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Bank caused completion to fail
abam86
Posts: 1 Newbie
First Direct failed to enter an account reference into the mortgage transfer. Which meant we could not complete on the arranged date (today/Friday). The bank eventually found the money and transfered it to our solicitors on the same day (Friday), however after the 3 pm deadline.
Our solicitor is confident of everything going through on Monday and is pursuing the bank for any penalty charges.
Where do I stand? Having admitted the error are the bank legally responsibility for covering penalties? Can the seller pull out and claim my deposit?
I appreciate I am panicking and all I will be sat in my new garden on Monday but I've been saving 4 years for today and don't want to worry all weekend.
Our solicitor is confident of everything going through on Monday and is pursuing the bank for any penalty charges.
Where do I stand? Having admitted the error are the bank legally responsibility for covering penalties? Can the seller pull out and claim my deposit?
I appreciate I am panicking and all I will be sat in my new garden on Monday but I've been saving 4 years for today and don't want to worry all weekend.
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Comments
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How appalling, I am so sorry, I can't offer advice but wanted to send you a hugBlackpool_Saver is female, and does not live in Blackpool0
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Unless the seller doesnt want to sell, theyre not going to pull out for the sake of a day. It would take longer than that to be relisted - let alone a valuation, a new mortgage, finding a new buyer etc etc.
Dont worry.
There are unlikely to be any extra fees incurred.I am a Mortgage AdviserYou should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0 -
The bank is likely to pick up the tab for any extra costs incurred by you or passed on to you by the vendor as it was their fault. You may also get a modest additional amount in recognition of the distress and inconvenience to you.0
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The solicitors will need to get a revamped redemption statement for any mge/loans that are being redeemed on completion - is as far as the issues will go I suspect.
The vendor is NOT going to pull out for the sake of a days delay due to the banks error - sit tight, don't worry and enjoy the sunny weekend !!
I doubt there will be any penalties, although their RS may have altered slightly due to the extra incurred interest over the intrim days, if they voiced their displeasure etc, and you wished to pursue the matter though the banks complaint process I can't see them refusing any justified fees, any D&I payment will be circa £50 or so.
But, put that to one side ... see what Vendors and Monday bring
Holly x0
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