We’d like to remind Forumites to please avoid political debate on the Forum.
This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
PLEASE READ BEFORE POSTING: Hello Forumites! In order to help keep the Forum a useful, safe and friendly place for our users, discussions around non-MoneySaving matters are not permitted per the Forum rules. While we understand that mentioning house prices may sometimes be relevant to a user's specific MoneySaving situation, we ask that you please avoid veering into broad, general debates about the market, the economy and politics, as these can unfortunately lead to abusive or hateful behaviour. Threads that are found to have derailed into wider discussions may be removed. Users who repeatedly disregard this may have their Forum account banned. Please also avoid posting personally identifiable information, including links to your own online property listing which may reveal your address. Thank you for your understanding.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
The Forum now has a brand new text editor, adding a bunch of handy features to use when creating posts. Read more in our how-to guide
Exchanged but delay to completion
starseverywhere
Posts: 1 Newbie
Two hundred and ninety six days after my offer was accepted I finally exchanged contracts on December 23rd after what my solicitor has described as the most hellish transaction he's ever been a party to.
I'm buying a flat that used to be 50% shared ownership between a tenant and a housing association, (who are the freeholders) and was repossessed so was 50/50 with the mortgage company holding the other 50% (as leaseholders).
They mortgage company put it on the market as a straight sale, and they had to negotiate to staircase the lease up to 100% so I could buy it. Long, drawn out, seemingly endless debate followed which I wasn't really a party to, except to be irritated by the length of time it was taking.
I'm meant to be completing tomorrow (all the monies are with my solicitor) mortgage is all signed, etc and I've just been told that despite the freeholder's solicitors telling the vendor's solicitors that this was not needed, and confirming it in writing, they have demanded a Deed of surrender to the current lease and a signed transfer of the property.
The vendors are now saying that completion can't go ahead tomorrow and it's my responsibility (or my solicitor) to provide these documents. And if we don't complete tomorrow as planned I'm pretty certain they're going to charge me interest despite all of the delays having nothing to do with my side.
Luckily I'm not in a chain so there's no-one else to panic about delaying completion. At this point I want to demand compensation for everything; taking a ridiculous amount of time to get to this point, losing two mortgage offers after time ran out on them because of their delays, being subject to stamp duty because of their office being closed between christmas and new year and so being unable to complete until then, my solicitor's fees being exponentially higher after a one month simple sale turned into an 11 month debacle etc, etc...
If anyone has any ideas what recourse I have if completion is delayed by the freeholders I'd love to hear from you and if I am charged for the delay, what can I do?
I'm buying a flat that used to be 50% shared ownership between a tenant and a housing association, (who are the freeholders) and was repossessed so was 50/50 with the mortgage company holding the other 50% (as leaseholders).
They mortgage company put it on the market as a straight sale, and they had to negotiate to staircase the lease up to 100% so I could buy it. Long, drawn out, seemingly endless debate followed which I wasn't really a party to, except to be irritated by the length of time it was taking.
I'm meant to be completing tomorrow (all the monies are with my solicitor) mortgage is all signed, etc and I've just been told that despite the freeholder's solicitors telling the vendor's solicitors that this was not needed, and confirming it in writing, they have demanded a Deed of surrender to the current lease and a signed transfer of the property.
The vendors are now saying that completion can't go ahead tomorrow and it's my responsibility (or my solicitor) to provide these documents. And if we don't complete tomorrow as planned I'm pretty certain they're going to charge me interest despite all of the delays having nothing to do with my side.
Luckily I'm not in a chain so there's no-one else to panic about delaying completion. At this point I want to demand compensation for everything; taking a ridiculous amount of time to get to this point, losing two mortgage offers after time ran out on them because of their delays, being subject to stamp duty because of their office being closed between christmas and new year and so being unable to complete until then, my solicitor's fees being exponentially higher after a one month simple sale turned into an 11 month debacle etc, etc...
If anyone has any ideas what recourse I have if completion is delayed by the freeholders I'd love to hear from you and if I am charged for the delay, what can I do?
0
Comments
-
This epic discussion will suggest some options:
http://forums.moneysavingexpert.com/showthread.html?t=1806123&highlight=exchange+completionBeen away for a while.0
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 354.4K Banking & Borrowing
- 254.4K Reduce Debt & Boost Income
- 455.4K Spending & Discounts
- 247.3K Work, Benefits & Business
- 604K Mortgages, Homes & Bills
- 178.4K Life & Family
- 261.5K Travel & Transport
- 1.5M Hobbies & Leisure
- 16K Discuss & Feedback
- 37.7K Read-Only Boards