WAS! Supposed to complete tommorrow

pldd4

Hi,

We was due to exchange and complete tommorrow, but have JUST found out that they are selling by a receiver which means that the Court of Protection have to approve the sale and the valuation. The Court of Protection have approved the sale but the estate agents only forwarded the valuation to the vendor's solicitors this week!! The valuation has gone to the Court of Protection but it will take about a week to get approved.

i don't know why the vendor's solicitors didn't tell me or my solicitors about this problem earlier but I have only found out today.


Has anyone else ever dealt with a sale which uses "The Court of Protection "?

I believe this due to our vendor (very old man in a care home) being mentally unstable and therefore unable to make legal decisions.

thanks for anyhelp, just wondering if theres a way to push this through and speed it up some more???

pldd4

bump bump.

Is noone able to shed any light on this?

WestonDave

The Court of Protection indeed acts to protect the interests of those no longer able to run their own affairs and who didn't have the foresight to appoint someone with a Power of Attorney before they became incapable.

It is unfortunately a very beauracratic process and does take time because everything is so carefully checked to ensure no impropriety. That I suppose is good to know if we ever need it but little comfort in your situation on the other side. I suspect that there is very little you can do to speed things up - once the valuation is in their system it will spit out again at the allotted time.

RiskAdverse100

While sales that involve the Court of Protection involve additional paperwork the Seller's solicitors will undoubtedly have known right from the beginning that any sale agreed had to be approved by them before completion could take place.

The Court of Protection would always accept an arms length sale agreed through local estate agents and so getting their approval is hardly ever a problem - but it does take a little time to sort out.

The solicitors should have dealt with this issue rather sooner that a few days before the anticipated completion date!

RiskAdverse100

pldd4

So should my solicitor of known about this?! or was it down to the estate agent and the vendors solicitors keep things from us?

WestonDave

I suspect the problem was a lack of communication to your solicitors. They may have known that the CoP were involved but could hardly be expected to know the estate agents were dragging their heels on sending the valuation on.