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Nearly homeless and no completion date

sarah124562
Posts: 23 Forumite

So it's been over three months now since I put the offer in for the house I'm buying. We're very close to the end of the house purchase but my solicitor downright refuses to give me an estimated completion date which is making me incredibly stressed as I can't make any plans regarding moving my belongings, booking annual leave and so on.
The property is quite complex so some legalities have held back the sale. However, the sale should have been super easy as I'm a FTB and there is no chain eitherside. We're now at the point where the solicitor has reported to the lender and waiting back on them. HOWEVER I called the lender on Friday, two days after the solicitor claimed to have reported to them, and they said they hadn't received anything. This has totally thrown me off, two days is a huge amount of time wasted at this moment in time.
It's now at a point where I'll be homeless on Wednesday as my flat contract ends and my family don't live in the same area, so I'll be having to live in a hotel.
As it's a Sunday and I can't ring the solicitor who would refuse to give an estimated date anyway, I'm hoping someone would be able to help me with these questions, or at least some of them...
1) If the lender receives the documents on Monday (tomorrow) and the processes within 2 working days as stated, when will they release the funds?
2) Is there anything else the solicitor will need to do before I send over my money? I am assuming sending my money between accounts will take 1 day too.
3) what exactly does 'exchanging contracts' mean, as in will I need to sign / approve contracts or is this for the solicitor to do?
4) given the above information, when would you predict I will get the keys? Really ANYTHING will help me, however rough the estimate. I'm just so unsure of what actually happens at this stage of the process and what could possibly delay it.
5) I will have to work from home at my family's house on Wednesday for a lack of elsewhere to go. Is it possible to complete and then pick my keys up at a later date? Or has the sale technically not completed until then?
6) any tips on how I can speed up the process other than chasing the solicitor endlessly? I have been advised to not move my money until the lender has approved everything but I'm considering ignoring this advice to prevent any further delay.
Thanks in advance
The property is quite complex so some legalities have held back the sale. However, the sale should have been super easy as I'm a FTB and there is no chain eitherside. We're now at the point where the solicitor has reported to the lender and waiting back on them. HOWEVER I called the lender on Friday, two days after the solicitor claimed to have reported to them, and they said they hadn't received anything. This has totally thrown me off, two days is a huge amount of time wasted at this moment in time.
It's now at a point where I'll be homeless on Wednesday as my flat contract ends and my family don't live in the same area, so I'll be having to live in a hotel.
As it's a Sunday and I can't ring the solicitor who would refuse to give an estimated date anyway, I'm hoping someone would be able to help me with these questions, or at least some of them...
1) If the lender receives the documents on Monday (tomorrow) and the processes within 2 working days as stated, when will they release the funds?
2) Is there anything else the solicitor will need to do before I send over my money? I am assuming sending my money between accounts will take 1 day too.
3) what exactly does 'exchanging contracts' mean, as in will I need to sign / approve contracts or is this for the solicitor to do?
4) given the above information, when would you predict I will get the keys? Really ANYTHING will help me, however rough the estimate. I'm just so unsure of what actually happens at this stage of the process and what could possibly delay it.
5) I will have to work from home at my family's house on Wednesday for a lack of elsewhere to go. Is it possible to complete and then pick my keys up at a later date? Or has the sale technically not completed until then?
6) any tips on how I can speed up the process other than chasing the solicitor endlessly? I have been advised to not move my money until the lender has approved everything but I'm considering ignoring this advice to prevent any further delay.
Thanks in advance
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Comments
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sarah124562 wrote: »...but my solicitor downright refuses to give me an estimated completion date...It's now at a point where I'll be homeless on Wednesday as my flat contract ends and my family don't live in the same area, so I'll be having to live in a hotel.
Why will you be homeless? Unless you have given notice or your LL has been to court to evict you can stay as long as you want.0 -
what exactly does 'exchanging contracts' mean, as in will I need to sign / approve contracts or is this for the solicitor to do?
https://www.co-oplegalservices.co.uk/media-centre/articles-jan-apr-2017/whats-the-difference-between-exchange-and-completion/0 -
Hi,
Have you given notice on your flat? You should not have done that without having exchanged contracts as the seller can pull out at any point up until then - especially when you have no-one to crash with for a while.
If it is just your fixed contract expiring (6 months/12 months etc) you can stay and go onto a rolling contract). No-one can stop you doing that - the landlord would have to evict you and that takes time. Unless you have given notice to leave /agreed to leave in which case I think you can be charged double rent for staying (and possibly costs incurred I’m not sure)
Your solicitor can’t give an estimated date as everything is not in place - you would throw it back at them if they did give one and then couldn’t meet it. As you have not been told everything is ready I would think in weeks not days. No one can tell you when everything will be ready if your own solicitor can’t yet. If you have to leave your home would a weekly air b&b be cheaper than a hotel?
At exchange of contract normally you sign the papers and return to your own solicitors and when everything is in place they exchange them with the other solicitor. Exchange of contracts has not happened when you sign but when the solicitors swap them.
When completion occurs you will be told your keys have been released and are yours to collect - usually from the estate agent. I wouldn’t think it matters if you can’t do this immediately - just arrange to collect at a mutually convenient time.
Tlc0 -
You aren't given an estimated completion date.
Once all paperwork is fully completed, your solicitor will ask you for your preferred dates, the vendor's solicitor will do the same and once you have a date on which all parties agree, contracts can be exchanged and the completion date is then set in stone.
You have to have signed your contract and it and your deposit have to be in your solicitor's hands, although exchange is actually done over the phone and the paperwork follows later.
How did you obtain your mortgage? Your questions are the kinds of things we deal with routinely throughout the process and you are asking questions I would have expected to answer weeks ago...I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.0 -
Wow, you are jumping too far ahead, no money to change hands until your solicitor tells you, in fact have you even exchanged? Your seller could even back out anytime prior to exchange. It may be a few months before everything is legally secure for completion.0
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R.e. hotel, I am unsure if the house will or won't be ready so an airbnb is not an option as there's no cancellation option (to my knowledge). I would only stay on weekdays then travel to family home on weekends so it's reasonably cheap (probably less than renting considering bills). I am stuck in the short term but a friend is moving to my area late March so this is only a temporary stress.
The flat I'm staying in has already been rented out to others and they don't offer rolling contracts so there's no way I'd have stayed for another 6 months (even if I needed to as it's a horrible flat!).
Anyway, your comments all make me think the house definitely won't be done this week which is fine, that's all I needed to hear so I can at least prepare for the worst (but hope for the best).
Thanks0 -
sarah124562 wrote: »The flat I'm staying in has already been rented out to others and they don't offer rolling contracts0
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Not where I live unfortunately, they give us the ultimatum of eviction or a 6 month contract 2 months before our contract ends. Anyway I'm currently sharing with a mate who is living elsewhere so would be totally unaffordable to rent alone0
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You have still not answered the question of whether you have given them notice. Have you been issued with a S21 ? What they want to happen does not override the law. If you have not have not given them notice you are under no obligation to leave until either you want to or the courts say you must.0
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sarah124562 wrote: »Not where I live unfortunately, they give us the ultimatum of eviction or a 6 month contract 2 months before our contract ends.
Yes, but the point is it takes ages before eviction actually occurs.Anyway I'm currently sharing with a mate who is living elsewhere so would be totally unaffordable to rent alone0
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