How long does it take?

Gaz1980

Hi people.
I've bought a house! (Advertised by WH Brown's as having no chain).

(May 4, 2012 is when my offer was accepted, 14th May 2012 is when the first lot of money went from my account to the bank and WH Brown Estate agesnt)

Read more: http://djgaz.proboards.com/index.cgi?action=display&board=Help&thread=1992&page=1#ixzz26oy88llF

Just wondering how much longer it will take? I've emailed the solicitors asking if I can get my money back due to the fact I am losing money on the inerest and here's there reply:

[FONT=Arial,Helvetica]"No I am still chasing the solicitors for a completion date. I honestly dont know what the hold up is[/FONT]

[FONT=Arial,Helvetica]Cheryl Smith[/FONT]
[FONT=Arial,Helvetica]Conveyancer Blacks Solicotors"[/FONT]

So what can I do? Shall I just tell the estate agenets and solicitors I want to back out of the sale? How much will that cost me? Don't think it's fair that I should have to pay anything as it's not me that's holding the job up What do you reckon I should do?

kingstreet

The choice is yours alone. At this point, your wasted money may be limited to what you've spent. You need to ask your solicitor.

Pull out of the purchase and find another property elsewhere.

or

Continue with the purchase, asking the selling agents the reason for the delay and perhaps setting the vendor a deadline for exchange which will see you pull out if it isn't met.

Is it an executor or matrimonial situation. Either would mean potential delay if agreement/probate had not first been obtained.

rosyw

Are you using WH Brown's recommended solicitors? if so from my experience they are useless! they held up my purchase for weeks claiming not to have received paperwork from the vendor, all of which had been sent recorded delivery and signed for by a member of their staff. What got them moving was my threat to pull out if the deadline I gave them wasn't met, followed by a call from the vendor stating they wished to collect everything to hand over to an alternative solicitor, which got them moving rapidly and we completed about a week later

Mickygg

So what have you paid over? The deposit or full funds for completion?I pay over money for deposit when close to exchange, then after exchange pay remaining amount plus mortgage to come.
If you have paid 10% deposit unless you have bought a £1m home you won't b losing much interest on current rubbish rates.
You will lose out on solicitors fees to date, mortgage arrangement fees and survey costs if applicable to you, should you pull out.

Fire_Fox

I am nonplussed you have put the full postal address of the property, name of the departing owners, solicitors contact details and suchlike in your threads. Can I take that as a housewarming invitation?

Gaz1980

Yes I am using WH Brown's recommended solicitors The deposit and full funds for completion have been paid ages ago.

I've had a reply from the estate agents:

I have been progressing again today and we should know any day now the decision of the vendors lender. It is your decison but if your ready with your funds when we get confirmation of the decision then you are good to go.

When do you think I should give them a deadline by? Seems odd having to have to do that to get anything done. Sureley on day one I could have said I wanted it all completing in x amount of time if that's the case?

kingstreet

This;-

we should know any day now the decision of the vendors lender

indicates there may not be enough in the pot to repay the vendor's mortgage. In these circumstances, I'm not sure there's much you can do. It's possible if you pull out the property may be repossessed, but this depends on my reading of the situation being accurate.

This;-

The deposit and full funds for completion have been paid ages ago

and this

if your ready with your funds when we get confirmation of the decision then you are good to go

don't add up.

If you are taking out a mortgage, the solicitor can only hold the mortgage funds for a few days before having to return them to the lender if completion doesn't take place. The agent's email suggests the solicitor is not in receipt of all the funds as you suggest.

If you do not understand the reason why the process is taking so long in your case, telephone your solicitor and ask them to explain it to you. An internet forum, while useful, cannot give you the full and complete answers you obviously need to enable you to make informed decisions.

Good_Money

This is a big shame - the pool party you were planning would have been great in the summer but the days are getting cooler and shorter.

Maybe you can get some patio heaters?

House buying is such a slow process - you need a bit of luck I think and the right solicitiors! Mine have been ok but most need a chase up now and then.

Gaz1980

The sales fell through. The people selling it have backed out after all that
Now need some advice on how I go about getting my money back, it's took 3 weeks for the solicitors to return my cheque.

But not sure how I go about getting the fees back if I can claim anything?

MobileSaver

Gaz1980 wrote: »

Bought a house May 4

You need to stop saying you have "bought a house" when you clearly have not. Making an offer and having it accepted is not the same as buying a house, you only buy it once the seller receives your payment and the transaction is completed.

Did you have an agreement with the sellers that they would cover your fees if you pulled out? If not then unfortunately you cannot claim anything back.

Fire_Fox

Gaz1980 wrote: »

The sales fell through. The people selling it have backed out after all that
Now need some advice on how I go about getting my money back, it's took 3 weeks for the solicitors to return my cheque.

But not sure how I go about getting the fees back if I can claim anything?

You can't reclaim anything, you have no legally binding contract. If you wish to limit your losses next time use a no sale-no fee solicitor.