Completion Tommorow - Shortfall identified

crabbman2004_2

I have just been informed by my sols that there is a shortfall I need to make up of £23000 to enable me to complete my sale and purchase 2moro. I was under the impression that this was covered by my Mortgage, but it is now. There is no way i can get this in time and is looking like I am going to dely completion by a week. The solicitors have told me they will sue me 10% of the Purchase price of £138K if I don't complete tommorow? Can they do this? It's all such a mess!!

Brock_and_Roll

If you do not complete, you will potentially lose your deposit that you paid on exchange - how much was this?

Separately the solicitors may pursue for breach of contract but obviously if you dont have any cash they may not bother.

How on earth did you get to situation where you are £23k short of a £138k purchase?

g_attrill

What is this 23k for, and why hadn't your solicitors made you aware of this previously? Or had you been told, but misinterpreted the paperwork. For my recent purchase the paperwork was pretty clear what cash was required, in fact I had to send to them before exchange.

maninthestreet

How could your solicitor have allowed exchange to take place with £23,000 of funding unidentified???

kmmr

Lets hope the OP has added a zero there...

Tuscan

surly they mean £2300, how on earth can a 23k shortfall go unnoticed.

if its 2300 then can you draw the cash on a card or ask your bank for a emergency overdraft, not ideal but better than losing a larger deposit...

notisis

Not helpful I know, but you'd be surprised the amount of people that do this since they seem to forget about an early redemption charge (they ignore the statement provided or tell us it's wrong even though you provide a copy of the redemption statement from the bank) or where the completion statement clearly states "amount due from you is £" seem to read it as the amount they will get paid. The other one is people tell us they can't lay their hands on the amount by the completion date (although it's been queried with them on exchange that they will have the money before this date in cleared funds with us) since it's tied up in investments, it's abroad or they are waiting on an inheritance! Or indeed they misread the amount and give us a cheque for £150 and not £1500 for example.

I do hope the OP simply got the figure wrong and is able to lay hands on the amount needed.

Batchy

good luck... not a nice situation to find yourself in at all!!!