Mortgage funds requested not exchanged!

Chelseals123

Please save my sanity! Small chain of x 3. First time buyer, ourselves and purchase of vacant property (seller lives with family as unwell)

Agreed completion date of 20th ( 1 week away) all parties and solcitiors agree. Various reasons for this date including mortgage offer and house valuation expiry (shared ownership) HOWEVER our mortgage requires 5 working days notice for funds- buyers requires only 2. So in a nutshell their solcitior is dragging their heels because there is no rush there end to exchange until 2 days prior. My solcitior has send request for funds in anticipation for next Wednesday but we haven't exchanged. I have chased every possible avenue, my solicitor has explained to buyers solicitor various times we need to exchange he is having none of it. Estate agents getting nowhere either. What do I do!?

davidmcn

If there is no reason to doubt that completion will happen on the 20th then just let your solicitor get on with it. At worst they'll have to return the funds if completion doesn't happen on time, and you might have to pay bank transfer fees and a few days' interest.

Chelseals123

The problem is that I really doubt the completion date as we have set dates in the past which hasn't gone to plan. One being 10th may (yep here we are!) It seems to take the buyers solcitiors weeks to pick up the file let alone do something. I don't want to arrange removals etc until legally binding in the contract. In short I don't trust a word their solcitior says given various things that have happened.

shortcrust

I don't see what you can do other than cross your fingers. Exchange and completion dates can fall through for all sorts of reasons. You just have to accept it.

My funds were requested twice and returned because dates were pushed back. It's not a big deal and there were no costs involved.

kinger101

You could have simply refused to exchange with such a short gap until completion. It's what I would have done. You're the one in control of when your solicitor exchanges.

Chelseals123

We haven't exchanged yet and we can't refuse as our house valuation runs out on 21st of this month. (Shared ownership rule - sale has to take place within three months or price will be revised)

Chelseals123

Can I legally send the buyers a message just to fill them in? I think they are blissfully unaware of the whole situation

shortcrust

I think what Kinger’s getting at is that you could have insisted on five days between exchange and completion, but it’s a bit late for that now. I don’t think contacting the buyer will help. They’ll have enough on their plate. Cross fingers and pray!

Chelseals123

Oh believe me I insisted - everyone has known about the cut off date and solcitiors had agreed for today latest to exchange. This morning we find out that the buyers solcitiors aren't ready as the file still hasn't been signed off by a senior. Hence me ringing everyone i could, but estate agent replied well if they aren't ready I can't do anything! My solcitior advised if we don't request funds the house sale will fall through. 5 days was what I had been insisting on for weeks or months. This buyers solicitor is horrific

Thrugelmir

Chelseals123 wrote: »

Agreed completion date of 20th ( 1 week away) all parties and solcitiors agree.

Completion date is only set in stone on exchange of contracts. The solicitors will aim for the wished for date, never guarantee. Many small matters can cause last minute delays. Part and parcel of house purchase.

shortcrust

Chelseals123 wrote: »

Oh believe me I insisted - everyone has known about the cut off date and solcitiors had agreed for today latest to exchange. This morning we find out that the buyers solcitiors aren't ready as the file still hasn't been signed off by a senior. Hence me ringing everyone i could, but estate agent replied well if they aren't ready I can't do anything! My solcitior advised if we don't request funds the house sale will fall through. 5 days was what I had been insisting on for weeks or months. This buyers solicitor is horrific

Oh I see! Sorry.

I know it doesn’t help, but dates getting pushed back is so common (as I said, happened to me twice) that it’s simply not a big deal to EAs and solicitors involved, however much you try to explain.

I know this doesn’t help either but I’m sure all will be well!! You may think they don’t know what they’re doing but I bet they know when the last possible completion day is and I bet they won’t let the whole thing collapse because they miss it.