Solicitor Dilema!!! - Please help

sweets_3

Hi
I am buying a property, morgage has been organised and all searches done, we was supposed to complete on 18/10/2007, even my lenders paid my solicitors, unfortunately the vendors apparently had not signed something so we could not complete on the day. For afew days they could not be contactable and when they were they were, apparently their daughter was ill bla bla bla. They signed the paperwork they needed to sign and posted to their solicitors, for over a week now we have been waiting for the said paperwork to reach their solicitors, my broker excuse is the postal strike- that was ages ago and no one is using that as an excuse anymore i told her!!!!!

Anyway, my solicitor will not answer my calls nor will he return my voice messages or my emails.. He just tells the receptionist to tell me that the vendors solicitors have not received the signed paperwork. Its 31/10/2007 today, remember the solicitors already have my money from the lenders, the lenders sent a letter saying, congratulations for completing on the 18th, ur repayments are ..... Seeing as i have still not completed,solicitor not answering callls atleast to reasure me, brokers blaming the post - still. SHOULD I BE WORRIEDABOUT THE MONEY? I am paying interest on the morgage already i suppose, whereas the solicitors are accumulating interest. What shall i do?? Do i need to inform the lenders, if they took the money, will they give it to me again??? I really want this house...Please advise

silvercar

Presumably you have not yet exchanged, as the sellers haven't signed contracts.

Presumably your solicitor's arranged for the mortgage lender to send the money so that you could exchange and complete on the same day.

Your lender will expect interest from the date the money was passed to your solicitor. Your solicitor should account to you for the interest he receives on this money. It will presumably be in his client account. He should be getting slightly below base rate; not enough to cover the mortgage but a good chunk of it.

If you want to speak to the solicitor, tell the receptionist that you want the solicitor to consult with you as the delay has meant there may be a reason why you no longer want to proceed - should get a swifty response.

sweets_3

Thank you for you reply. Solicitor not in today!!!!! Can i legally ask for interest they receive? should i be worried that they could do a runner and i will be liable to the lender?? Should i tell the lender? and by doing that will i be jeopordising the morgage? - will they still lend me the money? I am very confused...

silvercar

According to law society rules you are entitled to the interest depending on the amounts and length of time held. Certainly a mortgage amount held over one week would qualify.

Your money will be held by your solicitor. I can't see your solicitor running off with your money. Your lender will be aware that the solicitor has called the funds prior to exchange. If for any reason exchange didn't happen the money could be sent back. In fact, you may want to discuss with your solicitor if it is worth sending the money back and calling for it again, if there is going to be a long delay.

Your mortgage lender will have only issued the money on the basis of having given you a firm mortgage offer, they have actually given the money so there is little risk there.

If you want to get chasing, try chasing the seller; phone them up and find out why they haven't signed the papers.

sweets_3

Thank you very much for your reply Sivercar. I feel much better now. :A. Spoke to my solicitor friend as well and he said the same, about the interest!!! and not being worried about the solicitor running. Will wait untiltomorrow forwhen he comes back to the the office!!!!!

Richard_Webster

Most mortgage lenders limit the time that I solicitor can hold on to mortgage money without using it to complete - anything from 24 hours to 7 days - so given your timescales the solicitors should have sent the money back to the lender.

Unless the solicitors obtained;
a). the lender's consent to keep the money and
b). your consent to do so (because you would have to stand the differential between the interest you would paying on the mortgage and the client account interest the solicitor could give you)

then he should have sent the money back tot he lender and if he didn't do so you can make a complaint.

Ask what has happened to the money and if you do not get a sensible reasoned answer then complain to the senior partner of the firm.

sweets_3

Thanks Richard. They definately dont have my consent coz he will not speak to me!!!! will speak to him tomorrow and let you all know the outcome.

fimonkey

Sweets, your solicitor sounds appalling!! Has he been rubbish throughout the rest of the sale too? If so name and shame!!!

Loretta

Richard_Webster wrote: »

Most mortgage lenders limit the time that I solicitor can hold on to mortgage money without using it to complete - anything from 24 hours to 7 days - so given your timescales the solicitors should have sent the money back to the lender.

Unless the solicitors obtained;
a). the lender's consent to keep the money and
b). your consent to do so (because you would have to stand the differential between the interest you would paying on the mortgage and the client account interest the solicitor could give you)

then he should have sent the money back tot he lender and if he didn't do so you can make a complaint.

Ask what has happened to the money and if you do not get a sensible reasoned answer then complain to the senior partner of the firm.

Chase this solicitor, sit in his office until either he or the senior partner sees you and while you are present gets on and completes this situation.

Please do not think that making any kind of complaint will be worth doing. Making a complaint to the senior partner or the Law Society is a complete waste of time. The senior partner will treat you as if you are an ignorant idiot and The Law Society will treat you the same way, they are there to cover the solicitor's backsides, whether they are incompetant, negligence or a criminal. The Law Society thought my solicitor was OK despite the fact that he was convicted of a criminal offence related to his job, has served a prison sentence and is now out of prison and working again. Google 'solicitor supplying heroin to his client in prison' and see what he is like and make a note of both his name and the firm he worked for to make sure that he does not rip you of to. What most of us would consider a criminal act the Law Society thinks is OK. Don't forget a solicitor has the knowledge and unlimited money, provided by his insurance, and the support of the Law Society whatever he does, you just cannot compete with that.

You have one chance to get this solicitor and his firm to do what they are being paid to do. Go in and sit there and refuse to move until this is solved