notification of funds release has wrong date

Ellhan

Hi,
We exchanged last Wednesday (16th) and set completion for Friday 25th. This evening we received a text and an email from Nationwide (our lender) saying funds will be sent on 28th.
At this stage we've booked movers, arranged time off work and ordered furniture to be delivered. We also have to be out of our rented flat by Sunday 27th.

Is this the sort of problem that can be easily fixed by our solicitor in the morning or do we need to worry about finding storage for our furniture and delaying deliveries?

G_M

If nationwide have got the Completion date wrong, why not get nationwide to correct the date?

Bossypants

Ellhan wrote: »

Hi,

At this stage we've booked movers, arranged time off work and ordered furniture to be delivered. We also have to be out of our rented flat by Sunday 27th.

I feel like you've missed the biggest consideration here, which is that, if you fail to complete on the contractual date of the 25th, you will be in breach of contract and can be sued for any loss resulting from your failure to complete on time. Depending on the length and circumstances of your chain, this can be an awful lot of money.

You need to get on the phone to Nationwide (or your broker, if you used one) to get this sorted out first thing in the morning.

Ellhan

Bossypants wrote: »

I feel like you've missed the biggest consideration here, which is that, if you fail to complete on the contractual date of the 25th, you will be in breach of contract and can be sued for any loss resulting from your failure to complete on time. Depending on the length and circumstances of your chain, this can be an awful lot of money.

You need to get on the phone to Nationwide (or your broker, if you used one) to get this sorted out first thing in the morning.

I definitely plan on calling Nationwide. I am also aware that we could be in breach, however, if this is due to an error made by our solicitor then they are at fault and therefore liable.

I was asking more in case anyone had experienced such an issue and had it rectified. I was hoping someone might know if it was easy to fix an incorrect date if we notify the lender of the problem swiftly enough.

Bossypants

I've never had an incorrect date, but I've had incorrect amounts and misspelled names because of errors on the lender's side. It's usually an easy fix on their end, you just need to make sure they can get it to the solicitors in time (though if it was their !!!! up I'd hope they would do whatever they can to get it expedited).

If it turns out to be a solicitor error rather than a lender error, that might become more complicated, but it will be their problem to solve. Having said that, bear in mind that you are the one your counterparty will sue, because you are the one they had the contract with. You will in turn be able to sue your solicitor, since it was their fault, but you'll still be stuck in the middle of the whole thing and it can become a huge headache which drags on forever. Best avoid if at all possible!