Any point? Are we just flushing money down the bog?

pops5588

For the last couple of months we have very sslllooowwwllyy been progressing in our house purchase. Communication between the solicitors in the chain has, quite frankly, left a lot to be desired. We only found out a few weeks ago that we both actually wanted the same thing ie. an early August completion date and now they have specified next Friday, the 9th of August.

However they are not even ready to exchange yet. We have done everything required, the solicitor has our 10% deposit, we have signed all the relevant papers. Apparently the vendor's solicitor is still waiting on one search result and the answers to some outstanding questions but they are still adamant that they are aiming for August 9th. We have already told them that if we cannot complete by August 9th we will not be available to complete again until September 16th.

Our solicitor is going away tomorrow, and today he sent us an email asking us if we are happy to instruct him to submit a report on title to the mortgage lender in order to receive the funds for completion in time. The downside, however, is that if we do not in fact manage to exchange and complete by August 9th we will be charged for having to send the fund back to the mortgage lender. The charge is just shy of £50. He also said that unless there is very rapid movement within the next few days the likelihood of completion on August 9th is...non-existent.

Is there any point??

daisygirlmac

Do you know where in the chain is not ready to exchange or is it all of you? How big is the chain?

pops5588

We are FTBs, buying a house from our Vendor, who is buying an empty house from a couple who moved to America. The last couple flew back from America specifically to sign all the documentation ready for exchange but it would appear that it is their solicitor being slow at getting back to the Vendor in the middle of the chain so they are currently not ready to exchange.

daisygirlmac

I think I would get on to the estate agent you are buying off and ask them to get on the phone. Explain about not being able to complete until Sept if 9th August isn't met. They will want their commission in August rather than September so should really push for you. Also worth trying to find out what exactly are the outstanding documents and if your vendors are in contact with the next one's up the chain they could maybe get in touch and ask for things to be speeded along.

Replies to enquiries can be sent by email. Some solicitors think snail mail is an appropriate way to communicate and it can help to remind them there are other options. Get your solicitor to get on the phone and start pushing, also see if you can find out when the searches were ordered (they should take about 2 weeks). The more info you have, the better you can make sure it is directed to the right person.

Could your solicitor leave the request for funds with someone else if he is away? Is there a timescale for the transfer of funds from your lender?

Yorkie1

OP, it really would be better if you stuck to one thread so everyone can remember the previous issues ...

http://forums.moneysavingexpert.com/showthread.php?t=4639635&highlight=
http://forums.moneysavingexpert.com/showthread.php?t=4674523&highlight=
http://forums.moneysavingexpert.com/showthread.php?t=4708279&highlight=

are your most recent three.

pops5588

Well I would have used the previous thread but it rather got hijacked by two people having an arjy-barjy...

We have contacted the Estae Agent, they claim to have no further information to give us and we will just have to sit and wait. Our solicitor is also abysmal at chasing anything. Will definitely try to find out exactly what it is they are waiting for.
Solicitor told us it takes 5 days for the funds to process so needs a decision by the end up of the week as to whether to request them or not. Yet he won't confirm that our file is even being left with anyone in his absence.

caeler

pops5588 wrote: »

We have already told them that if we cannot complete by August 9th we will not be available to complete again until September 16th.

I'd think the rest of the chain will be cursing you for that!!

hcb42

you need to get your vendor to nag up chain, all doable if you work at it.

For $50 i would risk it too, although your later completion date might throw a spanner, if you can remove the barrier here do it

pops5588

Unfortunately my boyfriend's next batch of chartered accountancy exams were always going to be some time in September, everyone was made aware of this. They are very important and this was never an issue because the vendor also wanted to complete in August. We were also very flexible in terms of we said we were prepared to wait for them to find the right property for them and wouldn't force them into rented accommodation, seeing as they were waiting for an offer on their house before they even began their house search.

pops5588

hcb42 wrote: »

you need to get your vendor to nag up chain, all doable if you work at it.

For $50 i would risk it too, although your later completion date might throw a spanner, if you can remove the barrier here do it

Thank you for your opinion on the question actually asked!

hcb42

pops5588 wrote: »

Thank you for your opinion on the question actually asked!

Just done it, amazing the differences in stories sometimes, unite with your vendor and push the sols. It can be done, our 3 person chain was being held up by one solicitor, and we were in a situation where we had to give notice on rental.

If you can overcome the exam thing though, I would do, you will feel tonnes better once you have exchanged, far less stressful! (and I am currently studying law and working FT AND 6 weeks into new job when we completed so I know!!!!)