (vacant when it went onto the market) so didn't need to move out. It worked well for us as it meant we could complete just before Christmas, which was a win on both sides, it I imagine it's a lot more hairy with a chain involved.

I did the same. Ex rental property. It made total sense in these circumstances..

RinklyRomaine · 30/09/2024 18:41

Our buyer tried to force this a few weeks ago. After months of messing around and mistrust us about searches etc, we refused point blank. They wanted to simultaneously exchange and complete on a Friday and were quite insistent in the exact same chain circs as you. We were moving to an empty property and they were buy to let buyers, but no way I was risking it with small children and flaky buyers. We agreed to exchange Monday and complete Friday which was fine. Didn't need a month or anything near, just time to book a lorry and ensure nothing could collapse. I'd avoid like the plague personally.

Ilovemyshed · 30/09/2024 18:43

As you are in a chain, absolutely not. How do you do all the admin and confirm removals?!

LaPalmaLlama · 30/09/2024 19:01

I’ve done it once when I was moving into rented and our buyers were FTB but it was still stressful as means they can literally pull out when you’ve already committed to moving. I’d say 2 weeks is ideal.