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Funds returned to lender - how common?
ele_91
Posts: 194 Forumite
Due to a monumental mess up and communication break down, my buyers conveyancer didn’t get the memo that the rest of the chain could not complete on the planned day and so did not cancel the request for funds in time.
They said they would get back to me in a few days to exchange, once funds had been returned and requested again. We are breaking the chain to complete Friday and still have not heard a word on this. The original date was just over a week ago.
How common is this scenario and how likely is it to cause us a big problem on Friday? We are packing the house up and I have a horrible feeling it’s a waste of time.
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Comments
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It's not common, but it does happen and shouldn't affect thing. That doesn't mean you won't get another problem due to poor communication, but there's no reason to think this error with the funds request will be an issue.0
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Return of funds is normal if the original completion fails. More of a risk of that happening with same day exchange and completion since there is no contractual obligation to complete.
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Surprise surprise it has caused issues - apparently despite returning the funds two weeks ago, the lender still hasn’t reallocated them to the case so can’t confirm they can release them again for Friday.Why is EVERYTHING in this process bound to go wrong?!0
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Poor Comms and weak professionalism on behalf of the conveyancers usually. They often simply don't care.0
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teachfast said:Poor Comms and weak professionalism on behalf of the conveyancers usually. They often simply don't care.the lender still hasn’t reallocated them to the case so can’t confirm they can release them again for Friday.
And how exactly is the lender (who at their own request want funds returned) not reallocating the funds the conveyancers fault?
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