Why exchange and complete on the same day?
Discussion
Why would you ever exchange and complete on the same day?
It gives no surety to any party at all.
Is it just laziness from the solicitors? It feels that way to me.
You have your whole life in boxes and you have zero recourse if the buyer or seller has a change of mind. Zero. Absolute madness.
It gives no surety to any party at all.
Is it just laziness from the solicitors? It feels that way to me.
You have your whole life in boxes and you have zero recourse if the buyer or seller has a change of mind. Zero. Absolute madness.
lrdisco said:
Why would you ever exchange and complete on the same day?
It gives no surety to any party at all.
Is it just laziness from the solicitors? It feels that way to me.
You have your whole life in boxes and you have zero recourse if the buyer or seller has a change of mind. Zero. Absolute madness.
Not every sale is a standard sale. My ex is buying my half of our jointly owned house next week (supposedly). Because it’s a transfer, there is no traditional exchange and everything has to be done in one go.It gives no surety to any party at all.
Is it just laziness from the solicitors? It feels that way to me.
You have your whole life in boxes and you have zero recourse if the buyer or seller has a change of mind. Zero. Absolute madness.
It is a horrible format, as even four days ahead of the expected completion date, I have no idea whether it will actually go ahead or not, as I’m dealing with someone who has already missed her court-dictated deadline to have the funds ready and who is a serial liar. It’s not a format I’d recommend when there is an alternative…
lrdisco said:
Why would you ever exchange and complete on the same day?
It gives no surety to any party at all.
Is it just laziness from the solicitors? It feels that way to me.
You have your whole life in boxes and you have zero recourse if the buyer or seller has a change of mind. Zero. Absolute madness.
The other question is - why wouldn't you?It gives no surety to any party at all.
Is it just laziness from the solicitors? It feels that way to me.
You have your whole life in boxes and you have zero recourse if the buyer or seller has a change of mind. Zero. Absolute madness.
I've exchanged on a Monday and completed the next day before. I did it this way because that was what worked for me. If I hadn't managed to exchange on the Monday then I would have exchanged and completed on the Tuesday.
Assuming you get to exchange as quickly and efficiently as possible then why not complete straight away. If you've got no movers to arrange then what's the problem?
omniflow said:
The other question is - why wouldn't you?
I've exchanged on a Monday and completed the next day before. I did it this way because that was what worked for me. If I hadn't managed to exchange on the Monday then I would have exchanged and completed on the Tuesday.
Assuming you get to exchange as quickly and efficiently as possible then why not complete straight away. If you've got no movers to arrange then what's the problem?
Sorry but you don’t seem to have any understanding of the process. I've exchanged on a Monday and completed the next day before. I did it this way because that was what worked for me. If I hadn't managed to exchange on the Monday then I would have exchanged and completed on the Tuesday.
Assuming you get to exchange as quickly and efficiently as possible then why not complete straight away. If you've got no movers to arrange then what's the problem?
Without exchange of contracts then either side can just walk away with no explanation or recompense.
omniflow said:
The other question is - why wouldn't you?
I've exchanged on a Monday and completed the next day before. I did it this way because that was what worked for me. If I hadn't managed to exchange on the Monday then I would have exchanged and completed on the Tuesday.
Assuming you get to exchange as quickly and efficiently as possible then why not complete straight away. If you've got no movers to arrange then what's the problem?
When I bought my current place there was up to a 9 month gap between exchange and completion provided for in the contract. Vendors got more money the faster they moved out but, because the place had been taken off the market, they hadn't really been looking too hard for somewhere else.I've exchanged on a Monday and completed the next day before. I did it this way because that was what worked for me. If I hadn't managed to exchange on the Monday then I would have exchanged and completed on the Tuesday.
Assuming you get to exchange as quickly and efficiently as possible then why not complete straight away. If you've got no movers to arrange then what's the problem?
They obviously needed some time to get spooled up for moving, find somewhere to go to (they went into rented in the end until they found somewhere to buy), actually vacate etc - all stuff they wouldn't have wanted to do without the transaction locked in (which is what exchange does).
Every previous move we've arranged either a gap between exchange and completion or a license to occupy for a week or two in order to allow for the move to be properly organised. It is well worth doing if possible. Makes the whole moving process much less stressful.
Why not?? I did this when I bought a flat. It was empty as tenant had moved out and I paid money across to solicitor and everything happened on the same day.
No chain or mortgage and neither side tried any funny business with price at last minute so very simple.
Would do the same again. Obviously more complicated if there’s a mortgage or a chain involved.
No chain or mortgage and neither side tried any funny business with price at last minute so very simple.
Would do the same again. Obviously more complicated if there’s a mortgage or a chain involved.
Wife is currently selling her mother's house as she has power of attorney. Mum is in a home and may not live much longer.
If exchange of contracts happen, with completion set for a later date, and then Mum dies, that's the end of POA and it becomes a probate sale.
You can probably see that exchanging and completing on the same day would be a wise move here.
If exchange of contracts happen, with completion set for a later date, and then Mum dies, that's the end of POA and it becomes a probate sale.
You can probably see that exchanging and completing on the same day would be a wise move here.
lrdisco said:
omniflow said:
The other question is - why wouldn't you?
I've exchanged on a Monday and completed the next day before. I did it this way because that was what worked for me. If I hadn't managed to exchange on the Monday then I would have exchanged and completed on the Tuesday.
Assuming you get to exchange as quickly and efficiently as possible then why not complete straight away. If you've got no movers to arrange then what's the problem?
Sorry but you don t seem to have any understanding of the process. I've exchanged on a Monday and completed the next day before. I did it this way because that was what worked for me. If I hadn't managed to exchange on the Monday then I would have exchanged and completed on the Tuesday.
Assuming you get to exchange as quickly and efficiently as possible then why not complete straight away. If you've got no movers to arrange then what's the problem?
Without exchange of contracts then either side can just walk away with no explanation or recompense.
Exchange is what you're aiming for. Once you've exchanged, completion is 99.9% a formality.
Therefore, it's down to personal preference / circumstances how long you leave between exchange and completion.
You seem to be thinking that "someone" is delaying exchange unnecessarily, when in the vast majority of cases the delay between exchange and completion is the unnecessary bit.
omniflow said:
lrdisco said:
omniflow said:
The other question is - why wouldn't you?
I've exchanged on a Monday and completed the next day before. I did it this way because that was what worked for me. If I hadn't managed to exchange on the Monday then I would have exchanged and completed on the Tuesday.
Assuming you get to exchange as quickly and efficiently as possible then why not complete straight away. If you've got no movers to arrange then what's the problem?
Sorry but you don t seem to have any understanding of the process. I've exchanged on a Monday and completed the next day before. I did it this way because that was what worked for me. If I hadn't managed to exchange on the Monday then I would have exchanged and completed on the Tuesday.
Assuming you get to exchange as quickly and efficiently as possible then why not complete straight away. If you've got no movers to arrange then what's the problem?
Without exchange of contracts then either side can just walk away with no explanation or recompense.
Exchange is what you're aiming for. Once you've exchanged, completion is 99.9% a formality.
Therefore, it's down to personal preference / circumstances how long you leave between exchange and completion.
You seem to be thinking that "someone" is delaying exchange unnecessarily, when in the vast majority of cases the delay between exchange and completion is the unnecessary bit.
You seem to be ignoring that there are all sorts of buyers and sellers.
People who don't want to move in at once. People who live with mum and dad or rent so they can move at leisure. Developers. Investors. Etc etc.
Not everyone is 2 kids a dog and a 3 bed semi to move out of at noon and into at 3pm.
If simultaneous exchange and completion does not work for the buyer or seller then it does not happen.
We sold my deceased mother in laws flat last week. Exchange was on Wednesday completion was Friday. That is what the buyer wanted. All fine with us.
Getting to exchange is the " hard " bit ( only made hard by the legal profession ) completion can happen whenever. On a house is sold 2 years ago completion was 6 months as that is what suited me.
People who don't want to move in at once. People who live with mum and dad or rent so they can move at leisure. Developers. Investors. Etc etc.
Not everyone is 2 kids a dog and a 3 bed semi to move out of at noon and into at 3pm.
If simultaneous exchange and completion does not work for the buyer or seller then it does not happen.
We sold my deceased mother in laws flat last week. Exchange was on Wednesday completion was Friday. That is what the buyer wanted. All fine with us.
Getting to exchange is the " hard " bit ( only made hard by the legal profession ) completion can happen whenever. On a house is sold 2 years ago completion was 6 months as that is what suited me.
If you're just buying an empty house for cash, you don't need a delay between exchange and completion.
But if you're moving home, you can't commit to removals with no notice.
Until contracts are exchanged, the process can stop at any time. You might have agreed 'subject to contract' to buy a house, but it's not a done deal.
Buyer or seller can choose to back out.
Or be forced to back out.
So you really don't want to pack up all your possessions with only the best intentions of exchanging and completing tomorrow.
Some conveyancers seem to like to agree with everyone else in a chain when exchange will be, well in advance. It takes time to get several buyers/vendors and their mortgage lenders all on the same page.
It's hard enough to agree to buy a car on finance and drive it away the same day.
But if you're moving home, you can't commit to removals with no notice.
Until contracts are exchanged, the process can stop at any time. You might have agreed 'subject to contract' to buy a house, but it's not a done deal.
Buyer or seller can choose to back out.
Or be forced to back out.
So you really don't want to pack up all your possessions with only the best intentions of exchanging and completing tomorrow.
Some conveyancers seem to like to agree with everyone else in a chain when exchange will be, well in advance. It takes time to get several buyers/vendors and their mortgage lenders all on the same page.
It's hard enough to agree to buy a car on finance and drive it away the same day.
omniflow said:
I have a very good understanding of the process.
Exchange is what you're aiming for. Once you've exchanged, completion is 99.9% a formality.
Therefore, it's down to personal preference / circumstances how long you leave between exchange and completion.
You seem to be thinking that "someone" is delaying exchange unnecessarily, when in the vast majority of cases the delay between exchange and completion is the unnecessary bit.
You've had your house on the market for a year & finally got a buyer,although you had to drop the price. You agree E&C on the same day, pack everything up & book the removal van. On the day your buyer offers you £50k less, take it or leave it. What do you do?Exchange is what you're aiming for. Once you've exchanged, completion is 99.9% a formality.
Therefore, it's down to personal preference / circumstances how long you leave between exchange and completion.
You seem to be thinking that "someone" is delaying exchange unnecessarily, when in the vast majority of cases the delay between exchange and completion is the unnecessary bit.
That why it's a bad idea.
Mr Pointy said:
omniflow said:
I have a very good understanding of the process.
Exchange is what you're aiming for. Once you've exchanged, completion is 99.9% a formality.
Therefore, it's down to personal preference / circumstances how long you leave between exchange and completion.
You seem to be thinking that "someone" is delaying exchange unnecessarily, when in the vast majority of cases the delay between exchange and completion is the unnecessary bit.
You've had your house on the market for a year & finally got a buyer,although you had to drop the price. You agree E&C on the same day, pack everything up & book the removal van. On the day your buyer offers you £50k less, take it or leave it. What do you do?Exchange is what you're aiming for. Once you've exchanged, completion is 99.9% a formality.
Therefore, it's down to personal preference / circumstances how long you leave between exchange and completion.
You seem to be thinking that "someone" is delaying exchange unnecessarily, when in the vast majority of cases the delay between exchange and completion is the unnecessary bit.
That why it's a bad idea.
But generally your negotiating power is massively diminished if you are all packed up. And removal companies won’t book you in without a large non refundable deposit.
Jeremy-75qq8 said:
You seem to be ignoring that there are all sorts of buyers and sellers.
People who don't want to move in at once. People who live with mum and dad or rent so they can move at leisure. Developers. Investors. Etc etc.
Not everyone is 2 kids a dog and a 3 bed semi to move out of at noon and into at 3pm.
If simultaneous exchange and completion does not work for the buyer or seller then it does not happen.
We sold my deceased mother in laws flat last week. Exchange was on Wednesday completion was Friday. That is what the buyer wanted. All fine with us.
Getting to exchange is the " hard " bit ( only made hard by the legal profession ) completion can happen whenever. On a house is sold 2 years ago completion was 6 months as that is what suited me.
If you are referring to me no I’m not. I merely stated the physical logistics of moving were ignored. If there are none they can obviously be ignored. I’d say the vast majority of cases they can’t be.People who don't want to move in at once. People who live with mum and dad or rent so they can move at leisure. Developers. Investors. Etc etc.
Not everyone is 2 kids a dog and a 3 bed semi to move out of at noon and into at 3pm.
If simultaneous exchange and completion does not work for the buyer or seller then it does not happen.
We sold my deceased mother in laws flat last week. Exchange was on Wednesday completion was Friday. That is what the buyer wanted. All fine with us.
Getting to exchange is the " hard " bit ( only made hard by the legal profession ) completion can happen whenever. On a house is sold 2 years ago completion was 6 months as that is what suited me.
So the answer, is, if you are moving on the day of completioon, then yes, the buffer between exchange and completion is very useful, but if you are moving at your leisure, then that is why some people exchange and complete the same day - there is no remaining reason not to, plus the solicitors like it as they don't have to deal with interest rebates.
Thread answered ;-)
I bought recently and completed the day after exchange. It was going to be the same day but the EA with the keys wasn't available. Reason? cash buyer, vacant posession, no rush to sell current home. No reason to add a buffer at all.
Thread answered ;-)
I bought recently and completed the day after exchange. It was going to be the same day but the EA with the keys wasn't available. Reason? cash buyer, vacant posession, no rush to sell current home. No reason to add a buffer at all.
dave123456 said:
omniflow said:
lrdisco said:
omniflow said:
The other question is - why wouldn't you?
I've exchanged on a Monday and completed the next day before. I did it this way because that was what worked for me. If I hadn't managed to exchange on the Monday then I would have exchanged and completed on the Tuesday.
Assuming you get to exchange as quickly and efficiently as possible then why not complete straight away. If you've got no movers to arrange then what's the problem?
Sorry but you don t seem to have any understanding of the process. I've exchanged on a Monday and completed the next day before. I did it this way because that was what worked for me. If I hadn't managed to exchange on the Monday then I would have exchanged and completed on the Tuesday.
Assuming you get to exchange as quickly and efficiently as possible then why not complete straight away. If you've got no movers to arrange then what's the problem?
Without exchange of contracts then either side can just walk away with no explanation or recompense.
Exchange is what you're aiming for. Once you've exchanged, completion is 99.9% a formality.
Therefore, it's down to personal preference / circumstances how long you leave between exchange and completion.
You seem to be thinking that "someone" is delaying exchange unnecessarily, when in the vast majority of cases the delay between exchange and completion is the unnecessary bit.
I'm not ignoring anything Mr Pedantic. I have very clearly stated - "it's down to personal preference / circumstances how long you leave between exchange and completion".
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