solicitors refusing to exchange and complete

mrsbeetonsbrides

Hi there, our solicitor is now refusing to do an exchange and complete after 2 failed attempts, he called for the mortgage money twice, but our buyers have let us down again, friday we packed the van and was ready to go, then we got a phone call saying that the buyers had not tranfered all the funds, so our mortage money has to go back for a second time to the bank, now we're being told that our solicitor will not do the exchange and completion, because they don, t want the risk of being taken off the panel from the halifax if it happens again, our purchasers now have all the funds and are ready to complete and we cannot mow as the solicitor won, t let us. I don't know what to do. So any advice would mean the world to me rightnow as all this stress is making me ill, many thanks in advance

leccyblue

Your solicitor should be sorting this out, that is what you pay them for! They are the only ones who are capable of moving this forward. What the hell do they expect you to do?!

I'd say that the answer, given the unreliability shown by your buyers - is for your solicitor not to call for draw down of funds from your lender until your buyer's solicitor has confirmed that they (the solicitor) are in posession of your buyers funds for completion.

That way your solicitor will be 100% sure that the money is in place.

leccyblue

Further note - it sounds like your buyers have struggled to get the cash together. I'm assuming that's why you are exchanging and completing on the same day? Your buyer's solicitor is likely to have informed them that is the best method (to do both on the same day) as if you had exchanged first, arranged a completion date and then the buyer hadn't sent funds through in time - they would be in breach of contract.

WestonDave

One solution to this would be to insist that your buyers exchange in advance of completion day and pay a 10% deposit. That way they are committed albeit that it can still fail, but if it does the financial penalties are serious. At the moment they can keep playing this game as there is no commitment in place.

mrsbeetonsbrides

Thank you guys for you advise and help

Thrugelmir

Sounds as if your buyers are playing games. Exchange contracts first, then agree on a completion date.

Your solicitor is acting in your best interests.

jamesml

Although surely if they solicitors were acting in the very best interests of the OP, they would have pushed for exchange and then subsequent settlement as has been mentioned above so that the buyers don't mess around as they have been.

Thrugelmir

If the buyers don't provide the funds then there's way of exchanging. Simple as that. Doesn't matter how hard anybody pushes.

Fruit_and_Nut_Case

Thrugelmir wrote: »

If the buyers don't provide the funds then there's way of exchanging. Simple as that. Doesn't matter how hard anybody pushes.

Any chance of a link or a more detailed explanation of how to exchange under these circumstances?

p00hsticks

Thrugelmir wrote: »

Sounds as if your buyers are playing games. Exchange contracts first, then agree on a completion date.

Your solicitor is acting in your best interests.

I don't agree with this advice - once contracts are exchanged you are committed, so you really need to have agreed the completion date at that point and have it written into the contract being exchanged.

I do agree that it makes things much simpler to exchange first and them complete as a separate step later though .....

Wh05apk

p00hsticks wrote: »

I don't agree with this advice - once contracts are exchanged you are committed, so you really need to have agreed the completion date at that point and have it written into the contract being exchanged.

I do agree that it makes things much simpler to exchange first and them complete as a separate step later though .....

Agree, given the games being played, this is a clear cut case of where you want simultaneous exchange/completion, it sounds like the buyers could be struggling and there could be a chance of heir lender withdrawing the offer after exchange.


As has been said this is down to your solicitor to resolve, it sounds like the suggesting you find another solicitor at the moment, which is completely out of order.