Help - purchase about to fall-through due to solicitor

regency_man · 23 June 2015 at 10:26AM

Hi,

I need some advice. I had an offer accepted on a repossession property last month, I outbid a cash-buyer who was close to completion, as a result the vendor imposed a restriction that I had to exchange contracts within 28 days otherwise they would go back to the cash buyer. I said yes, because, and I know everyone says this, but it is my dream house

and I was willing to do whatever it took to get it completed.

It is now 2 days from that deadline.

In the interim time I have pushed and grafted and spent large amounts of money and got everything arranged in record time, even a tricky covenant requiring us to to get a three-way deed signed for the attached communal parking area. I've pushed on the bank everyday and had every part of the process expedited, and the valuation, which they said was the final step, was completed last week, all satisfactory. So I was expecting to be signing documents this week.

However, after a week of waiting, I heard from the bank yesterday that my chosen solicitor has still not completed the process to be re-registered to their approved panel of solicitors after their membership went 'dormant' and as such, the bank have not sent any documents through to them. My heart literally nearly stopped, and I didn't sleep a wink last night out of worry.

I was first made aware of this 2 weeks ago, and I informed the solicitor immediately, the bank also informed the solicitor and gave them details of the process they needed to follow - just an application form to re-instate them. Both the solicitor and the bank assured me it was a trivial process and unlikely to cause problems.

This morning I asked to speak to the team at the bank who manage the solicitor panel and they confirmed that they had received no correspondence from my solicitor what-so-ever since informing them of the need 2 weeks ago.

I put this to the solicitor today and all they could say was that they would have to 'chase it' with the office manager.

We are a long way down the line, all the searches and land registry work is completed, the mortgage is arranged, the special deed was signed, I've spent thousands of pounds - I feel completely let down by my solicitor that this simple miss is going to jeopardize the whole deal.

What should I do? Is it realistic to switch solicitors at this stage, or will that do more harm than good? Should I be contacting the vendor to ask for an extension on the deadline, or should my solicitor be doing that? I'm completely out of my comfort zone now, I'd appreciate any advice.