Failed completion following exchange of contracts

Benhoad

Can anyone offer advice here:
So we were due to complete today however it failed due to our buyers mortgage offer having a 100% retention..
Her solicitors had a legal obligation to ensure there we're sufficient funds prior to exchange of contracts, they didn't read her offer properly and allowed us all to exchange illegitimately, 24 hours prior to completion they went to draw funds and there wasn't any...we have now all signed legally binding contracts confirming that were buying the respected properties and have no way of doing so...she ether get a new offer, changes her current one, gets a loan or pulls out either way she has left us at huge risk and financial loss and if she pulls and it fails we could face years or legal litigation....joy
Anyone know where we stand?
Also our buyer wants to carry out building work tomorrow should we allow?
🤔 any legal masterminds out there

Hoploz

Are you are a different person whose chain has faltered on the eve of completion due to a buyer with a 100% retention???

As was the general feel on the other thread, your buyer should be looking to get an alternative mortgage offer/bridging loan/remortgage to release funds to continue with the purchase.

AnotherJoe

Also our buyer wants to carry out building work tomorrow should we allow?
======
No.


And, are you the same person who started this thread https://forums.moneysavingexpert.com/discussion/5430225
Its a remarkable coincidence if not.

G_M

duplicate post

https://forums.moneysavingexpert.com/discussion/5430225

I simply don't believe this is not the same poster.

Daletoon7

Yes this is my partner sounding out people too

phill99

Daletoon7 wrote: »

Yes this is my partner sounding out people too

So why do think you will get any different answers?

DaftyDuck

Two threads will just sow confusion, and you have enough of that already.

My advice: you need a solicitor. A good solicitor who understands these complexities. That may well NOT be your current one.

AnotherJoe

Daletoon7 wrote: »

Yes this is my partner sounding out people too

Ridiculous. Why? And why do it in a manner that seems at worst underhand and at best confusing ?

[Deleted User]

I imagine this couple are highly stressed, not at all sure what they should do and don't know what to think right now. Perhaps this OP feels his partner hasn't explained the situation clearly and if he words it differently there will be different answers. At the moment they aren't getting answers that are offering them much reassurance.., not that the answers aren't all we can offer, just because they are so stressed and there's no (to them) clear way ahead.

This is rather different to trying to fool other people on the forum!

OP I am very sorry you are in this situation. I suggest you go to see your solicitor tomorrow, see what suggestions they have for moving forward, have an opportunity to ask questions face to face and if you don't feel that the solicitors can deal with the situation, engage another practice.

Unfortunately no one can make this nightmare situation go away. We can only tell you what we think is the way forward.

However, like many people I do feel you are exposing yourself to more risk if you let the buyer start tearing your kitchen and bathroom out. This will just add to the problems.