Where do I stand if completion doesn't happen today?

WLITC

I'm a nervous wreck. I am due to exchange and complete today. Funds have been sent to the sellers solicitors (which are a housing association) and this morning my solicitors said they will exchange and complete once housing association solicitors confirm receipt ... however half hour ago my contact from the housing association emailed to say that they are awaiting some building regulations documents before they can complete, but confirmed that they still expect it to happen today.

Question is where do I stand if the documents don't come through and the failure to complete is on their end? Leeds who are the mortgage lender have a policy that money can only be held for one day and has to be returned if completion doesn't happen and I think the said my solicitors would have to resend the Certificate of title and re-request the funds for a new completion date. I am assuming that would mean Monday or Tues next week at the earliest. If that were to happen, I will have to stay at a hotel (as I have done the past few weeks), would I be able to claim that money back off them if the failure to complete is on their side?

G_M

Yes. Keep receipts for all your hotel and restaurant costs (as you can't cook) as well as any other costs you incur (storage? cancelation fee for removals? etc etc)

jimbog

WLITC wrote: »

would I be able to claim that money back off them if the failure to complete is on their side?

No, as you wouldn't have exchanged either - or have they?

System

As you haven't yet exchanged then no you cant make any claims for your additional hotel costs

p00hsticks

If you've not actually exchanged yet (and it sounds like you haven't) then I'm afraid the completion date isn't fixed, so you have no legal comeback if it doesn't go ahead today (or ever).

This is why people often say to avoid exchange and competion on the same day, as it's only when you;ve exchanged that you csn be sure wjhen you;re going to complete (or get compensation if for some reason you don't and it's not your fault).

WLITC

Simonr66 wrote: »

As you haven't yet exchanged then no you cant make any claims for your additional hotel costs

I have emailed my solicitor to check if we have exchanged. Not sure whether they might have done that this morning on receipt of the funds or whether they would leave it and do it all together. As I understand exchange requires a phone call between the two solicitors. Does completion require the same? If it does think I guess they might have planned to do both on the same call?

lisyloo

If they are happening at the same time then you won't have an cover if completion doesn't go ahead.
You would only be covered if you'd exchanged.
Before exchanging anyone can just walk away.

eddddy

WLITC wrote: »

... however half hour ago my contact from the housing association emailed to say that they are awaiting some building regulations documents before they can complete, but confirmed that they still expect it to happen today.

If somebody requires some building regs documents, they won't exchange contracts until they have them.


Are you sure you've understood correctly? If somebody is asking for Building Reg Documents, it's likely to be your solicitor or your lender (who has requested them from the housing association, who has requested them from the council).

So your solicitor/lender will need to check the documents. If the housing association hasn't even got them yet, it doesn't sound like something that will get done in one day.

Tiglet2

Agree with eddddy. Unless the documents are scanned and emailed over in plenty of time and are satisfactory there will be no exchange and no compensation. A simultaneous exchange and completion sounds quick and easy but in reality it is very stressful. If you could exchange and have 10 days before completion, it would take all that stress away and if something awful did happen and completion was delayed, you would be able to claim expenses.

System

WLITC wrote: »

I have emailed my solicitor to check if we have exchanged. Not sure whether they might have done that this morning on receipt of the funds or whether they would leave it and do it all together. As I understand exchange requires a phone call between the two solicitors. Does completion require the same? If it does think I guess they might have planned to do both on the same call?

On exchange the solicitors will basically swap contracts this can I believe be by way of an undertaking. The completion will only happen once funds have been received by the vendors solicitor and fund transfers are not generally done after 3pm, this may have changed over recent times however.

lisyloo

Simonr66 wrote: »

On exchange the solicitors will basically swap contracts this can I believe be by way of an undertaking. The completion will only happen once funds have been received by the vendors solicitor and fund transfers are not generally done after 3pm, this may have changed over recent times however.

Right so cannot be done in one call as there is a money transfer initiated by the first phone call.