Help!! House completion not confirmed but solicitor has my mtge money is this right?

Thrugelmir

Joccal16 wrote: »

We exchanged & sent our deposit money over a week ago however our solicitor & estate agent have told us the other side are hoping to exchange today. They still haven't confirmed a completion date but my mortgage funds have been released & are now with the solicitor.

Did you agree tomorrow as the completion date when you exchanged contracts?

pinkteapot

If you had actually exchanged, you would know your completion date for certain (unless it's a new-build).

It sounds like you've just signed the contract and sent it to your solicitor, along with your deposit, in readiness for exchange.

First thing you need to do is call your solicitor and find out if you've exchanged contracts. Normally the whole chain exchanges at the same time - not on different days. If your seller hasn't exchanged yet then it's very unlikely that you have, unless they've taken a risk on not being able to tie up their two completions at the same time (ie they're prepared to move out and into temporary accommodation).

G_M

pinkteapot wrote: »

...... unless they've taken a risk on not being able to tie up their two completions at the same time (ie they're prepared to move out and into temporary accommodation).

or prepared to let you move in and share the house with them for a week or two.... :rotfl:

KRB2725

I think you may be confused. If you've exchanged on the house you're buying, then the people selling it must also have exchanged on the sale to you.

When you exchanged, your date for completion would have been agreed between both parties.

They may not have exchanged on the property they are moving into, but usually you form a chain, so the onward purchase exchanges and completes at the same time.

If you have exchanged and set a completion date for tomorrow, they have to move out regardless of what is happening with their next purchase. There are financial penalties if they don't.

I would be surprised if their solicitor allowed them to exchange on their sale but not their purchase, unless they had the option to live somewhere else if the dates didn't tie up.

Joccal16

Yes I am confused! My solicitor asked for deposit money over a week ago (which was a tidy sum) as he said he was under pressure to exchange...both us & vendor agreed a completion date of 13th Oct but last week they asked if this could be changed to an alternative date as they couldnt do 13th. I put forward 16th & my solicitor said he would ask them. Since then he's advised me that he's not had confirmation back that date ok but he's 'hopeful' for 16th. Then I get a msge from my bank on 12th advising my mtge funds had been released but still no confirmation of a completion date from the other side! I asked my solicitor why had my mtge funds been released & he said went on the old date of 13th but not to worry that he can hold onto these funds in his acct until the other side agree a completion date then he has the funds ready save sending them back...is this normal practice? I'm paying interest daily for mtge funds to be on his acct until the side confirm a completion date?? Up until tonight my solicitor said the other side hadn't exchanged yet & hopefully it would be tomorrow. My bank however advised they wouldn't have released funds until they had sight of the tf of title & they confirmed they had this from my solicitor. So have we exchanged or not? It's all so confusing!! Thanks for all the feedback & advice much appreciated

p00hsticks

Joccal16 wrote: »

So have we exchanged or not? It's all so confusing!!

You need to ask your solicitor that - and your next question to them is - "and what completion date does it have..."

KRB2725

If you're not sure if you've exchanged or not then you probably haven't - your solicitor usually phones just prior to confirm you want to proceed. You would also have a confirmed completion date if you had exchanged.

However, only your solicitor can confirm for sure if you have or haven't.

davidmcn

Joccal16 wrote: »

My bank however advised they wouldn't have released funds until they had sight of the tf of title & they confirmed they had this from my solicitor.

They don't see the transfer of title - what they receive from your solicitor is their certificate of title i.e. a form to the lender from the solicitor confirming that they'll get a valid mortgage and could they please send the money. Completion (and registration of your title) can only happen afterwards.

And there's really no point asking us whether you've exchanged or not - ask your solicitor!

pinkteapot

As has been said by many, many people, phone your solicitor and ask if you've exchanged!

But, I can almost guarantee the answer is no. It looks like you were ready to exchange but then there was further discussion over the date. All parties agree the completion date, it's added to the contract you've already signed and sent in, then exchange happens. At that moment, the completion date is legally binding.