Is it possible to exchange and complete contracts on the same day?
This is a frequently asked question that we receive and, as a general rule, we would advise against it. Whilst there have been cases where this has happened, it’s true to say that trying to get all this done in the same day is extremely stressful to all parties concerned. There can be several reasons to get caught up in frustrating delays and you must always know the best ways to avoid any conveyancing delays . Finding the right property law solicitor or conveyancer is also a key factor when progressing your property matter. Buying or selling a property is one of the biggest financial undertaking for most of the people and its understandable how important is this transaction for you. You may need advice from the best and experienced property law solicitors or conveyancers with extensive experience in dealing with property law matters,
Any move, commercial or domestic, needs to be carefully planned and exchanging and completing on the same day throws up all sorts of issues such as trying to arrange and coordinate removals companies and forwarding of post etc. Another important factor to consider is the property searches and these surely are very important when buying a residential property. Or if you are a first time buyer and utilising the government’s help to buy scheme . If you are buying your first home then its very important to follow the tips and get the things done properly because its the biggest financial investments that you will make in your lifetime.
Of course, the process can be made a bit simpler if both the buyer and seller are not involved in a chain or if the buyer is a cash purchaser. This is a bit of a rarity and usually there are more people involved in the process, which tends to mean more mortgage companies involved. This clearly makes exchanging and completing in the same day more complex because of the movement of funds. Many mortgage lenders need a minimum period to transfer funds (5 working days not being unusual), so this needs to be factored into your thinking. In an ideal world, for exchange and completion to go as smoothly as possible, you should be in a position to transfer the funds to your solicitor the day before the actual move to avoid money transfer problems. However, this is often easier said than done.
Another problem with trying to exchange and complete in the same day is that it leaves you with no contingency. If things do go wrong, then you’re left with no time to remedy the problems. Worse-case scenario would be a situation where you’re house is fully packed up, you’re ready to move, waiting for contracts to be exchanged and the seller decides to pull the plug on the deal or make extra demands before the sale goes through. Trying to exchange and complete in the same day can leave you in a vulnerable position and forced into making decisions that you don’t want to make. Our advice is to let things take their natural course and be proactive with your solicitor and mortgage company. This usually works out for the best in the end. At HS Lawyers, we have experienced conveyancers and property law experts who will ensure that you are updated on a regular basis and are involved in each stage when dealing with your property matter. If you are looking to buy a commercial or residential property and need to know how we can assist to make it a quick and easy for you , you can contact our property law solicitors in Birmingham, wolverhampton and Peterborough by calling us on 0121 525 2555 / 3100.