[Closed] House move - exchange & complete same day?

We did, it was okay moving house is stressful and I suffer from stress anyway and we were first time buyers, so whatever the circumstances, we were always going to be better off moving.

Although, that was during 'normal times'. I'd have to consider:

Are you using movers? If you book them and then you can't move, are you going to be a grand out of pocket.

How have negotiations been up to now, where do the buyers fall on the 'sharp' v 'desperate' scale? There's no doubting that if you agreed a price 2 months ago, it's probably more than it's worth today, but maybe not in 3 months time. Are they desperate to move before their mortgage co pulls their offer, because they're pouring dead money into rent?

How desperate are you to move? Are you trading up? If they act the arse and suddenly want £5k off on moving day can you actually do it? I think you'd need to have £5k in 'cash' just to do it at that late stage. I'd guess if they do that, and you say 'no' they'd be in just a bad spot as you.

Yes it could be risky, and it will add stress to an already stressful experience, but we managed it. We were in your buyers position when we did it, renting a flat and moving into a house that the sellers had already moved out of. We packed our stuff into the back of a van waiting on the basis that we were expecting to exchange and complete around lunchtime.
We got the call to say we'd exchanged, locked the flat, dropped the keys at the letting agents, and headed off on the 5 mile drive to the new house. We had the call on the way to say we'd completed, so stopped off at the estate agent to pick up the keys to the house. Less than an hour from start to finish. Couldn't have gone any better.

I'm not sure I'd want to do it again, but we'd reached the last day of our rental agreement so it was a necessity.

I did it when we were first time buyers, the people selling were chain free too (empty house from an older relative) so it just sped the process up. I would be worried about doing this if you're in a chain though - the deposit can be whatever you ask for - if they don't have 10% then just ask for a 5% deposit instead.

I wouldn’t worry about it too much at the moment, its pretty much the way all the transactions have been happening as its the advice solicitors have been given from the law society. This may start to change now things are easing a bit.

Leaves you open to a lot of risk of it falling apart - i know a few who have moved under lockdown and all have done it this way, only one fell apart, the buyer pulled out at 10am on moving day, it was no onward sale though.

It removes other risks though especially if a chain is involved, what happens if you exchange, then before completion someone contracts the virus, and is unable to complete or at very least delays it. What happens if you are using movers and they cancel on the day because they haven’t got enough staff, or if the government advice changes seriously? Id rather have to unpack a few boxes than have that.

Im in the same boat, my sellers are buying a new build and want 4 weeks from exchange to completion and my solicitor advised same day, but in this case its not possible. Luckily my buyer is a buy to let so the chain is rather small and fairly manageable but I'm concerned about the potential problems after exchange. I don’t think id fancy it in a big chain.

I’ve asked the what if question, but to me I can only really see an exchange happening if there was some kind of CV get out. I think basically any move in the current situation is going to be a load of stress, so you just have to be prepared to take the risk.

Slightly off topic and apologies for being alarmist but I am looking at houses for sale everyday and q a few are reappearing for sale each day. Clearly they don't say why, just unexpectedly reavailable is the usual description.

Strange thing is some houses come up for sale, appear sold really quickly then it falls through and reappear. As a buyer rings alarm bells the buyer found something as opposed to a change in circumstances.

So if I were you I would be looking for extra protection against a ransom offer the day before, property brings out the worst in people.

I did it when buying but I was a first time buyer and the sellers had it as a second home, no problems for me at all.

I have heard of a buyer suddenly dropping their offer on the day of exchange, but surely this could happen regardless of whether completion is the same day or later.

I have heard of a buyer suddenly dropping their offer on the day of exchange, but surely this could happen regardless of whether completion is the same day or later.

Agreed, but if you were the type of person who'd do that, you might be the same kind of person who'd use the pressure tactic of having a seller sat surrounded by boxes and grumpy removal men to help you out.

I don't think that's the case, FTBs and people moving from Rented accom always want to move quickly, and in normal circumstances I wouldn't think twice about it, but with the economic news being as bleak as the political at the moment, it's a factor.

I'd still do it though. I'd just be clear if they try to pull some bullshit they'll be told to foxtrot oscar.

It seems quite common but it can go wrong.
We ended up with a night in a hotel and paying for overnight storage of all our stuff as our solicitor managed to cock up the money transfer so we couldn't complete. If you do it I would suggest avoiding doing it on a Friday, it was very difficult to sort out the mess over the weekend.
I never understand the level of rank incompetence in the whole house buying process, or why solicitors seem to want to complete on a Friday

Having worked in conveyancing, having a compliance manager who used to be a conveyancing solicitor and having worked around the mortgage/property market sector most of my working life I have never understood why people what to try and exchange and complete on the same day.

Just adds a dollop of complexity that just isn't needed. If you can exchange/complete on the Friday you can exchange on the Thursday and complete on the Friday or just exchange on Friday 1 and complete on Friday 2 (or any day the following week).

If exchange is slow and/or the money is slow through the system you end up with extra expense in the form of removals, somewhere to stay that night (and given that most hotels are not open this could be a real issue) and then all the added stress as well.

OK had some clarification, and as Nickdavies says its current recommendation in case government restrictions change or someone gets CV between exchange and completion.

Anyway a little stress adds to the excitement, yes?

Exchanged and completed on the same day before with no problem.

@poolman

Clearly they don’t say why, just unexpectedly reavailable is the usual description.

Our recent experiences, buyer no 1 - didn't actually agree with his wife to make the offer we had accepted, buyer no 2 - didn't realise they needed a different mortgage if they wanted to let the place out for a couple of years before moving in & couldn't get the finance, buyer no 3 still wants the place was supposed to complete on 24th March but their sale fell through due to CV so their place is still on the market. Can't decide if we wait or put it back on the market - empty house belonging to my wife & her ex 🙁

We did it as first time buyers - possibly a similar situation to your buyers.
Despite there being months between agreeing the purchase and the end of the lease on the house we were renting, the glacial progress made by the solicitors and mortgage company meant it came down to the wire and we were left with either the choice of exchange and complete the same day or move into a Travelodge for a couple of weeks. That news did sat least prompt our solicitor into getting things in order!
Especially annoying as both sides were being represented by different partners at the same firm, who were seemingly incapable of talking to each other without us pushing them.

It was no hassle at all, just popped into the solictor's office to do the last paperwork (pay his invoice) and an hour later into the Estate Agent's to pick up the keys. The only flaw was that was we were exchanging and completing in a hurry, the EA had forgotten to prepare their "customary moving in gift" (£4 bottle of wine) for which they apologised.
Due to the uncertainty even few days before over what was happening, and that we were moving ourselves, to make life easier we hired a storage room at one of the Big Yellow Box places for a fortnight so we could move over two weekends instead of one, costing us a few quid but well worth it.

Yes no problems encountered, just don't be daft and move on a Friday.
Your imagination is your enemy.