Help please - delayed completion / 'lost' mortgage funds

puddleduck

We were meant to complete on our house purchase by 2pm today. There is no chain, and we're not moving in straight away, so I'm not with a lorry waiting to get in or anything.

Our solicitor rang me at 1pm to say that although our mortgage funds were transferred to them yesterday afternoon, they weren't in their account this morning. Our solicitors bank has confirmed that they have the money but that it is in some filter queue(?) so the solicitors haven't got it in their account - therefore the process of transferring it to the seller's solicitors hasn't even started yet.

I'm guessing our solicitors only have until 3.30pm to sort it out before the weekend (that's when CHAPs closes I think?).

Does anyone know what I can expect to happen from this point? Obviously we're in breach of contract. Will the vendors solicitors sue us and where does that leave us? We've done all the things asked of us and I even queried the 2pm deadline on the contract with the solicitor before signing it (and was told, by email, that there was nothing to worry about!)

And advice would be really appreciated. We've had a family bereavement this week and am already completely and utterly drained without needing to fight this too.

Thank you.

JayZed

How infuriating for you. I would think that if there's no chain (i.e. if the vendors aren't relying on your funds to complete their own purchase today), and the vendors receive the funds first thing on Monday morning, nobody will be any the worse off and they're not going to go to the hassle and expense of suing you.

You should check that your solicitors are keeping the vendors' solicitors in the picture, though.

kingstreet

I'd suggest the solicitors get their bank to sort this immediately. Or get an overdraft to cover the needed outgoing payment.

puddleduck

Thank you. Having trouble getting hold of our solicitor now...'on the phone' apparently.

keepsaving!

You poor thing, sounds awful to have to go through this at the very last hurdle.

I'd agree that this isn't your fault technically, your mortgage provider transferred the funds in time and it's your solicitors' bank who are delaying transfer to your solicitor. They should surely have an overdraft as suggested for this sort of contingency, or surely they're the ones liable? And as JayZed says, as your vendors have no chain, so hopefully aren't relying on the cash coming through today rather than Monday, they won't go to the bother of suing.

Fingers crossed for you!

MrRee_2

Sorry to hear this ..... it very often goes to the wire - I don't know why, though! House buying and selling is done all the time ......

I hope it works out OK, as was said above - no chain means that it should all sort itself out painlessly. Sellers certainly won't sue you!

JimmyTheWig

I would imagine that you would be liable for any interest incurred / lost by the vendors during the delay.
But other than that, thank goodness there is no chain involved!

I would like to think that whoever was at fault (bank, etc) would fit the bill for the vendors interest, but I don't know.

puddleduck

Thanks everyone, your support means a lot!

Waiting for solicitor to call us back (again). Since my OP she's said that they will forward any costs incurred to their bank and we don't need to worry about that side of things. I'm not convinced though!

Will update when there's anything to update about.

MrRee_2

You'll be OK ... relax, chill, have a glass of wine ... pick up the keys on Monday.

Richard_Webster

Sounds like a bank foul up - I would be very cross indeed with my bank if I was told something like that.

JimmyTheWig

That's good news about the costs, puddleduck.

Very, very frustrating, but looks like all will be ok...