Failed house completion

go_cat

Fingers crossed for you today, it's every buyers and sellers nightmare hope it goes through ok today

pinkshoes

I'd be furious that the vendor did not state that they were in a chain.

The fact that they didn't declare a chain complicates everything, as if they weren't buying, then the one day delay in completion wouldn't have made any difference to them other than an additional day of council tax on the property they're selling to you. They could still have moved into rental or wherever they were going.

On this basis (and given your offer was probably based on them being chain free...), then I'd only pay the very basic expenses with a receipt i.e. additional day of council tax.

dodger1

No idea of any of the legalities, my only comment is the £1,000 costs seem reasonable IF they have to stay in a hotel overnight and they are using a professional removals company.

InMyDreams

pinkshoes wrote: »

I'd be furious that the vendor did not state that they were in a chain.

Surely you'd always assume a chain unless told otherwise?

I'd be furious if the vendor implied that they weren't in a chain when they were, but if the question hadn't been asked, I would have assumed that they were, to be honest. Anyone chain-free would have used it to their advantage at the negotiation stage, so why would they keep quiet about it?

But apart from that, huge sympathies (and no advice, I'm afraid). Sounds like a complete nightmare. I keep checking back for updates...

monkeymania_2

We have completed, keys in hand! :j

The vendor agreed to release the keys on the proviso that we would pay the costs later on once he has gathered the receipts. More than happy with that outcome as it gets us into the property, although it has been a really stressful couple of days. Determined not to let it take the shine off moving into our new home though.

My thoughts now turn to finding out why on earth the funds were not transferred on time. Yes, DVardysShadow, I understand that I am ultimately liable for the failure to complete on time in the context of the contractual relationship with the vendor. Obviously. I'm also pretty sure I haven't whinged in any of my posts about the vendor's right to make a claim for costs, or about my obligation to pay them.

However, I believe I do have a gripe about the way the transaction was handled on my side. I hired professional conveyancers to take care of the transaction on my behalf and to execute the contract smoothly. I think I have a legitimate right, given they have taken a fee, to feel aggrieved that they did not manage to execute the contract correctly. They of course are blaming the bank for dragging their feet on the day, but isn't that just passing the buck? I expect that they have performed thousands of these transactions and so, given their experience (for which they are being paid), would it not have been prudent to have requested the money prior to completion day (as seems to be the industry norm) or, at the very least, to have enquired with Clydesdale BS in advance as to how long it would take to transfer the money on the actual day (neither action was taken, I believe). It strikes me that they left it in the lap of the gods by ordering the funds on the day. As a result, we breached the contract.

Does anyone have any experience of this scenario? Does it seem that my conveyancers have failed in their duties? Do I have grounds to claim compensation? Or should I shut up and "take it like a man"?

go_cat

Congratulations , you have your house and can deal with who is to blame after the weekend

DVardysShadow

monkeymania wrote: »

We have completed, keys in hand! :j

The vendor agreed to release the keys on the proviso that we would pay the costs later on once he has gathered the receipts. More than happy with that outcome as it gets us into the property, although it has been a really stressful couple of days. Determined not to let it take the shine off moving into our new home though.

My thoughts now turn to finding out why on earth the funds were not transferred on time. Yes, DVardysShadow, I understand that I am ultimately liable for the failure to complete on time in the context of the contractual relationship with the vendor. Obviously. I'm also pretty sure I haven't whinged in any of my posts about the vendor's right to make a claim for costs, or about my obligation to pay them.

However, I believe I do have a gripe about the way the transaction was handled on my side. I hired professional conveyancers to take care of the transaction on my behalf and to execute the contract smoothly. I think I have a legitimate right, given they have taken a fee, to feel aggrieved that they did not manage to execute the contract correctly. They of course are blaming the bank for dragging their feet on the day, but isn't that just passing the buck? I expect that they have performed thousands of these transactions and so, given their experience (for which they are being paid), would it not have been prudent to have requested the money prior to completion day (as seems to be the industry norm) or, at the very least, to have enquired with Clydesdale BS in advance as to how long it would take to transfer the money on the actual day (neither action was taken, I believe). It strikes me that they left it in the lap of the gods by ordering the funds on the day. As a result, we breached the contract.

Does anyone have any experience of this scenario? Does it seem that my conveyancers have failed in their duties? Do I have grounds to claim compensation? Or should I shut up and "take it like a man"?

I agree entirely with your stance here. When I said 'take it like a man', I was referring to how you deal with the vendor - that you don't just deflect the vendor onto your professionals. You have been badly let down by these professionals and you should be recompensed by them

Emma18

Our t's & c's from our solicitor stated that they would receive the money from our lender into their client account the day BEFORE completion. Check yours to see if there is a similar process they said would happen - you might just get lucky there.......

Good luck

Thrugelmir

When did you agree and set the original completion day?