can I exhange and complete on the same day?

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ebonyskinner | 18:57 Fri 25th May 2007 | Property
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please can somebody advise me on whether or not i cam exchange and complete on the same day. Theere are 4 people in the chain and 3 of us have agreed to a moving date and the first time buyer has said that she does not want to be rushed. We want to put her under pressure as she has said that she is willing to sign contracts but does not want to be rushed into a completion date. Can we agree to an exchange and a completion of contracts on the same day? if so what kind of problems can this cause? Is it up to us to decide the time between exhange and completion or is this something that solicitors decide? please help???????


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hi ebony,we moved a month ago.We exchanged on a Friday (at 4.30pm...very stressful...the last minute before the banking systems shut down apparently!) and completed on the Monday afternoon.A chain of 4 with us at the top.In the past we have completed and exchanged on the same day but no one likes it as it takes the risk of anyone pulling out right up to the last minute.It's quite hard to get all the monies in place.It can be done but each completion needs at least an hour to take place.Ours took over 8 hours with ours happening at (surprise,surprise)4.30pm! We had the opposite to you...the lady at the bottom pressurised every one else...she informed us a week before that she was going away for a month and needed a week to get settled.Nice to communicate properly.Luckily we all got on well and were able to fall in with her! Good luck.I would ask your solicitor for advice.
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thanks very much, at least we know it can be done! it seems were paying lots of money to estate agents and solicitors and im the one doing all the chasing? Would you recomend exchange and completion on the same day or not?
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It is unusual but it can be done, as I have done it once. However there was no chain. I think it is going to be difficult to exert this pressure, after all you don't want her pulling out of the sale and making the whole thing collapse. It is frustrating how these things always drag on and have problems but it is usually the norm with house buying and selling I have found.
Usually once you've exchanged - all you want to do is complete. I've exchanged and completed on the same day on more than one occasion.

She may not be wanting to rushed on the arrangements of physically moving as opposed to being rushed into something she may regret.

Often though you exchange the week before completion. It's best if you can all agree as lady p says you dont want her to put a spanner in the works.
You can exchange and complete the same day. But once you exchange you have to set a completion date whenever that may be-you cannot just exchange and have no set completion.. So if she doesnt want to set a completion date (odd woman) but does want to exchange, I dont think she can do one without the other.

Buying and selling is a nightmare. I was nearly bald having bought and sold this year!!! Good luck with it.

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