Contracts exchanged - funds not available for completion

inmypocketnottheirs

silvercar wrote:

Absolutely horrendous if your in a chain, think of the knock on effects. Would whoever is at fault be liable for removal firm costs etc?

If your buyer completed with you but your mortgage company didn't release the funds, do you complete on your purchase and move into a hotel in the interrim or do you refuse to give your purchaser vacant possession???

In this case there is no upward/downward chain. I am a BTL purchaser and it is a second property to the vendor - so there is no dependancy either way.

Bossyboots

inmypocketnottheirs wrote:

Again thanks. My comments were very much tongue in cheek! But your remarks regarding duty of care concur with my thoughts, they really should not have left things as they were from Monday until Wednesday (day of completion).

My solicitor was unable to access the number via 1471 as they were dialling his telephone number through their fax machine, so when the call arrives at the switchboard (as a telephone call not via the fax number) it would not be psossible to dial 1471.

Yes of course. We don't have that problem at the moment but once the 'phones are changed shortly we won't be able to do it either. We'll have a switchboard system then so we will have to just log the wrongly dialled fax calls.

micheleen

Bossyboots wrote:

Yes of course. We don't have that problem at the moment but once the 'phones are changed shortly we won't be able to do it either. We'll have a switchboard system then so we will have to just log the wrongly dialled fax calls.

When I worked in 'IdioT Support' at a regional newspaper the fax lines also came through the switchboard, so for anyone picking up a phone and hearing strange whistling, etc. we used to be able to just transfer the call to one of the fax machines. This may be an option depending on your switchboard setup.

claz

regarding mrtgage companies i think we had a rough deal with ours firstly both my partner and i had to get references from our employers as i hadn't been in my job for more than 3 months and my partners employer is in the dark ages and does hand written wage slips. this took over a month and numerous phone calls and letters to sort out!!!

we had also stated that we dod not want the survey doing before the references came back and everything was ok'ed as we diodn't want to pay out and then something be wrong with the references

anyway they did the survey anyway and we had them on the telephone every other day asking for the survey money!

then when we finally ironed out all the problems with the vendor of the property paid all the survgey fees etc (also had to have a structural survey) the mortgage compay went through final checks

we didn't here anything for about 1 week and were getting concerned so got in touch again, there was a problem with the references and the mortgage hadn't gone to offer even though we were told it had and had instructed solicitors and completed searches etc!!!

this took another 2 weeks of nail biting tension to sort out and during this time i realised i was dealing with the solicitor from hell and my partners boss is an a**ehole

anyway it comes to the day of exchange and the solicitor hasn't completed everything so he wants to delay, mortgage compnay require 5 days notice to transfer the funds apprently so we were at there mercy of asking them very nicely, when they had been really diffcult, to waive the 5 day notice

anyway they did thank god and we are in eventually

what i want to know is how many other mortgage companies are like this they seem to only realise somethings wrong when YOU phone up

inmypocketnottheirs

Thanks for your merssages of support. Funds were in solicitors bank account first thing this morning, so completed lunchtime. Still got the notice of completion (actually £100 + VAT) and 2 days interest £88 to pay. Will attempt to pass these on the the lender - why should I pay??

Just need to find tenants now .............

digp

I suspect if you are out of pocket, you have a claim in negligence against your solicitor and/or the lender