Exchange/Complete scheduled for tomorrow but there is a problem - need advice

jumperabv3

I've scheduled with a seller exchange/completion tomorrow, there was 1 legal document missing which the seller found via solicitors who helped her purchase the property back then in 1991.
My wife is due to give birth Monday next week (29/06) via C Section, we wanted to put this entire saga behind us this week but it looks like a problem now.
My solicitor has just informed me the following:

I have just found out that the firm of solicitors which hold the original documents is on one of the streets that have been shut off as a result of the terror attack on Saturday.

This means the solicitors who hold the documents have no way of physically getting to the office to send the deeds out.

How you want to proceed is up to you. Your options are as follows:-

1. Wait until the seller’s solicitors are holding the original transfer before we exchange and complete.
2. See if the seller is willing to cover the indemnity policy and complete on that basis. This will satisfy the majority of lenders and future buyers’ solicitors but I cannot guarantee to you that they will all find the indemnity policy acceptable.

I've asked my wife what she wants to do.
She told me - proceed with provision this document will be supplied later - I told my wife I am not sure this is possible as the solicitor did not offer this option but I've emailed my solicitor to ask about this.

My wife told me she doesn't want to wait and just get done with it, but I feel like it's best if we wait and do it properly next week or the week afterwards, and yes, I will try to spend less time & energy on this once we are in the hospital etc. but with all these new surprises I cannot guarantee anything neither - so we are in a pickle now.

Do you perhaps have other better suggestions what can I ask my solicitor to do in this case?

Chandler85

Get an indemnity and/ or a retention if possible.

If the document is definitely available then the indemnity becomes pointless anyway, so who cares if all lenders accept it.  If the document doesn't appear you have some cover at least.  If you get a retention as well then it might motivate the vendor to ensure the document materialises.

davidmcn

Can't the solicitors who are holding it provide an undertaking to deliver it as soon as they're able?

You don't really need to spend any more time/energy on it, just tell your solicitors the basis (or bases) on which you're prepared to complete and leave them to it.

jumperabv3

Chandler85 said:

Get an indemnity and/ or a retention if possible.

If the document is definitely available then the indemnity becomes pointless anyway, so who cares if all lenders accept it.  If the document doesn't appear you have some cover at least.  If you get a retention as well then it might motivate the vendor to ensure the document materialises.

Sorry for my ignorance, but what is a retention?
And what does it mean by "the document materialises"?

jumperabv3

davidmcn said:

Can't the solicitors who are holding it provide an undertaking to deliver it as soon as they're able?

Again, sorry for my ignorance - how exactly will it be done, and what should I ask from my solicitor to do in regards to this?
Would appreciate elaborated answers as I'm not too familiar with some of the terminology being used here, thank you!

steampowered

I'd pick route 2.

Indemnity policies sometimes only cost a few quid. If the seller is willing to pay, or if the cost is minimal, you might as well go down that route.

davidmcn

jumperabv3 said:

davidmcn said:

Can't the solicitors who are holding it provide an undertaking to deliver it as soon as they're able?

Again, sorry for my ignorance - how exactly will it be done, and what should I ask from my solicitor to do in regards to this?
Would appreciate elaborated answers as I'm not too familiar with some of the terminology being used here, thank you!

But your solicitor is, so just pass it on to them!

"Undertaking" = "Promise". They'll deliver it when they can. Solicitors normally rely on undertakings to each other to get transactions done. This other solicitor possibly doesn't want to get too involved given they're not actually a party to the transaction, but it would be one way of dealing with it (assuming they know they actually have the document).

jumperabv3

steampowered said:

I'd pick route 2.

Indemnity policies sometimes only cost a few quid. If the seller is willing to pay, or if the cost is minimal, you might as well go down that route.

Thanks. Can you perhaps explain what Chandler85 said? I don't want to email my solicitor before I understand what he suggested to do - retention (in addition to the indemnity policy).

jumperabv3

davidmcn said:

jumperabv3 said:

davidmcn said:

Can't the solicitors who are holding it provide an undertaking to deliver it as soon as they're able?

Again, sorry for my ignorance - how exactly will it be done, and what should I ask from my solicitor to do in regards to this?
Would appreciate elaborated answers as I'm not too familiar with some of the terminology being used here, thank you!

But your solicitor is, so just pass it on to them!

"Undertaking" = "Promise". They'll deliver it when they can. Solicitors normally rely on undertakings to each other to get transactions done. This other solicitor possibly doesn't want to get too involved given they're not actually a party to the transaction, but it would be one way of dealing with it (assuming they know they actually have the document).

Thanks David,
I will certainly ask my solicitor to do this then - so you're suggesting we exchange/complete tomorrow as scheduled with these suggestions?
What about this "retention"? I've never heard of it, any idea what is a "retention"?

davidmcn

Please just talk to your solicitor.

Flat_Eric

Retention basically means a sum of money is retained/kept back by the solicitors for the buyer or seller (depending on the circumstances) there is then a financial incentive for the outstanding issue to be resolved.