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Exchange but no completion
parcival
Posts: 949 Forumite
Was due to do simultaneous exchange and completion today on a flat that is empty. Buyer is a Limited Company (assume it will be a buy to let).
Yesterday my solicitor had email from buyers solicitor to request that we exchange today but complete tomorrow. Buyers solicitor has received mortgage funds from lender but buyer has not transferred balance of sale price to solicitor.
This morning the solicitors spoke and exchanged contracts and my solicitor expects to be able to complete tomorrow.
Seems a bit odd to me that buyer did not transfer balance of funds as it was he who wanted the simultaneous exchange and completion.
I am assuming that buyers solicitor would not have exchanged if not certain that balance of funds would be forthcoming or should I be concerned.
Yesterday my solicitor had email from buyers solicitor to request that we exchange today but complete tomorrow. Buyers solicitor has received mortgage funds from lender but buyer has not transferred balance of sale price to solicitor.
This morning the solicitors spoke and exchanged contracts and my solicitor expects to be able to complete tomorrow.
Seems a bit odd to me that buyer did not transfer balance of funds as it was he who wanted the simultaneous exchange and completion.
I am assuming that buyers solicitor would not have exchanged if not certain that balance of funds would be forthcoming or should I be concerned.
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Comments
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No problem for you as the seller.I am not a cat (But my friend is)2
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Depends where they had the funds. If it was with NS&I they are taking longer than normal to transfer money due to technical stuff ups and incompetence. Or maybe funds are somewhere else and buyer had assumed he could do a chaps transfer and can't. A 1 day delay is of no consequence.1
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Unless the ltd company has no money.Alter_ego said:No problem for you as the seller.0 -
As the buyer failed to transfer "The balance of the sale price" presumably deposit was transferredSpiderLegs said:
Unless the ltd company has no money.Alter_ego said:No problem for you as the seller.I am not a cat (But my friend is)0 -
In the OP’s first post there was no mention of deposit, but in their follow up there is.Alter_ego said:
As the buyer failed to transfer "The balance of the sale price" presumably deposit was transferredSpiderLegs said:
Unless the ltd company has no money.Alter_ego said:No problem for you as the seller.
Perhaps the OP can confirm what has / has not been received
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Are you sure you’ve exchanged, rather than just your solicitor contacting you asking if you are “ready to exchange” but then not able to reach buyers solicitor to confirm they were too? A completion date would have been said and set in stone if exchange had happened.0
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It is normal to transfer the balance of funds on the day of completion. In fact it would be unusual to do so any earlier.1
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As I understand it - sale price 300k, buyers mortgage 200k, buyer providing 100k from own funds.
Buyers solicitor received the 200k mortgage money the day before but not buyers own money.
Exchange took place so assume the 10% came from the mortgage funds. So I assume solicitor very confident of remaining funds arriving......0 -
Is the deposit £30k? Or £10k?
No reliance should be placed on the above! Absolutely none, do you hear?0
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