Exchange delayed due to lack of help to buy completion statement

Kathrynmichaud

Hi, we were told by our solicitors that we would exchange early last week with a completion yesterday.  We found out on Wednesday that the first time buyers at the bottom of the chain (there are 4 in the chain FTB, our buyers, us and the house we’re buying which is empty), had only just closed down their help to buy isa account and we’re waiting to receive their closing statement before we could exchange.  The latest update that I’ve had today is that yesterday lunchtime they were told they would have the statement emailed to them within the hour but that didn’t happen so they were trying to get through to Barclays last night until 9 pm without success.  Like many others we were hoping to complete by Wednesday to avoid paying stamp duty - I realise that this is now very unlikely to happen.  The secondary issue is that the FTB mortgage funds need to go back on Monday if the statement isn’t sent to the solicitor by then.  

My questions are has anybody had experience of delays caused by waiting for the help to buy final statement and does any one know if the mortgage funds need to go back to the lender how long does it then take to get them back again once the solicitor has the statement and we’re ready to go again!  Any help/advice would really be appreciated as we’re completely stressed about this - especially as the seller of the house we’re buying was saying on Friday that if we didn’t complete on that day he was going to put the house back on the market!

Thanks.

ShinyYellowBoots

Hi, I've just completed on a sale and had some trouble getting my closing statement from Barclays. Although they insisted they could only mail it out, they did also upload a copy to my online banking. Hopefully if your FTB logs in it will be waiting for them! Good luck! 

Kathrynmichaud

ShinyYellowBoots said:

Hi, I've just completed on a sale and had some trouble getting my closing statement from Barclays. Although they insisted they could only mail it out, they did also upload a copy to my online banking. Hopefully if your FTB logs in it will be waiting for them! Good luck! 

That’s a great suggestion!  Thank you, I’ll pass the info on.

Kathrynmichaud

A further update to this.  The FTB went to Barclays this morning, got a print out of their closing statement and took it by hand to their solicitors at 10.15 this morning.  We still haven’t heard anything re exchange and it’s now 2.30 pm.  Completely panicking as if we don’t exchange by the end of today the FTB mortgage funds have to go back to the lender.  Although they can request them again, this will probably take a few days, meanwhile our seller is threatening to put the house we’re buying back on the market!  Really worried, does anyone have any advice?  Thanks.