Chain of 4 - Would you complete on a Friday?

[48k]

As per the title really - buying a residential property, there is a chain of 4 (we are at the top buying an empty place). The suggested completion date by the solicitors is a Friday. Just wondering if it's worth suggesting the Thursday in order to de-risk money transfer problems leaving us homeless for a weekend, or whether to suggest the solicitor at the bottom requests the money a day early.

[Juan B]

I think you'll find it difficult convincing the chain not to complete on a Friday as thats when 99% of completions take place, so people can move in over the weekend, not have to take time off work. If you have already exchanged contracts then it shouldn't be an issue with transfers but if you can convince them to do a Thursday then it does add that extra security.

[Baroque attacks]

We did 4 on a Friday (exchange and complete!!)
A stressy couple of hours of waiting but all fine.

I expect money transfers to be the least risky element tbh. One of the chain thought they could use a van to back and forth it, he didn’t really he’d have to be out out

[alscar]

Personally not - should there be issues you could well have problems.
For our last 4 moves we have always tried to complete on a Thursday.

[No ideas for a name]

For what it is worth - I wouldn't target a Friday either.
My last sale, last year, there was an issue with the funds transfer and my solicitor's last call at 17:30 on Friday afternoon was "I am going home, speak to you on Monday" (After failing all day to try and progress it. They suggested we should let the buyer move in even through we didn't have the funds.)
It did leave our purchaser 'homeless'

Assume they will be useless and build in your own contingency.

[fat80b]

We did Christmas Eve once in a chain of 1 - Well, we were due to E&C on Christmas Eve, but the vendor (a single chap in his 60s) had a breakdown and called the whole thing off on the day leaving us homeless..........I even went round to try and persuade him to carry on, but there was no way he was going to budge - He'd decided that there was now no way he was selling up ever.....Game over.

Fast forward 2 weeks where I received a call from the EA saying it's all back on if we want and asking if we want to complete the next day (which we did).......Of course when we got the keys and went to move in, he hadn't yet started packing but that's another story......

[LooneyTunes]

48k said:

As per the title really - buying a residential property, there is a chain of 4 (we are at the top buying an empty place). The suggested completion date by the solicitors is a Friday. Just wondering if it's worth suggesting the Thursday in order to de-risk money transfer problems leaving us homeless for a weekend, or whether to suggest the solicitor at the bottom requests the money a day early.

How you derisk it by making sure that all of the solicitors firms are set up to get it done.

Your conveyancing solicitor will say when the transaction can proceed but won’t be the actual person in the form releasing the payment… often that person will only do a small number of releases a day. If the first ones drag the chain/aren’t expecting to run early/have a quick in-out turnaround, then that’s when things could easily fall apart…

[xx99xx]

Removals companies are often cheaper mid week too, so another incentive for the whole chain.

[Gladers01]

LooneyTunes said:

How you derisk it by making sure that all of the solicitors firms are set up to get it done.

Your conveyancing solicitor will say when the transaction can proceed but won’t be the actual person in the form releasing the payment… often that person will only do a small number of releases a day. If the first ones drag the chain/aren’t expecting to run early/have a quick in-out turnaround, then that’s when things could easily fall apart…

I would stick to the Friday, the funds usually clear around midday, any later than 3 pm then its sale off. Also check online that the funds have cleared, i used the cash dispenser to check my balance and it swallowed my debit card, luckily i had drawn out cash earlier in the week to pay the removal guys

[C Lee Farquar]

As long as you've exchanged prior to this it's unlikely to be a problem.

Exchanging and completing on the same day would be nuts IMO

[48k]

Not exchanging and completing on the same day, just talking about completing, exchange will be a week beforehand.
Moving company is the same price regardless what day.
Looking like everyone is going for the Friday date, had a chat with the solicitor and we are going to agree with it.
Thanks all.