Completion day

agrinnall

Was the intention to exchange and complete on the same day? While this can be a good way to go, as you've found out any last minute hitch can scupper the whole process and as the innocent party you have no come back. Your solicitor should have explained all this, although it sounds like they haven't. If the whole thing falls through I would suggest that you find a more professional firm to represent you.

Thrugelmir

helloHTB wrote: »

His mortgage application had apparently been declined which was stopping the completion to go ahead

Sounds as if there late issues with the application. Possibly a further credit check or something else came to light.

AdrianC

helloHTB wrote: »

contracts hadn't been exchanged, they were waiting for clients instruction, which then obviously got stopped

Then all bets are off.

The declined mortgage application would have stopped contracts exchanging - so it makes relatively little difference that completion was due to happen at the same time as exchange.

dc197

For the benefit of others who find this post in the future.
If you are unsure whether you have exchanged, then almost certainly you have not exchanged. You'll know when you exchanged because your solicitor will phone you and say words to the effect of, "Do you want me to exchange contracts now, yes or no?"

DRP

dc197 wrote: »

For the benefit of others who find this post in the future.
If you are unsure whether you have exchanged, then almost certainly you have not exchanged. You'll know when you exchanged because your solicitor will phone you and say words to the effect of, "Do you want me to exchange contracts now, yes or no?"

In this particular case it is also pretty hard to understand how a competent solicitor didn't communicate that they were exchanging and completing on the same day, and the associated risks.

elverson

helloHTB wrote: »

we have closed HTB ISA down which we wont be able to re open and lost £650 each on the scheme.

Surely you can re-open it as you haven't actually made a purchase yet?

Help_to_Buy_ISA wrote:

Can I withdraw money from my Help to Buy: ISA?
Yes. You can withdraw money from your Help to Buy: ISA account at any time. But you can’t put all the money you’ve withdrawn straight back into the account – you’re still only able to save up to £200 in every month. For example, if you deposit £200 and then withdraw £50 in the same month, you will have to wait until the next calendar month to make another deposit.

There are exceptions if you withdraw your money in order to purchase a home and the sale falls through.

Nationwide wrote:

If your property purchase falls through, your conveyancer will give you a "Purchase Failure Notice". If you give the notice to us within 12 months of closing your Help to Buy: ISA, we will allow you to open another Help to Buy: ISA provided we still offer a suitable Help to Buy: ISA account. You will be able to deposit an amount up to the balance of your old Help to Buy: ISA at the point it was closed.