Completion Day - money not wired by law firm

MedStudentUK

Hi there, new here and not that clued up so appreciate any advice.

First time buyers (with my wife) and completion day was today. Money was sent by our law firm 11am and expected keys by 12pm. Continual day of chasing up and vendors lawyer says money not present and not pending.

Vendor lawyer chased after Swift for proof, our bank unable to produce in less than 24hrs. Our law firm produced a document signed by all partners to try to get the keys released. Vendor lawyer refuses, vendor lawyer says their bank has no record of any money sent or pending.

End result, after a day of chasing and emailing estate agent and law firm, ended with my pregnant wife and I sat in estate agents office, them on the phone to the actual lady selling the house asking that she give us the key. She refuses based on advice given by her lawyer but obviously feels bad about it.

There is no chain, and we transferred our money to law firm 5 weeks ago, and have been in communication prior to check process proceeds correctly.

Everyone involved in process has gone home, with no thought to us who are still knee high in boxes having been left homeless (end of rented tenancy agreement) and out of pocket for moving costs and taking time off work (and have to repeat it all tomorrow).

Just wondered where the buck stops and where we might look for compensation. Any help/advice appreciated.

helptoyou

You need to talk to your solicitors and they need to speak to there bank if funds were sent by chaps there is no way (providing correct details used and the system has been working) that the funds would not have arrived on time.

I would not expect the selling side to release keys if funds have not been received no matter what your situation.

Not Sure why your bank Would not provide details of chaps straight away and need 24 hours its either been done or not.

Thrugelmir

MedStudentUK wrote: »

First time buyers (with my wife) and completion day was today. Money was sent by our law firm 11am and expected keys by 12pm.

You would have been fortunate to achieve that.

gazter

MedStudentUK wrote: »

Hi there, new here and not that clued up so appreciate any advice.

First time buyers (with my wife) and completion day was today. Money was sent by our law firm 11am and expected keys by 12pm. Continual day of chasing up and vendors lawyer says money not present and not pending.

Vendor lawyer chased after Swift for proof, our bank unable to produce in less than 24hrs. Our law firm produced a document signed by all partners to try to get the keys released. Vendor lawyer refuses, vendor lawyer says their bank has no record of any money sent or pending.

End result, after a day of chasing and emailing estate agent and law firm, ended with my pregnant wife and I sat in estate agents office, them on the phone to the actual lady selling the house asking that she give us the key. She refuses based on advice given by her lawyer but obviously feels bad about it.

There is no chain, and we transferred our money to law firm 5 weeks ago, and have been in communication prior to check process proceeds correctly.

Everyone involved in process has gone home, with no thought to us who are still knee high in boxes having been left homeless (end of rented tenancy agreement) and out of pocket for moving costs and taking time off work (and have to repeat it all tomorrow).

Just wondered where the buck stops and where we might look for compensation. Any help/advice appreciated.

I signed my papers to enable exchange yesterday, my solicitor told me that under no circumstances was i to authorise handing over the keys to my buyer until she received the money. She was quite explicit about this and implied that if i was to do something so stupid a big scary monster would jump out from behind a bush and eat me up.

MedStudentUK

Hi, appreciate the replies but my query is not about what the lawyers or bank should have done. I am interested if anyone has any opinions about liability and compensation seeing as we have been penalised through no fault of our own.

Yorkie1

You've already been advised that you need to find out what happened to the funds.

If the solicitor failed to send them - solicitor is liable.

If the solicitor sent them but too late - solicitor is probably liable.

If the solicitor sent them but to the wrong bank account - solicitor is liable.

If the solicitor sent them properly but the bank messed up - possibly the bank is liable.

If the solicitor sent them properly but the bank stopped the funds on e.g. a money laundering enquiry - nobody is liable.

If the solicitor sent them properly and they were delayed by the bank - perhaps the bank, who knows.

If the solicitor sent them properly and the seller's solicitor didn't notice the funds coming in - perhaps the seller's solicitor, although you are not their client.

So it really isn't a case of us telling you who you can sue tomorrow morning, because you need the facts.

Hope it gets resolved asap though.

mgtr

Your presumptions about what to expect were not too far off.

This is rotten, and I truly feel for you.

Email the solicitors demanding answers and copy in the SRA (Solicitors Regulation Authority), and also the legal ombudsman

I have seen this many times and it can be horrendously difficult to get somebody to admit they got it wrong.

Legal Ombudsman & SRA > have a google, as a new user I cannot post links yet.

You are supposed to follow the procedure of complaining to the firm, then, if needed the SRA, and then, if needed LO.

However, it doesn't hurt to just copy both in when you email the firm

Good Luck

Thrugelmir

mgtr wrote: »

Your presumptions about what to expect were not too far off.

This is rotten, and I truly feel for you.

Email the solicitors demanding answers and copy in the SRA (Solicitors Regulation Authority), and also the legal ombudsman

I have seen this many times and it can be horrendously difficult to get somebody to admit they got it wrong.

Legal Ombudsman & SRA > have a google, as a new user I cannot post links yet.

You are supposed to follow the procedure of complaining to the firm, then, if needed the SRA, and then, if needed LO.

However, it doesn't hurt to just copy both in when you email the firm

Good Luck

High possibility. That the funds will be located tomorrow morning. So no need to get carried away.

Dimey

I guess you will be holding someone responsible so you need to make an ongoing list of your consequential losses - eg. cost of overnight accommodation, furniture storage charges, removal company extra day charges etc. etc.

You need to find out what was promised by whom, by when and who exactly failed to deliver, when and why. Get that in writing from anyone concerned.

When you have the facts, then you can send the guilty party an itemised bill.

Yes the vendor must not hand over the keys till your money is in her bank and authorised to hand over by her solicitor. If she gave you the keys you could become squatters.

G_M

I know it's stressful at the time, but,.... yawn.... this is not uncommon.

Luckily you were not Completing on a Friday soitwillall be resolved tomorrow.

Riggster

I'm surprised your solicitor hasn't been able to give professional guarantees to get the vendor to release the keys, but as G_M says, will all be sorted tomorrow. Should only take 30 minutes for the money to get from one solicitor to another.

In a few years you'll be enjoying your new property and laughing about that one night in limbo.

All the best!