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Solicitors hold all the money but delaying exchange.

2

Comments

  • berger20
    berger20 Posts: 15 Forumite
    Fifth Anniversary
    They are in the UK as is their account and all the staff.
    But terrible reviews online... sadly I only saw the good ones (pos faked).

    I chose them based on the fact they gave me a rough itemised quote, stated I would get the number and email of my solicitor, and the good reviews on independent 2 sites.
    At the time they seemed like the best..

    My biggest regret isn't taking the recommended solicitor from the estate agents.
  • AnnieO1234
    AnnieO1234 Posts: 1,722 Forumite
    You probably wouldn't have been any better using the EAs solicitor. The majority of advice is to go to an independent firm. Xxx
  • berger20
    berger20 Posts: 15 Forumite
    Fifth Anniversary
    Yep that's what I though.
    But at least you can complain their choice of solicitors are bad, currently only got myself to blame :?

    I used the recommended financial advisor though.
    Mainly as I'd spoken to a few, one for almost every viewing (there were 30 before this flat).
    And they were all kinda the same.

    My FA's were quite good in the end and have helped chase my solicitors.
    FA, EA, developer and builder are all small UK firms, really nice dealing with them, so some silver linings.
  • dc197
    dc197 Posts: 812 Forumite
    Ninth Anniversary Combo Breaker
    Why has the lender released the money when there is no completion date or contract? This is very unusual. Can you double check that there has not been a misunderstanding about that?
  • berger20
    berger20 Posts: 15 Forumite
    Fifth Anniversary
    There is a contract and a completion date, the exchange date has changed every day, but the completion date has been static due to developer deadline.
    I think it's a brexit panic, staff at work are already discussing 10-20K discounts on their homes.

    I did have concern there was a problem with the lender, I was getting 2 different stories. But they have confirmed only the one application and they lent successfully.
  • berger20
    berger20 Posts: 15 Forumite
    Fifth Anniversary
    Oh yay, my first mortgage payment is scheduled... but I have no flat yet.. woo :/
  • agrinnall
    agrinnall Posts: 23,344 Forumite
    10,000 Posts Combo Breaker
    dc197 wrote: »
    Why has the lender released the money when there is no completion date or contract? This is very unusual. Can you double check that there has not been a misunderstanding about that?

    I was going to question this too. If the loan is a mortgage then I've never heard of a lender releasing funds any earlier than a day or two before completion.
  • berger20
    berger20 Posts: 15 Forumite
    Fifth Anniversary
    Today is exchange and completion day, but I'm not holding out much hope.
    It was a very slow process, often weeks of nothing happening at all.
    Then the developer put a deadline in so it was all a rush.
    Praying for success today, but prepared for the worse ;?
  • Mizenberg
    Mizenberg Posts: 163 Forumite
    berger20 wrote: »
    Today is exchange and completion day, but I'm not holding out much hope.
    It was a very slow process, often weeks of nothing happening at all.
    Then the developer put a deadline in so it was all a rush.
    Praying for success today, but prepared for the worse ;?

    Good luck! We are due to complete tomorrow (exchanged 8 days ago).
  • berger20
    berger20 Posts: 15 Forumite
    Fifth Anniversary
    I would have loved to have a gap between the two steps.
    Well done :)
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