Can you exchange and complete on the same day?

The process of purchasing a property can take several weeks or months, depending on a variety of circumstances. The final stages of the conveyancing process involve the exchange of contracts and a financial transaction to ‘complete’ the property exchange.

Typically, this process can take between a few days and a couple of weeks. But, yes, you can exchange contracts and complete on the same day.

But, how? Continue reading this expert guide from GD Property Solicitors to find out how you’re able to exchange contracts on the completion date.

When do you exchange contracts in property transactions?

The exchange of contracts is usually done once all checks have been completed, such as the property survey and searches. The conveyancing solicitor will ensure all legal and financial matters are in order and the mortgage lender has approved the application.

Once everything between the two parties involved has been arranged and agreed upon, your conveyancing solicitor will arrange the exchange of contracts with the other party.

Once you have both signed the paperwork, you move one, huge step closer to the completion day.

How long does it normally take to move from the exchange of contracts to the completion day?

In the UK, the time between the contracts being exchanged and the completion of the property sale can vary depending on a range of factors, but it normally takes between one day and four weeks.

However, the most common timeframe is within two weeks.

There are some situations where the timeframe between the contract exchange and completion are longer, like if you’re involved in a property chain and there are hold ups somewhere along the chain, or when buying a new-build and the property isn’t quite finished.

A delay in the mortgage funds being transferred can also delay proceedings, but after the contracts have been signed, the property transaction is legally binding.

SHow can you exchange and complete on the same day?

To start, it’s important to understand that exchanging contracts at the same time as the completion process is legal in England and Wales.

It is possible to complete and exchange contracts on the same day. For example, cash buyers who aren’t in a chain and where both parties want the transaction to happen quickly, the final steps of the property transaction can occur on the same day.

You just need to let your conveyancing solicitor know well in advance that this is what you’d like to happen. They will then speak to the seller’s or buyer’s solicitor and arrange things.

What are the benefits of same-day exchange and completion?

There are several reasons why people would want to complete and exchange contracts on the same day, and the four main benefits are:

Provides certainty – In a competitive housing market, buyers and sellers can gain certainty of the transaction’s completion by arranging the final steps to occur on the same day.

Speeding up the process – Completing two huge steps in the property ownership process in the same day is a sure-fire way to speed up the conveyancing process, which is something that can take weeks or months.

Reduces risk – With zero gap between contracts being exchanged and the completion date, it eliminates any chance of a major issue arising that could halt the transaction.

Lowers costs – If you have to pay double costs when moving house, such as moving into rented accommodation after your sale, combining the exchange and completion date can be financially beneficial.

Speak to reliable conveyancing solicitors today

If you’re in the process of selling your home and you have an offer, or you’re hoping to purchase a property and you’re ready to submit an offer, we can help with the next stages.

At GD Property Solicitors, we boast an expert-level team of conveyancing solicitors who have helped conduct the conveyancing process on houses, apartments, buildings and land all over the UK.

We’ve worked with thousands of estate agents and mortgage lenders and can ensure your property ownership can be arranged seamlessly without stress.

Interested in our services? Simply get in touch with our team today by calling 0161 710 1786.