Completion deadline missed due to bank error

olly300

Christyt wrote: »

But they made a stupid but extremely crucial clerical error and one that I think a bank should be embarrassed about making in this sort of transaction.

The bank won't be embarrassed because it's a human error.

If you have ever worked in a bank, or go and speak to people who work in banks you will know and find they always make errors.

They maybe crucial to the people or business concerned but not to the bank unless the customer owes them a lot of money or has a lot of money. (Think in millions rather than thousands.)

Also depending on the department and the sort of customers they deal with they are prepared for customers to ring them to say something is crucial and has to be done by this time. Then the bank staff will tell them if it's possible and ring them back when it's done.

Christyt wrote: »

It's a sad state of affairs when you have to ask up front what can go wrong in order to make sure it doesn't.

It seems to me everyone tolerates a level of deceit, incompetence, ignorance and lack of professionalism throughout every stage of buying and selling a property which I think is shameful when you consider what's at stake.

Why do you think this board is here?

olly300

Christyt wrote: »

She had lots of good feedback on a Conveyancing solicitor website (way more than anyone else) -www.theadvisory.co.uk....she was good in that she was always accessible by phone and email and was generally prompt with replies. But as most seem to be, passive, naively optimistic about post/banks/the seller's solicitor.

To be honest I'm surprised your solicitor was happy with you exchanging and completing on the same day.

Lots would advise you not to do so because of the risk of issues like this and then will charge you for the privilege.

theartfullodger

Christyt wrote: »

To be honest my solicitor has been useless. SHe seems to work on the best case scenario principle all the time - the post will always arrive 'tomorrow' and the seller's solicitor will get back to us 'soon'. She could have warned me about the 3.30pm cut off at midday when I chased her about it. Then I would have hassled the bank earlier and possibly might have sorted it out in time.

I'm outraged that a bank can fall down on its responsibilities and not compensate people fairly for the consequences...

And you chose your solicitor and bank mortgage on the basis of the cheapest deal - or did you decide to pay extra and hope to get a better service??

I only ask as in my experience all banks & solicitors can be incompetent, regardless of who they are & the price you pay.

No offence, but planning your life on the basis that nobody ever makes mistakes is a strategy likely to end in tears....

At least you have the comfort to know you did nothing wrong yourself & provided all info well on time & correctly.

Cheers!

Artful

silvercar

Solicitors advise drawdown of funds the day before completion to ensure the money is ready to go on completion day. If yours had done this, they would have realised the error sooner.

One of the advantages of exchanging and completing on the same day is that there are no repercussions if you walk away from the deal at the last minute. It also means you had no legal obligation to complete on Friday, so the bank's error was not crucial. If you had already exchanged you would probably have been entitled to more compensation for the error.

Christyt

Thanks all - I appreciate all your thoughts. I guess its easy to be wise after the event. It's a bit like learning diy - often you spend hours on it and you never get to apply your newfound knowledge again. A mate of mine who does up properties told me every property sale/purchase has a different set of problems/mistakes which he's never come across before.

I will see what I can get out of First Direct as the human error count on this whole mortgage has been high and if professionals are paid to do provide a service and their mistake causes material 'damage' to the client, in most scenarios, some compensation is due I would have thought.

I'll let you know how much, if anything, I get!

sonastin

The bank can't possibly know your personal arrangements so any compensation they would be willing to offer will be a gesture of good will rather than payment for your time off work. Say for example, you were planning to go on a world cruise on the day after completion - you couldn't now expect the bank to cough up the funds for a new world cruise because you've cancelled this one because of their delay. Similarly, you could just put off the work that needs doing until next weekend - the bank is not to know that that isn't an option for you given your circumstances. They may be willing to offer some sort of compensation but I wouldn't hold out much hope of it being equivalent to 2 days holiday.

olly300

Christyt wrote: »

Thanks all - I appreciate all your thoughts. I guess its easy to be wise after the event. It's a bit like learning diy - often you spend hours on it and you never get to apply your newfound knowledge again. A mate of mine who does up properties told me every property sale/purchase has a different set of problems/mistakes which he's never come across before.

Someone has put this thread up - https://forums.moneysavingexpert.com/discussion/2933392

Asking the Pros and Cons of exchanging and completing on the same day. I think you should contribute.

Christyt wrote: »

I will see what I can get out of First Direct as the human error count on this whole mortgage has been high and if professionals are paid to do provide a service and their mistake causes material 'damage' to the client, in most scenarios, some compensation is due I would have thought.

I'll let you know how much, if anything, I get!

Anyone with good and traceable background can end up working in a bank - I did briefly. So while you think of them as professionals due to getting paid, the staff keying stuff in truly are not. Your solicitor definitely is in the traditional sense of the word (if they are indeed a fully qualified solicitor) , and should have been more on the ball.

However even professions like your solicitor need you to keep an eye on them, as though they are working for you unless your case is really unusual you are just another client.

Christyt

Hi all,

Just to tie things up - First Direct managed to continue to fail to transfer the required money to my solicitor until about 5 minutes ago.

I'm not saying this is typical of them but it is difficult to understand how they could mess it up so many times.

And having initially requested £200 compensation for days lost I upped this to £300 for having lost yet another day.

They have agreed to this and sounded pretty shamefaced. I think this is fair and at least shows it's worth asking for fair compensation.

I wont' breathe out until I have the keys in my hand, but I think, finally, it might be over!

theartfullodger

Christyt wrote: »

Hi all,

Just to tie things up - First Direct managed to continue to fail to transfer the required money to my solicitor until about 5 minutes ago.

I'm not saying this is typical of them but it is difficult to understand how they could mess it up so many times.

And having initially requested £200 compensation for days lost I upped this to £300 for having lost yet another day.

They have agreed to this and sounded pretty shamefaced. I think this is fair and at least shows it's worth asking for fair compensation.

I wont' breathe out until I have the keys in my hand, but I think, finally, it might be over!

Good to know it ain't all about compo...

No offence, but planning your life on the basis that nobody ever makes mistakes is a strategy likely to end in tears....

At least you have the comfort to know you did nothing wrong yourself & provided all info well on time & correctly.

.. can't find the "irony" emoticon....

pete1717

Christyt wrote: »

She had lots of good feedback on a Conveyancing solicitor website (way more than anyone else) -www.theadvisory.co.uk....she was good in that she was always accessible by phone and email and was generally prompt with replies. But as most seem to be, passive, naively optimistic about post/banks/the seller's solicitor.

It sounds as though your solicitor chose to exchange and complete on the same day because she had doubts about the Lender releasing the funds in time - in this way, by not exchanging Contracts beforehand she has looked after your interests and avoided financial implications for you by a possible breach of Contract.

As for exchange and completing the same day, this happens often and particularly when there is a sale with no related purchase, or vice versa.

Most Lenders e.g. Santander, will fax a letter to the solicitors to confirm release of funds on the required date and the Solicitor can then safely exchange. Not all Lenders will do this and so I think your solicitor has acted wisely here and I think blame is being wrongly apportioned.

If your Lender had done their job properly and released the funds on the correct day you would have moved in on the day you wanted and would have had no gripes about your solicitor would you?