Advice please - Completion day, delayed funds???

mjfusent

Hi,
We exchanged contracts 2 weeks ago and are 3rd in a 4 link chain. Today we're due to complete but have just been told the bottom of the chain has not sent funds yet. Our solicitor says that he can't send funds after 3.15PM (less than 1 hour away) if we don't complete today we're going to incur quite a bit of expense and inconvienience - extra removal fees and overnight in a hotel.

Any advice on who I should chase or anything I can do to move this along would be very welcome!

mjfusent

UPDATE - It seems like the solicitor at the bottom of th chain did not have all funds neccesarry for completion this morning and has gone to a meeting this afternoon (remember, we exchanged 2 weeks ago!!!). So it looks like we'll be spending the night in a hotel and removals co for storage.

We're a bit concerned that the whole thing could fall apart all together. Has anyone had an exchanged deal which did not complete and what was the outcome?

Jorgan_2

Usually when a buyr fails yo complete, the property goes under licence for a period of time, usually 10 days, this is to allow the buyer time to get their funds together. If after this period of time they still can't complete they are in breach of contract. Get onto your solicitor first thing to see if funds are due to come thru.

I'm an EA & had something similar happen to a client a few years back. He was 4th in a chain of 8, there was a delay in the funds getting released up the chain & his buyers solicitor actually refused the funds because they had come in so late in the day. If he had accepted them, his client would have been the one who would have failed to complete on the rest of the chain.

My client spent the weekend in a hotel, at his expense & completed on the Monday.

edwara

this happened to friends of ours and nearly happned to us. Our solicitor told us that if we hadn't had teh funds avialable to complete on time then we would have been responsible for extra interest etc up the chain. Our friends had to "sue" down the chain for costs.

Your solicitor should be able to tell you who is responsible for costs

tifnstav

They are already in breach of contract, your Sol should have served notice on them so you can claim back the fees for storage etc, depending on the clauses in the contract of course.