A simultaneous or same day exchange and completion takes place when contracts are exchanged on the same day as the completion/moving date.
We would always recommend clients to exchange in advance of the completion/moving date.
If you exchange contracts before the completion/moving date you can arrange removals and all other aspects of the move knowing that completion will take place on the agreed date.
Sometimes you may be asked to exchange contracts on the same day as the completion/moving date.
Before agreeing to this you need to assess the risks to you. This is in case exchange of contracts does not take place at all or completion is delayed.
If you have booked removals and spent other money, you will not be able to re-claim anything if exchange of contracts has not taken place. You will therefore lose this money.
If there is a large chain and you are towards the top of that chain the money may not move quickly enough via the solicitors. You may then be in breach of contract. This will result is costs being imposed on your from the chain below.
Please note that there is also no guarantee that you will receive the keys to the property by the usual completion time of 2.00pm. It could be much later in the day.
There is also the inconvenience of the situation where you are geared up to move but cannot do so.
Although the above is rare but it does happen.
We will of course do everything we can to assist with a simultaneous/same day exchange and completion; but you should enter into this knowing the risks involved.
Please note this guide is not applicable where exchange of contracts has taken place and completion is delayed