Confirmation of release of funds

Mrsemmawright2010

We are exchanging today in a 4 link chain ready to complete next Friday.  We have got to link 3 and the house i am buying but the solicitor for my vendor has said he can't proceed at this stage as he doesn't have confirmation of release of funds for his clients' onward purchase!
He has told EA he will have it this afternoon.
Surely he would have known this yesterday when everyone agreed to exchange? 
Will it happen today now or not?
I am losing the will now and wonder if the house is worth it.....

Mrsemmawright2010

In case anyone was interested we were unable to exchange today as a result of this.
Now officially fed up.

youth_leader

I am so sorry to read this, I thought you were nearly there.  I've heard that NS&I have some technical glitches, perhaps they had their money in there and it didn't arrive in time.  I hope you have more luck tomorrow. 

Mrsemmawright2010

youth_leader said:

I am so sorry to read this, I thought you were nearly there.  I've heard that NS&I have some technical glitches, perhaps they had their money in there and it didn't arrive in time.  I hope you have more luck tomorrow. 

Thanks, me too!! EA is confident but without confirmation that this document got emailed over this afternoon, i am sceptical.
My buyers even had the cheek, during the phonecall to authorise exchange to negotiate the price they had previously agreed to pay for a water softener we are leaving! 
I am at the end of my tether with it all.

HampshireH

How are you getting on today?

AdrianC

Mrsemmawright2010 said:

We are exchanging today in a 4 link chain ready to complete next Friday.  We have got to link 3 and the house i am buying but the solicitor for my vendor has said he can't proceed at this stage as he doesn't have confirmation of release of funds for his clients' onward purchase!
He has told EA he will have it this afternoon.
Surely he would have known this yesterday when everyone agreed to exchange? 

On Wednesday, they didn't have confirmation. But that wasn't that important, because it could very easily have come through before the chain was all due to exchange.

But by lunchtime yesterday, they still hadn't had it. That meant that that link in the chain COULDN'T exchange, because they couldn't guarantee to complete, because there was no guarantee the money would be available for that purchase.

And because that link couldn't exchange, nobody in the chain could exchange.
So still no confirmation through by end of business? No exchange yesterday.

At least you know that, when the confirmation comes through, exchange will simply happen assuming nobody changes their minds...

The question is why confirmation hasn't come through from that lender. Is it merely a paperwork hiccup?
Or are the lender reviewing their decision to lend...?

Mrsemmawright2010

HampshireH said:

How are you getting on today?

So, the confirmation of funds came through this morning so exchange began again....unbelievably the same solicitor who caused yesterday's issue had to confess that he had "forgotten" to get a redemption statement....so no exchange again!!!
I am just devastated now....

Mrsemmawright2010

AdrianC said:

Mrsemmawright2010 said:

We are exchanging today in a 4 link chain ready to complete next Friday.  We have got to link 3 and the house i am buying but the solicitor for my vendor has said he can't proceed at this stage as he doesn't have confirmation of release of funds for his clients' onward purchase!
He has told EA he will have it this afternoon.
Surely he would have known this yesterday when everyone agreed to exchange? 

On Wednesday, they didn't have confirmation. But that wasn't that important, because it could very easily have come through before the chain was all due to exchange.

But by lunchtime yesterday, they still hadn't had it. That meant that that link in the chain COULDN'T exchange, because they couldn't guarantee to complete, because there was no guarantee the money would be available for that purchase.

And because that link couldn't exchange, nobody in the chain could exchange.
So still no confirmation through by end of business? No exchange yesterday.

At least you know that, when the confirmation comes through, exchange will simply happen assuming nobody changes their minds...

The question is why confirmation hasn't come through from that lender. Is it merely a paperwork hiccup?
Or are the lender reviewing their decision to lend...?

It came through this morning but unbelievably the same solicitor has failed to exchange again because, and these are his words, he "forgot" to get the statement of redemption.
So no exchange again....and my second lot of removal deposits lost as we were originally meant to complete today.

ccfc1972

Shocking! Did you manage to get completed?

Mrsemmawright2010

ccfc1972 said:

Shocking! Did you manage to get completed?

No unfortunately not.  Aiming to exchange again on Monday....it has been the most stressful move ever.
My solicitor had a stand up row with my vendor's solicitor and said in his whole 30 years career he has never experienced anything like it 😢

Mrsemmawright2010

We finally exchanged today! Complete two days later!! Woo hoo!!