Solicitor problems

ladymarmalade222

Hi everyone

We were due to exchange last Friday but one of the solicitors disappeared and would not answer his phone. I was told hopefully he would exchange on Monday ready for our planned completion date this Friday.

Late yesterday were found out he had pulled out a last minute enquiry (his client had been in to sign contracts and pay everything including his bill a week earlier) which he states needs approval by the lender.

My solicitor is now saying it is too late for completion this Friday as they need 7 days to draw down the funds from our lender. I'm gobsmacked we have only just been told this. We have removals booked for the full chain, days off etc you get the picture.

The solicitor is adamant that the funds could not be requested until exchange. How do people manage to exchange and complete if that is the case?

Please help.

Xx

Guest101

Please help? - Start a gofundme page? what are you expecting?


Anyway the main points:


1: you have not exchanged, so why you are booking removals etc is beyond comprehension.
2: The solicitor represents the lender and the client, and if the lender has a query, it must be answered (the lender is afterall paying more than the client typically)
3: The funds can be drawn down, and exchange and completion on the same day, but not with this lender clearly. So it's not possible in this instance, but it is possible.

Surrey_EA

In my experience most people have 2 weeks between exchange and completion, although the period can be anything that is agreed between buyer and seller.

However, I read frequently on here that people exchange and complete on the same day, which is not my experience at all.

It is also generally advised that you should not book your removals until the precise moment you exchange contracts, which avoids the situation where you've paid for a removal firm, but completion will not be taking place.

ladymarmalade222

Thanks for your sarcasm Guest, not surprised from you, I have read your posts before.

I was looking for some advice when everything was going t#ts up.

We were assured completion would be fine for Friday from all solicitors hence making arrangements.

This is a difficult move as I am due to go in hospital any day for 2 major operations. I will be on dialysis afterwards as they are also removing my kidneys. The engineers are due to install dialysis machines in my new house next week. The solicitors were all aware of this and we had been assured everything was OK.

I know you spend your life trying to be big and clever on here Guest.

I would welcome any other advice.

Thanks

kingstreet

ladymarmalade222 wrote: »

My solicitor is now saying it is too late for completion this Friday as they need 7 days to draw down the funds from our lende

That may or may not be true.

We have no way of knowing which lender you are borrowing from and are therefore unable to speculate with any degree of accuracy.

Suggest you ring lender and ask.

BTW the certificate of title which is submitted to request the funds can be done before contracts are exchanged.

Ithaca

Who is your lender? Many of the larger lenders can now transfer funds in hours rather than days. I think with santander it can be turned round in 4-5hrs if required, but this may not be the case with all of them.

Guest101

ladymarmalade222 wrote: »

Thanks for your sarcasm, not surprised from you, I have read your posts before. - Then you'll know that what I'm saying is factually correct.

I was looking for some advice when everything was going t#ts up. - I'm explaining to you that until you've exchanged, there is no obligation to complete. So booking removals etc, without a firm date is on you. Not a solicitor doing their job.

We were assured completion would be fine for Friday from all solicitors hence making arrangements. - then you may have a claim against the solicitor who you have contracted.

This is a difficult move as I am due to go in hospital any day for 2 major operations. I will be on dialysis afterwards as they are also removing my kidneys. The engineers are due to install dialysis machines in my new house next week. The solicitors were all aware of this and we had been assured everything was OK. - Then you have my sympathies, but that doesn't change the facts, which is the lender wont release funds until exchange and it takes 7 days to draw down the money.

I know you spend your life trying to be big and clever on here Guest. - Not at all, I'm being factual and practical, it's not what you want to hear. BUT on the face of it not other options are open to you, so you will not get you moved in by Friday

I would welcome any other advice.

Thanks

Make contingency plans. At the minute, you don't even know if the query has come back clear, what if the lender refusing to complete based upon whatever the result is

Guest101

kingstreet wrote: »

That may or may not be true.

We have no way of knowing which lender you are borrowing from and are therefore unable to speculate with any degree of accuracy.

Suggest you ring lender and ask.

BTW the certificate of title which is submitted to request the funds can be done before contracts are exchanged.

Ithaca wrote: »

Who is your lender? Many of the larger lenders can now transfer funds in hours rather than days. I think with santander it can be turned round in 4-5hrs if required, but this may not be the case with all of them.

My understanding is that it is a lender for one of the other purchasers

Ithaca

Guest101 wrote: »

My understanding is that it is a lender for one of the other purchasers

From the OP: My solicitor is now saying it is too late for completion this Friday as they need 7 days to draw down the funds from our lender.

Sounds like OP's solicitor was waiting until exchange to draw down funds, with a min. 7 days between exchange and completion to allow the funds to transfer?

ladymarmalade222

My lender is Natwest. Can the funds be rushed through for an extra cost?


Guest - I don't care if it was factually correct, there was no need for that comment about go fund me. It was obvious I was looking for advice not charity!

Thanks everyone else.

Xx

ladymarmalade222

Yes Ithaca. My solicitor is adamant she has to exchange before funds can be requested. Hence my question about how people manage to exchange and complete the same day.

Thanks for your help.

Xx