Solicitor insisting on 10 days between exchange and completion

[Jazzyjulia]

As above including the weekend.
We are supposed to be completing next Friday (26th), and the vendors chain ‘isn’t quite’ ready, therefore vendor has assured us he will go into rented to make this happen.
However he wants until the end of the week to be sure that he needs to break the chain. But our solicitor is insisting we must exchange tomorrow (Wednesday) at the latest to ensure there is enough time.
Is this ridiculous or reasonable? Estate agent seems to think it’s ridiculous and they often deal with sales with 3 days between exchange and completion,but then they have done nothing but feed me utter BS for the past 6 months so don’t know whether to believe them!

You can exchange and complete on the same day. An awful lot do.
So I have no idea why the solicitor is talking such nonsense

Is he off on holiday or something ?

Oh really? She works 3 days a week but has cover on other days, so I just don’t get it!

Mortgage company requirements maybe? Who’s your lender OP?

You can exchange and complete on the same day.

I personally wouldn’t, but that’s me.

ask why.

i did both on the same day - was down to the wire, but worked out okay.

We’re with nationwide. Don’t think it’s them being awkward

@Octavia64- why??

I’ve always exchanged and completed on the same day and there’s never been an issue. Done it 4 or 5 times.

I would exchange and complete as close as possible together, given all this bullshit now about you having to insure the property from exchange, and complete even if it burns to the ground*.

*not a solicitor and may have misunderstood

Never believe estate agents

Halifax we have exchanged and completed on the same day multiple times. Solicitor just needs to request funds before hand.

You shouldn't have set a completion date before you exchange... Yes you can exchange and complete on the same day but the chain may not agree; you say someone has to go into rented? The aim is to get everyone to agree a date, not rush in and demand everyone suits you. I assume the reason is because the person has to find somewhere to move to and vacate to accommodate the rest of the chain completing on the 29th, which has somehow been mooted despite not exchanging yet?
Sounds like a mess tbh and considering you seem to know the situation of the chain I'd guess you heard this from an estate agent. Please don't listen to them, most of the time they cause far more issues by geeing everyone into a tiz because they want commission. Wait for your solicitor to advise.

We've never done anything other than exchange and complete on the same day, and we've moved house a good many times.
That said, the insistence on a ten day gap sounds like the kind of excessively delaying bollocks the firm appointed as executors of my ILs' wills would come up with. It's not particularly pertinent to your house purchase, of course, but it's not unheard of for solicitors to drag their feet.
And yeah, never believe estate agents.

If you need to book a removal firm I’d give yourself a few days - they can be booked up. Give yourself some breathing space

I like to have a break of several days between exchange and completion.

The real risk lies in the exchange because until that point the buyer or the seller can easily pull out (English system). By decoupling exchange and completion you can book removals and logistics, etc knowing the house will be yours on the certain date (completion).

Exchanging contracts ASAP is good, providing legal certainty and practical breathing space at this potentially stressful time. 10 days seems reasonable. The only downside I see is the insurance liability but get the insurance arranged from exchange date and it is sorted.

Ideally exchange on a Monday and complete on a Friday.

We've moved eight (iirc!) times and have never exchanged and completed on the same day. It's far better to have several days (preferably a week) between exchange and completion imo, giving plenty of time to organise removals etc. Ten days doesn't sound too ridiculous to me.

We exchanged and completed same day

It was a new build though so no chain

Lenders requirements?
Or there's a chain, and someone needs to book movers?

You can have simultaneous exchange and completion, or one shortly after the other. So there's no legal reason for the gap but often lots of practical ones

It's bonkers to have exchange and completion on the same day, or with a very short gap. Until exchange, the vendor has no obligation to sell to you, and everything you do for the move - booking a removals firm, making arrangements for pets, signing up for utilities - could cost you money if the vendor pulls out and you will have no recourse or right to compensation because they made no such commitment. If they won't sign a contract that commits them to moving out in 10 days, assume that means they may not intend to do so.

We did too but we were moving into an empty property so no chain, and it was very stressful with delays with the bank transferring money which led to delays getting the keys and sitting with the movers van outside our new house but unsure if/when we’d be able to go in.

I would not recommend it!

Ot course, but not everyone is buying with a plan to move in straight away or at all. Not everyone needs mortgage finance. And not everyone is in a chain or will mind particularly if the sale falls away.

That's why @Jazzyjulia needs to understand this isn't a legal question but a question of practicalities

It can’t be lender requirements then. Nationwide are really straightforward and quick.

Ask her OP.