Website Cookies

We use cookies to make your experience better. Learn more on how here

Accept

Can you exchange and complete on the same day?

If you are moving house, you may be wondering if it is possible to exchange contracts on the same day that you complete your sale or purchase.

When you buy or sell a property, it is normal to exchange contracts a week or more in advance. This gives your solicitor time to carry out the final legal checks and order your mortgage advance if you are buying a property. On exchange of contracts the buyer pays a deposit to the seller of 10%. The completion date is set and following exchange you can book your removals.

Occasionally, you may be asked to exchange and complete on the same day. While this is possible, there are some risks that you need to be aware of.

When contracts are exchanged, everyone in the chain is legally bound to complete on the date that has been set. Without exchange of contracts, there is no guarantee that completion will go ahead.

If you are attempting to exchange and complete on the same day, everyone in the chain will need to prepare as though completion will take place, carrying out the necessary checks in advance and ensuring that the mortgage advance and purchase money are available and ready to be sent.

On the morning of the potential completion date, contracts will be exchanged before any money is sent.

Risks of exchanging and completing on the same day

Because there is no legally binding contract in place, there is an increased risk that completion will not happen. This is particularly problematic if you have ordered removals and packed everything ready to go. You will also be required to pay costs relating to your mortgage advance, which will have to be returned to the lender.

If there has not been any exchange of contracts, you will not be entitled to any compensation for your financial losses.

When the transaction does go ahead, you will need to re-request your mortgage advance. It usually takes a lender a number of days to process a request, so you may need to wait until they are ready.

There is also a risk that the other side or another party in the chain could pull out completely or that a seller could use the situation to try and extract a higher price.

For these reasons, it is rarely advisable to exchange and complete on the same day. Exceptions might be if you are buying an investment property for cash and do not need to pack up your house to move.

Contact us

If you would like to speak to one of our expert property lawyers, ring us on 0333 3055 189 or email us at info@lpropertylawyers.co.uk

General

Why join LPL? A career in conveyancing with real growth and development opportunities

At LPL, we’re not just another conveyancing firm. We’re committed to fostering talent, helping people grow and creating pathways for real career advancement. When you join us, you’re joining a company that values individual development and provides comprehensive training to support you every step of the way. Our goal is to attract motivated individuals who...
READ POST
General

Government hopes to ban no-fault evictions by summer 2025

The government has introduced a Renters’ Rights Bill, which aims to provide greater for security for renters, and a ‘level playing field between tenants and landlords’. No-fault evictions – The new law will prevent landlords from evicting tenants in England under section 21 of the Housing Act 1988. This Act currently allows landlords to give...
READ POST
General

Energy minister confirms landlords must meet new EPC minimum rating

The new Under Secretary for Energy Security and Net Zero, Miatta Fahnbulleh, has confirmed that the government intends to bring in a minimum Energy Performance Certificate (EPC) rating of C for landlords. Labour promised in their election manifesto that all privately rented properties will be required to meet a minimum energy efficiency standard by 2030...
READ POST

Get in touch today

We would love to hear from you, whatever your query, our experienced team can help get your property transaction moving. Please get in touch today by calling 0333 305 1012. Alternatively, complete our online enquiry form below and we will get back to you.

LPL Main Contact Form

"*" indicates required fields

This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply
New Business

0333 3055 249

Our Address

5th Floor Delphian House
Riverside
New Bailey Street
Manchester
M3 5FS

Opening Hours

Monday – Thursday
9am to 5.30pm

Friday
9am to 5pm

Christmas & New Year

The office will close at 1pm on 24th December. We will reopen at 9am on the 27th December as usual.

We will close again at 1pm on 31st December for New Year. We will reopen at 9am on the 2nd January 2025 as usual.

Our final completion for 2024 will take place on the 20th December.

LPL and Leading Property Lawyers are trading styles of Read Roper and Read Solicitors Limited which is a Company registered in England & Wales (Company No.11269980) and is regulated by the Solicitors Regulation Authority under registration number 658171. We have been awarded the Law Society´s Conveyancing Quality Scheme (CQS), an accreditation which recognises the country´s leading conveyancers. A list of Directors is available at the registered office. The term ‘Partner’, if used, denotes a Director.