Simultaneous Exchange / Completion failed to happen, what now?

RickyCC1978

On Friday evening at about 5:20 it became obvious that our completion wasn’t going to happen. The Solicitors had initially tried to exchange on the Thursday but that also didn’t happen so we ended up doing a simultaneous exchange and completion on Friday.

Can anyone assist in what happens next. It appears that the ‘release’ from the bottom didn’t start until about midday and then didn’t get to the top until past the 4pm cut off. This was then extended to 4:30 but it didn’t leave enough time for the funds to get to the top of the chain. In an email at 5:25 we were notified that the funds weren’t with our solicitor although the solicitor below had said he had forwarded them.

I suppose I’m just after a couple of answers if anyone has been in a similar situation. Everyone is keen to make this happen and willing to go again tomorrow but does the entire process of exchanging need to start again or is it just a case of picking up where we left off? The funds sound like they are with the solicitor below us (there is then an additional one above us). If the whole process has to start again I’m not sure how confident I am of it being any different to Friday

My second question is more of a clarification. Our solicitors were trying to agree an ‘undertaking’ quite late on in the day but the solicitor above was saying it couldn’t happen because the funds weren’t with our solicitor at that time and were still with the one below. The one below also agreed to the undertaking but the one at the top was holding firm that it wasn’t possible. Who was in the right? It didn’t help that the solicitor at the top was on annual leave so the case was handled by a junior member of the team on Friday.

All we seem to be getting is both ends of the chain blaming each other but we just want to all get it done. Our house is empty and sat in a van on the drive awaiting the move. We’ve been fortunate that we’ve been able to move to my mother in laws as she’s in our bubble (she’s on her own and helps with our child care) but it’s still far from ideal.

RickyCC1978

And yes, I have been up since 4am again thinking about it all  

pinkteapot

First thing to clarify is whether any of the completions in the chain occurred. (E.g. did the FTB/chain-free buyer at the bottom actually complete on their purchase?). I assume not, but I'd be asking the question as some funds have changed hands. Hopefully this was just done in advance of exchange - if any exchanges or completions have actually occurred the whole situation is a lot messier. 

Assuming no parties in the chain have actually exchanged the situation is simple. On the next working day all the solicitors have another go and hopefully get it right this time! As no-one had exchanged, no-one has any liability to anyone else and everyone will have to suck up any additional costs they've incurred.

Same-day exchange and completion is perfectly possible even with long chains so I'm sure it'll get sorted tomorrow. Whichever solicitor was slow off the mark on Friday will be getting a LOT of grief from the entire chain and should be a lot more organised tomorrow!

I know this advice is useless now, but for future and for anyone else reading, this is why it's best to avoid Fridays - particularly when doing same-day exchange and completion which has a much greater risk of falling through on the day than a normal completion. Banks and solicitors don't work weekends so you're then stuck till Monday.

RickyCC1978

I’m pretty sure none of the exchanges and completions occurred as the people right at the bottom have agreed to try again on Monday as well so I’m pretty sure it’s a case of starting the whole thing again. 

It’s really frustrating as we are stuck right in the middle of a chain of 6. Our solicitors were really good on the day and constantly chasing and keeping us in the loop. Stayed late on Friday to try to get it done but it seemed by then the others had all given up hope.

It’s been a stressful weekend but here’s hoping we have better news tomorrow. I can’t see it going ahead at all if it doesn’t happen tomorrow as one of the chain has already threatened to pull out if it’s not sorted Monday. 

teachfast

People always say they will pull out - it's because they are (rightly) angry and want someone other than them to feel their frustration. I wouldn't worry about that too much.
Yet again solicitor complacency and incompetence leaves lots of people stressed out of their heads. The sooner proper professional training and standards are mandated, the better. And I look forward to a professional body that you can actually seriously report their incompetence to and expect them to have some teeth. 

Doozergirl

It'll be fine.  You'll all be the priority tomorrow. 

Exchange often gets delayed, the pressure is caused by bringing completion so close.  

Go back to bed for a bit!