Article written and provided by Middleton Advisors, for Beacon Gainer, professional services group and private wealth fintech advisory platform.

For buyers who want a deal tied up quickly, an attended exchange is a potential option but it doesn’t come without a cost. Attended exchange is an option for those needing to exchange contracts as soon as possible. This usually happens when a cash buyer has a particularly strong interest in the property.

Traditionally, the buyer’s solicitor would visit the offices of the vendor’s solicitor where they could work through the sale papers, before exchanging contracts the same day. The buyer and vendor would also be expected to attend the meeting or, as a minimum, be available by phone so that issues can be resolved then and there. In this new age of working from home, there is now also the option of carrying out attended exchanges virtually.

So, what are the benefits?

  • The buyer is very unlikely to be gazumped
  • The vendor knows from the outset that the buyer is fully committed to the purchase
  • Difficult points are often resolved more easily as all parties are focused on the deal
  • There can be more scope for negotiation
  • Both parties become practical and ignore superficial issues which sometimes delay exchange of contracts

And, the pitfalls?

  • There’s little time for considering or cooling off
  • Possibility of getting carried away and overlooking important issues without proper consideration or advice
  • No opportunity for further investigation, for example searches, so reliant on good quality information being provided by vendor’s solicitor
  • It can be expensive as requires the exclusive time of one or more experienced lawyers
  • If carried out in person, the buyer’s solicitor is away from their own desk and resources

Attended exchange can be an excellent way of tying up a deal. Whether it’s the ‘right option’ very much depends on the facts of the individual case. Buyers need to be willing to compromise/be flexible on some issues and financially ready to go. They also need to be dependent on the vendors’ solicitor being extremely well prepared in advance