28 day to complete

davidmcn

G_M wrote: »

Extra legal costs spring to mind, plus any costs asociated with owning the property for longer than expected (utilities, insurance, council tax), but basically anything the seller has to pay out as a result of your breach of contract.

Most significantly, any shortfall if they don't achieve as high a price on resale, plus any extra marketing costs, and interest at x% above base rate from today until they actually get money from someone...

AdrianC

hazyjo wrote: »

Really not sure who allowed you to exchange without finances in place

Auctioneer?

AlexMac

Sympathies; but as suggested above, if your cash is tied up in pork belly derivatives or whatever, just google "auction bridging finance". Someone will lend you the missing dough; better to lose your fingers than your shirt.

I naively did exactly the same in the late 1990's; my first (and only) auction purchase... but I only had £7k deposit at stake... on the other hand,
- the 28 days included the Christmas- New year break as I bought in late December,
- my bank, which had promised to lend me the £60k balance let me down after 25 days even though I'd declared it was a £67k wreck they were financing
- (the bank's nervous valuer decided at the last minute that they wanted a roof survey, a timber/damp survey, a structural survey and a tree survey- I kid you not) ...
- and I was getting married a couple of weeks later!

But I's already found a more helpful lender, completed on time, spent £25k on non-essentials like a roof, bathroom, c/h, kitchen, rewiring etc and flogged it for £180k three years later as my dodgy suburb took off.

So you'll be Ok; just forget about searches and surveys etc, as I did (I knew the street, and current PlanAps and I think I must have known more about Victorian houses than the surveyor; after all, it it hadn't collapsed in the prior 90 years, nor has it in the last 20; and recent lenders seem to have been happy with its latest £300k price-tag)

Oh, and I'm still married; although my wife to be had second thoughts about my sense of timing!

So work a bit harder and it'll be fine

Hoploz

You need to get that money together in the next few hours! Silly to not have all in place in time. You knew from the start when you'd need it.

flynnj

Hoploz wrote: »

You need to get that money together in the next few hours! Silly to not have all in place in time. You knew from the start when you'd need it.

The money will be in my account by Friday. I have 10 days so when I complete Friday the most I pay extra is the daily int. (4.5% boe) x 4 days.

It was not purchased from auction. Advertised through estate agent I made an offer it was public noticed for 14 days and I exchanged thinking I would have the remainder money in my bank in time. Unfortunately gonr over a by a few days. Luckily the 10 working days notice buys me time.

Will need to discuss with solicitor but am I right in thinking it is just the daily int. I pay at this stage and no other costs?.

Cheers for advice so far.

Miss_Samantha

I'm sure that by now you have read the contract of sale in details.

If it uses the Standard Conditions of Sale 5th Ed. then you should read 7.2 and especially 7.2.3.

steampowered

Personally, I feel less worried/concerned about this than the other posters. I honestly think this kind of situation is much more common than people realise. Its a bit crap but its not the end of the world.

These days most residential conveyancing is done on the basis of the law society's Standard Conditions of Sale. These expressly state that "time is not of the essence unless a notice to complete has been served".

Once a notice to complete is served, you then get 10 working days (i.e. 2 weeks) to complete. Although if you miss that deadline for any reason then you are at risk of losing your deposit.

hazyjo

AdrianC wrote: »

Auctioneer?

Had presumed not from the OP's post (and seems it wasn't from later posts).


Ho hum, looks like he'll just have to pay interest/costs/fees.


Jx

Mickygg

Strange. My solicitor has always made me show the money is in my account in my name before exchange. If I didn't then there would be no exchange. This is done of course to avoid this situation.
You will need to confirm extra costs you are liable for from your solicitor. If it was my house and the vendor didn't have the funds to complete there would be a war and I would be looking for every £ I could get.
I assume the seller's are within their rights to now keep your deposit and look to sell to someone else and you have broken the deal.

davidmcn

Mickygg wrote: »

Strange. My solicitor has always made me show the money is in my account in my name before exchange. If I didn't then there would be no exchange. This is done of course to avoid this situation.

Unnecessary, in my view - up to the client to understand the contract they're entering into (which they obviously didn't in this case!), the solicitor doesn't need to investigate where the money currently is. And just because the money is in your account doesn't mean it will still be there 28 days later!