Let down by IFA

Newly_retired

True, but at the moment there is no guarantee of that happening.
I am just preparing for the likelihood that I will have a shortfall of around £30K.

magpiecottage

At present, I would say that regardless of whose fault being unable to complete at the original date was, it would not have happened even if you had the money. Therefore, even if there was a fault, it has not caused a loss and there is no redress due.

Now, you are in a position to make your solicitor aware that funds are not immediately available and you need to delay completion.

If you then do not bother and cannot complete as agreed, any loss would be self-inflicted.

So again, no redress would be due.

jamesd

At present you have no loss, so no, no redress potential. If you failed to complete, the standard notice to complete process would be followed. Then you'd have some liability. You should read about notice to complete if you're not already familiar with it.

Just set up a new set of dates for exchange and completion. Chains have trouble, everyone knows it and deals with it.

Newly_retired wrote: »

I need to find safe homes for them for a further 4 weeks, including a Prudential investment which was doing very well, and only took a couple of days to withdraw. I could have left it growing nicely.

Not if you were sensible. Four weeks in advance is about right to have all funds in bank accounts and ready to go, allowing a full four weeks more of safety margin to sort out any problems.

Newly_retired

By "safe homes" I meant in separatebanks/building societies with a maximum of £85K in each.
Update - all the investments have now been encashed, even the Prufund.
They had insisted on a form, with the 28 days notice starting from date of receipt of form, which would have been 10 days after the date on my letter and too late for completion of house purchase.
So I wrote to Customer Relations, who replied with the standard " we will respond within 5 weeks" - too late to resolve my problem. Then yesterday a letter came with final statement, and today the money is in my account! So they have relaxed not only their rule about using a form, but also their 28 day rule.
Meanwhile delays on the exchange of house purchase led to a later completion date. So now I have all the money, one month ahead of date.
Job done. Sighs of relief all round - and no cause for complaint.

mgdavid

good result!
hope the move goes well for you.

Newly_retired

Today a further letter came in response to my complaint.
It gave reasons why they could not uphold it - a form and 28 days notice are part of the T & C for withdrawals- and their conclusion that they could not uphold it.
Then a sentence saying that because the money was needed for house purchase, they would relax the conditions for me and that the money should already be in my bank. It is.
Strange way of going about a decent outcome though!