Moving Day, It had to be Friday 13th!

Sarahjovi

My Brother and his family were due to move house yesterday, the removal van was half full when they received a phone call from their solicitors saying that the party buying their house, didn't have enough funds to go ahead!:eek:

Now as far has my brother was concerned, they had completed and exchanged, the seller of the house they are moving to, has emigrated to New Zealand, so the house is standing empty!

It turns out that the buyers mortgage offer has run out???? (The whole thing has been dragging on for months and months.

Now who is at fault, my brother will be out of pocket as I'm sure the removal company will want paying for yesterday as well as whatever new date they will be given!

Any advise please!

Sarah:D

PS, to top it all my brothers eldest son, fell out of a tree and need to go and have stitches....

lilyann1

Oh dear how terrible.
So long as you had exchanged,the your brother should be able to claim compensation from the party who didn't complete on time.
I just do not believe that the solicitor hadn't checked their money wasn't in order!!!!

chivers1977

The buyer will be charged penalty interest plus any out of pocket expenses ie removals/solicitors/funds transfer fees etc and that is from all parties in the chain

izoomzoom

The question that really needs to be answered is whether OP's brother exchanged or not !

Sarahjovi

izoomzoom wrote:

The question that really needs to be answered is whether OP's brother exchanged or not !

As far as my brother is concerned, he has exchanged.

Sarah:D

lilyann1

IF the deposit monies changed hands then he has exchanged.
He has to speak to his solicitor and yes i would be pushing for all sorts of compensation

freebo_2

Sarahjovi wrote:

As far as my brother is concerned, he has exchanged.

Sarah:D

That really is the important issue, did your brother's solictor tell him they had exchaned contracts, and its not just that he had signed his contracts and sent them to his solicitor? Its not unusual to exchange and complete at the same time, but can leave everyone at risk from last minute problems. If he had exchanged, out of interest, how long was this prior to completion day?

Sarahjovi

I've just spoken to my sister in law, and their solicitor says, that the buyer has 10 days to sort out their problems or they will forfit their deposit, beacause they are in breach of their contract, so that must mean that the deposit have been exchanged! They signed the documents a couple of weeks ago and all agreed on the completion date. I said to her, why hadn't her solicitor checked the money was in place and she said, thats what I want to know! What a mess!

Thanks for your help, I've been relaying to my Brother and Sister in law and they're very greatful!

Sarah

Debt_Free_Chick

Sarahjovi wrote:

I said to her, why hadn't her solicitor checked the money was in place and she said, thats what I want to know! What a mess!

But the solicitor probably did check, hence your bro got the call. The total money (minus the deposit) is rarely transferred before the day of completion, which is why you pay a fee for a telegraphic transfer/CHAPS. It's also the reason why you rarely get the call from your solicitor much before midday. Even CHAPS is not "instant" and takes a couple of hours to go through.

HTH

movingforward2010

this sounds awful:eek: , i hope it gets sorted

never_enough

Never heard of this before, I'd be going crazy!! :mad: :eek: :mad:
Hope it all gets sorted soon for them.