Buyer Of House Fails To Complete

Pixie5740

I think lenders can do another credit check before releasing the funds which could lead to them withdrawing the offer, especially if the applicant has done something daft like taken out a loan or car finance right before completing.

movilogo

I think lenders can do another credit check before releasing the funds which could lead to them withdrawing the offer

This is usually known as bankruptcy search and a common thing which every solicitor does just before exchange.

davidmcn

movilogo wrote: »

How that is possible?? Then one can sue lender for damages. I think lenders can do that only if they can prove some fraud with original application.

No, they can do it for any reason they like, or no reason at all.

Hoploz

I have heard (via this forum) of a lender withdrawing an offer, but the person appealed citing the bank's fairness policy and had the mortgage issued in the end.

AMILLIONDOLLARS

Keeping your fingers is a requirement on Completion Day. Last Friday my daughter's belongings were in the van ready for the move, when she rang her Solicitors to find out what was going on, to be told that the Searches had not highlighted a second charge on the property she was buying. The company who was owed the money, refused to release the debt from the deeds unless the money was paid. Solicitors were blaming each other and the Vendor for not informing them of this debt. Suffice to say it was a hair raising three hours before the matter was sorted out. If the money transfer had not taken place before 3.30pm she would not have completed and would have had to wait until Monday.

What got to me, was that we were on the phone all week before Friday to the Solicitors to make sure everything was in order before the day. Advice, do your checking a couple of days before, it may help, but as you can see there are no guarantees!

Good Luck with your moves!

AMD

steve2005

You all make a good point - I think I will just get them to sign up and post their questions here direct.

Thanks for all the advice you've handed over so far - I'm sure they'll be along soon

StevesFriendDave

Hello all, I'm Dave and I'm the person Steve has been talking about.
Thanks for all your help so far - now I'll answer some questions that people have asked.

I do have a solicitor, and they have been very good so far, I just wanted to make sure there wasn't anything I was missing or anything they might not have told me.
It appears that your advice has been almost identical to that of my solicitor in every way, so that's good to know.

To update you all with what's going on so far...
Buyer has failed to meet initial completion date, then missed the extended date. I told him that I wanted an additional sum to allow him more time to complete, which he sent over via his solicitor.

Interest is still being paid at a rate of £45 a day for each day over then original completion date.

We have established that he does have the assets should we need to force the sale through the courts, but at the moment I am happy with the £45 a day in interest, as that more than covers my mortgage payments, council tax and a holiday in the summer

I'll post back here again if I have any more questions myself instead of going through Steve next time.

Once again, thanks for all your help chaps and chapettes.

pinkteapot

StevesFriendDave - you'll regret that choice of username in five years when people are still asking you who Steve is.

Paul_the_Painter

Do keep us up to date though!

samba

AMILLIONDOLLARS wrote: »

Keeping your fingers is a requirement on Completion Day. Last Friday my daughter's belongings were in the van ready for the move, when she rang her Solicitors to find out what was going on, to be told that the Searches had not highlighted a second charge on the property she was buying. The company who was owed the money, refused to release the debt from the deeds unless the money was paid. Solicitors were blaming each other and the Vendor for not informing them of this debt. Suffice to say it was a hair raising three hours before the matter was sorted out. If the money transfer had not taken place before 3.30pm she would not have completed and would have had to wait until Monday.

What got to me, was that we were on the phone all week before Friday to the Solicitors to make sure everything was in order before the day. Advice, do your checking a couple of days before, it may help, but as you can see there are no guarantees!

Good Luck with your moves!

AMD

One thing I have learnt reading these boards is DON'T complete on a friday!!! We will be completing on a monday if possible.