Exchange and complete in the same week-bad idea?
Discussion
We had hoped to exchange contracts today and complete next Friday, but because of ridiculous errors by our solicitor we are now looking like it will be Monday or Tuesday before we have everything needed for them to exchange. We want them to then exchange Wednesday or Thursday and complete on Friday still. So does our buyer. I know that a gap between the two is normally advised so that you don’t pack everything up only to find exchange doesn’t happen but we are already packed to go and our buyer is sofa surfing desperate to move in.
So is our solicitor, telling us we need five days between exchanging completion, correct? Even our lender says same day is not a huge problem. Is our solicitor being overly cautious?
So is our solicitor, telling us we need five days between exchanging completion, correct? Even our lender says same day is not a huge problem. Is our solicitor being overly cautious?
We moved during the Lockdown in January 2021.
One solicitor in the chain demanded no more than one day between exchange and completion incase anyone got covid and was forced to self isolate.
It can be done. Everyone was primed, but it was the most stressful house move ever. As our furniture was going into store, our removal company came on the day of exchange. I was sitting in an almost empty house when we got the call to confirm we would be completing the next day.
Phew
One solicitor in the chain demanded no more than one day between exchange and completion incase anyone got covid and was forced to self isolate.
It can be done. Everyone was primed, but it was the most stressful house move ever. As our furniture was going into store, our removal company came on the day of exchange. I was sitting in an almost empty house when we got the call to confirm we would be completing the next day.
Phew
I think it's quite common to do it all on one day nowadays.
It does stretch the competence of many conveyancers though, it seems to take them all day to do a bank transfer, so there is a risk of completion not actually happening if the process only starts on Friday morning.
Even when I've not needed to physically move on completion day, I've been more comfortable having at least a clear day.
And given the choice I wouldn't complete on a Friday.
It does stretch the competence of many conveyancers though, it seems to take them all day to do a bank transfer, so there is a risk of completion not actually happening if the process only starts on Friday morning.
Even when I've not needed to physically move on completion day, I've been more comfortable having at least a clear day.
And given the choice I wouldn't complete on a Friday.
The last house I sold was on behalf of a relative using LPA so simultaneous exchange and completion.
Our last house I think was about a week in-between but afaik there is no min or max period as such.
But to echo the above I would never complete on a Friday especially if your Solicitor has already made errors !
Good luck with the move.
Our last house I think was about a week in-between but afaik there is no min or max period as such.
But to echo the above I would never complete on a Friday especially if your Solicitor has already made errors !
Good luck with the move.
OutInTheShed said:
I think it's quite common to do it all on one day nowadays.
It does stretch the competence of many conveyancers though, it seems to take them all day to do a bank transfer, so there is a risk of completion not actually happening if the process only starts on Friday morning.
Even when I've not needed to physically move on completion day, I've been more comfortable having at least a clear day.
And given the choice I wouldn't complete on a Friday.
Done it several times on same day. The issues seem to come if there is a chain and the lower levels aren’t on the ball making the money move first thing… delays everyone else higher up the chain, but they don’t really care as they got their transaction done. It does stretch the competence of many conveyancers though, it seems to take them all day to do a bank transfer, so there is a risk of completion not actually happening if the process only starts on Friday morning.
Even when I've not needed to physically move on completion day, I've been more comfortable having at least a clear day.
And given the choice I wouldn't complete on a Friday.
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