solicitors stalling on sale of house

Hansen0151

hi ws just wondering if someone can give me some advice, house went to auction got sold contracts exchanged and deposit left by buyer, completion date was meant to be 26th of april this year but buyers solicitors wanted till the 28th cause of the bank holidays. but they still haven't completed on the 28th so there saying it wont be till 2nd of may why would solicitors stall on completing sale its worrying me thanks for any advice

FutureGirl

You need to ask them.

G_M

Are you doing your own conveyancing? If so, you really ought to know what to do. Or you should stop and employ a conveyancer now.

If not, why are you asking amateur wiredos on the internet instead of your own paid professional?

Having said that, I imagine the 1st step is to serve a 'Notice to Complete'.

And read the contract to see what the penalties are for late, or non, Completion.

eddddy

It won't be the solicitors stalling, it will be the buyer.

The most likely cause is that the buyer is having trouble getting the money together for completion.

Or you do sometimes get 'flaky' buyers at auctions, so there is also a small possibility that the buyer is planning to walk away and breach the contract.

davidmcn

As I said on your other post, 2 May is the earliest date it could possibly complete anyway, so if they're sounding certain that they can complete on Tuesday then there's no problem. If it drags on beyond that, the contract tells you what happens (you might be "lucky" enough to pocket their deposit and put the property into the next auction).

Hansen0151

Are solicitors sorting it all out for us and the completion date as well passed it was written in the contract to be completed on 26th April but they said cause of the bank holidays it's wasn't fair So the solicitor give them the benefit of the doubt and said Friday then but they never paid then solicitors couldn't get hold of them till 3pm to late to do anythink then said it will be Tuesday cause of bank holiday first time selling so just needed bit of advice just want it gone And didn't think you could exchange contracts if not everything was in place he left 10% of the house value as deposit thanks

melstar11

Get on to your solicitor first thing tomorrow morning. I'd be inclined to give the buyer until a specific time to complete and that's it.

Hansen0151

If he pulls out doh can't the financial penalties be bad for him just thought he can't pull out after exchange of contracts just a waiting game I think see what happens tomorrow just need it gone been on market for 2 years

eddddy

Hansen0151 wrote: »

If he pulls out doh can't the financial penalties be bad for him just thought he can't pull out after exchange of contracts just a waiting game I think see what happens tomorrow just need it gone been on market for 2 years

Yes - if the buyer pulls out, he/she will be liable to pay all your consequential losses (or at the very least they would lose the deposit they paid you).

In general, it's very, very rare for people to pull out after exchange of contracts, because of the losses they would suffer.

But a few people bid at auctions without fully understanding what they're doing - and end up pulling out, and losing money.

Hansen0151

it was a telephone caller that made the final bid so don't even know we're he from or what he looks like but gonna see how it goes tomorrow thanks everyone for your advice just needed some reassurence will let ya know how it goes tomorrow

Hansen0151

But wouldn't the financial consequences be sever to the buyer