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Delayed Completion...
Kez1986
Posts: 3 Newbie
Hi, we've just brought a house and were due to complete last Friday. We were all packed and awaiting a call to confirm we could collect the keys, however, we received a phone call to say we would not be completing due to an issue on the sellers side. Our solicitor has issued a notice of completion (or whatever it's called?!) on the other side as they are in breach of the contract by delaying the completion date (exchange of contracts has taken place). What I'm asking is how long should this take to resolve and are we entitled to any compensation? So many people tell us different things, I'm not sure what's correct and what isn't...help!!
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Listen to your solicitor - there will be a specfied date (is it 10 days?) by they must complete otherwise they will incur interest payable to you and other affected parties. What on earth is the issue - expiry of mortgage offer is usually common?0
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I would think interest would be incurred as soon as the day of completion has passed (not 10 days later) ... Not acceptable this late in the sale!0
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I've been by my solicitor told they will incur interest straight away. Is that payable to me? I asked my solicitor when this should be resolved by and she said she doesn't know. It's an issue with some of the paperwork on the other side. They are in negative equity and it's to do with that.0
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Isnt the person holding up the chain liable for any costs incurred holding everyone else up? so things like accomodation while you're waiting, reorganising the movers, etc etc?0
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TrickyDicky wrote: »Isnt the person holding up the chain liable for any costs incurred holding everyone else up? so things like accomodation while you're waiting, reorganising the movers, etc etc?
Not until the notice to complete has expired, in the mean time there will be contract interest chargeable in all the contracts up and down the chain ie party 1 will be cahrged by party 2 who will in turn be charged by party 3 and so on down the chain and inturn each will have to sue for any discrepancy.
If the buyer then still fails to complete then each will have to sue up and down the chain you only have contracts with your immediate buyer and vendor0 -
you should recover all losses but consult your lwyer as you have a duty to keep mitigate them (avoid them where you can)My posts are just my opinions and are not offered as legal advice - though I consider them darn fine opinions none the less.:cool2:
My bad spelling...well I rush type these opinions on my own time, so sorry, but they are free.:o0 -
They are in negative equity and it's to do with that.
Negative equity - their lender has probably refused to issue an END. An END is issued by a lender to confirm the mortgage can be removed from the Land Registry title registers. If they aren't being repaid in full they won't issue one until either they are repaid in full or they make a deal with their borrower about repaying the balance.
Unfortunatly your solicitor will have no idea how long it will take to sort out.
Your sellers have 10 days to complete under the terms of the contract and will be liable to you for interest and other losses incurred (although if they have neg. eq. they probably have no money, to be honest)
If they haven't completed after 10 days they are in breach and you could consider the contract at an end or you could take them to court and seek an Order for Specific Performance, to try and force them to complete.
Usually a lender will make a deal and issue the END, in the end. This is because if they don't they'll end up repossessing and lose even more money than if they just cut their losses now.
Sadly, there's nothing you or your solicitor can do at this point, I'm afraid.0 -
Thanks for your help everyone.0
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Have a look at Welshwoofs thread on this and the outcome.
It was never clear why the vendors reneged in this case, but judging by the outcome it was not negative equity.Hi, we’ve had to remove your signature. If you’re not sure why please read the forum rules or email the forum team if you’re still unsure - MSE ForumTeam0 -
DVardysShadow wrote: »Have a look at Welshwoofs thread on this and the outcome.
It was never clear why the vendors reneged in this case, but judging by the outcome it was not negative equity.
DON'T READ IT!
It's will freak you out and is almost certainly not the same scenaio as you're in.0
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