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Exchange of contracts delayed after deposit sent - Help!
Tcresswell88
Posts: 1 Newbie
Hi Everyone ,
Me and my partner had an offer accepted on the house we are buying on the 19th of December last year. The home buyers report was completed and mortgage offer given by Nationwide on the 16th January. All paperwork was sent off on our end within the next few days, the seller took a bit longer but it was done within a couple of weeks. After a few weeks waiting around while the searches were done we put forward to the seller that we would like to complete on the 12th of April, which she agreed to as the house she is moving into is currently empty and she was flexible on dates. As far as she knew everything was in place from the person she was buying from and she made her solicitors aware of the proposed date.
Out of nowhere we got a phone call last Friday from our solicitors saying they were ready to exchange contracts and this would be done on Monday 01/04 and said they needed us to pay our deposit that day. We paid the deposit but the exchange never happened and we have now just been told today that the person our seller is buying from hasn't completed all the necessary paperwork so we aren't in a position to exchange yet.
Apart from being very annoyed with our solicitors as they have been awful the entire process i'm also very concerned that we have paid our deposit and it sounds like things could be delayed further. Has anyone else experienced anything like this? And also in worst case scenario what would happen at this stage if everything fell through now that the money has already been transferred?
Me and my partner had an offer accepted on the house we are buying on the 19th of December last year. The home buyers report was completed and mortgage offer given by Nationwide on the 16th January. All paperwork was sent off on our end within the next few days, the seller took a bit longer but it was done within a couple of weeks. After a few weeks waiting around while the searches were done we put forward to the seller that we would like to complete on the 12th of April, which she agreed to as the house she is moving into is currently empty and she was flexible on dates. As far as she knew everything was in place from the person she was buying from and she made her solicitors aware of the proposed date.
Out of nowhere we got a phone call last Friday from our solicitors saying they were ready to exchange contracts and this would be done on Monday 01/04 and said they needed us to pay our deposit that day. We paid the deposit but the exchange never happened and we have now just been told today that the person our seller is buying from hasn't completed all the necessary paperwork so we aren't in a position to exchange yet.
Apart from being very annoyed with our solicitors as they have been awful the entire process i'm also very concerned that we have paid our deposit and it sounds like things could be delayed further. Has anyone else experienced anything like this? And also in worst case scenario what would happen at this stage if everything fell through now that the money has already been transferred?
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Comments
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Your solicitor would send the money back to you.Tcresswell88 wrote: »And also in worst case scenario what would happen at this stage if everything fell through now that the money has already been transferred?
It hasn't been sent anywhere else yet it's just sat in the solicitors account ready for when exchange does happen.0 -
Where is the money? Is it in your solicitors account kr have they transferred it to the sellers solicitor?0
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The deposit is your money until exchange.
With no exchange, if everything ends up being cancelled it's still your money and you get it all back.
Your solicitor simply holds the money in their protected client account, it's gone nowhere else... and would be either used in full (as a deposit), or held in full until exchange.
Don't worry, it's not going anywhere.0
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