Day before completion & vendor has not signed contract - Help

lisauk82

Did you hear anything today? I bought a repossession property last month it was a nightmare lol. Hope everything works out for you.

Ulfar

This is another tale of woe that occurs when solicitors/estate agents think exchange and completion on the same day are ok.

Never ever do it, always insist on 4 weeks between, you are the one that has to put up with all the stress, anxiety and have to deal with the consequences when it goes wrong.

You are also the one in charge, if an estate agent or solicitor say this is what is going to happen just tell them no.

sonastin

Ulfar wrote: »

This is another tale of woe that occurs when solicitors/estate agents think exchange and completion on the same day are ok.

Never ever do it, always insist on 4 weeks between, you are the one that has to put up with all the stress, anxiety and have to deal with the consequences when it goes wrong.

You are also the one in charge, if an estate agent or solicitor say this is what is going to happen just tell them no.

No need to be so presecriptive. It depends entirely on the circumstances. For both of my purchases, completion as soon as we were ready to exchange made absolute sense. Insisting on a 4 week gap would have achieved nothing more than waiting around 4 weeks until I could own the house. By all means advocate caution but it certainly isn't a "never ever"

Ulfar

sonastin wrote: »

No need to be so presecriptive. It depends entirely on the circumstances. For both of my purchases, completion as soon as we were ready to exchange made absolute sense. Insisting on a 4 week gap would have achieved nothing more than waiting around 4 weeks until I could own the house. By all means advocate caution but it certainly isn't a "never ever"

You right in that it does depend on circumstances but I would be very cautious before agreeing to exchange and completion on the same day it is so open to problems and abuse.

I would conisder it when buying if moving from rented but if it is part of a chain I really wouldn't do it. Even if doing it from rented I wouldn't give my months notice until exchange/completion had occurred. The month overlap can be very handy as I have already discovered during one move.

kazam401

Well here's an update :mad::mad:

I spoke with the solicitors & EA's last Friday & Saturday & have got NOWHERE !!!!!!!!!

Apparently this vendor lady (& I use that term lightly) told her solicitors that she never received the contract!!!!!!!!!!!!!!

But she would ensure that it got back to her solicitors first thing this week (how the hell can she say that if indeed she had never receive it - she obviously thinks I am stupid!!!)

Phoned solicitors today - nothing has been received - but told again that this "lady" has been difficult to contact throughout this process!!!!!

I've had enough now & have told my solicitor that she has until the 6th July to exchange contracts (not complete - see I have learnt something) before I put my "Buyer's protection insurance" into play which will get me £600 back if I'm lucky (7th July is last date that I can claim on that)

My wife is very upset about all this, she had her little heart set on this place - I am just angry that this woman can mess people about like this - sat in her lovely big house in Scotland (I've google mapped it) - not bothered about the concequences her lack of action have on other peoples lives & I am very angry at the money & time this has cost me!!!

Will re post again if anything else happens - be it good or more likely bad.

kmmr

No helpful advice, but best of luck kazam, I hope it works out for you. Probably doesn't help now, but if you lose this house quite often a better one will come along! Happened to me, but hard to accept in the emotion of the moment right now.

Be tough! You will get there eventually.

kazam401

Well latest update on this saga - is "No Update"

Friday the 8th July @ 5:00pm is when we finally give up on this house

This woman has just disappeared she is just not responding to anyone's attemps to contact her (how weird!!)

Obviously decided not to sell to us but hasn't got the balls to face up to it - if she thinks she can get more for this property I would have to say "doubt it very much"

Been looking on the housing market again & seeing a lot of houses getting reduced in price significantly £30k - £40k in some instances in & around where we want to buy so not too disheartened.

I just hope this "lady" has been paying council tax on her "For Sale" property because from tomorrow it is being asked about & my local council will be receiving a contact address for any missed tax payments (if there are any) - That'll make me feel slightly better

oldone_2

There is one consolation in all this. The E.A has found a buyer willing and able to proceed (you), so they have a strong case for claiming their fees from her whatever happens next.

maninthestreet

oldone wrote: »

There is one consolation in all this. The E.A has found a buyer willing and able to proceed (you), so they have a strong case for claiming their fees from her whatever happens next.

Not if the buyer pulls out, I suspect.

oldone_2

maninthestreet wrote: »

Not if the buyer pulls out, I suspect.

In the case outined by the O.P it is the VENDOR who may be pulling out. They will have signed a contract with their Estate Agent, which will probably say fees are still chargeable if they find a proceedable buyer and then decide not to sell.

I do agree with your point that if the O.P pulls out the vendor would not be charged; but then the E.A did find a proceedable buyer, and because the vendor messed them around they pulled out, in which case the E.A may still try and claim their fees.