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Bad advice , promised to complete and didn't!
Comments
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If recent posts are anything to go by, there seems to be one born every minute.
Large financial transaction - check
No experience - check
Don't wait for finance to be in place - check
Go for it - check
Oh !!!! - check0 -
This is a wind-up, surely?No reliance should be placed on the above! Absolutely none, do you hear?0
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kingstreet wrote: »I find it difficult to believe any solicitor has agreed to a completion date and exchanged contracts without a mortgage offer in place.
Have you entered into some form of agreement with the vendor outside your solicitor's knowledge or advice?
Commercial transactions are very detailed and can be very long-winded and jumping the gun and acting like it's a house purchase is not advisable.
commercial transactions follow the same process - exchange contracts, complete on fixed date. If anything, commercial deals are more frequently done without finance in place at completion as the clients are generally much more commercial about getting finance last minute from their existing lenders of finding the cash somewhere.
As long as a solicitor has advised their client not to exchange without finance, their duty is done and the buyer can decide whether to accept the risk, however foolhardy it may seem.0 -
Right, my wife has written all previous posts and I will fill in the missing parts!
The propert in question is a public house that is not trading. I have been dealing in residential property with no problems.
When I viewed the property I was told by the estate agent that another party was also interested in the property, I made an offer at the same time as the other party....was this a lie? who knows!
Based on this I made my usual phone calls to my mortgage broker who fowarded me on to a commercial loan specialist, I was told that the money will not be a problem(999/1000 credit rating, deposit money sat in the bank and various other property).
we exchanged conracts with a competion date in 9 weeks time, this was my only stipulation as I knew I needed time with the commercial funding.
The mortgage broker asked me to provide lots of info, I did this swiftly as to keep things moving.
I made several phone calls every day asking for an update and was told that the application was in withthe lender and we are waiting for ann offer.
3 weeks past and I had heard nothing, I contact the lender direct and they do not have myself or the property on thier system! OMG!
I then discover that the broker I am using is going through another broker before the lender, The application went in 2 weeks ago today, I have been lied to when I trusted someone potentialy with my future.
Completion was due on 7/6/2011, I have now been issued with a notice to complete and I am this very minute seeking private investors.......
I paid a £15000 deposit (10%), if icannot secure funding losing the deposit would be one thing...be sued for other costs??? I have no idea!
Had the mortgage broker been truthful with me 8 weeks ago I could have raised the money elsewhere with my plan B, now it is too late because of the broker's negligence!
Andrew Dilley0 -
In those circumstances, I think you can make a complaint under the FSA's rules. You have been deliberately misled, and it looks like at the very least you are going to lose your deposit.
Is there actually anything wrong with the property, ie anything the survey has shown up? I assume that you intend to redevelop the site?No reliance should be placed on the above! Absolutely none, do you hear?0 -
I have been told that commercial lending is not regulated by the FSA? proving negligence could be hard work. I may redevelope the site although there are many possibilities as a project.0
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So, do you know what's wrong with the loan application? You still have a few days for the lender to come up with the money before the completion notice expires.No reliance should be placed on the above! Absolutely none, do you hear?0
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I think I can secure a bridgeing loan in time!0
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do you know what's wrong with the loan application?So, do you know what's wrong with the loan application? You still have a few days for the lender to come up with the money before the completion notice expires.
If the problem lies with the survey, for example, it becomes harder to blame the IFA (although timing of application was clearly also an issue).0
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