Completion Date passed but nothing happened?

Adezoo

london21 said:

Adezoo said:

Hi guys, I wanted to ask what are my rights if the completion date has passed but nothing has happened from the seller side? Is it possible for me to cancel the contract and get all my money and legal fees paid back? 

With auction property you need to give more details.

You already deposited 10% hopefully fault not with you because they not only take the deposit but other losses. 

The deposit was taken the same day to be honest. And that was paid cash! I am just saying that since no completion has happened I am not looking to serve no noticed as this was supposed to be a quick sale anyway. I am just looking to get deposit, auction fees and any other legal fees that I might incur! Don’t think legal fees will be much as no completion but don’t know…

user1977

If it was a "mistake" from day one, didn't you discuss that with your solicitor?

london21

Adezoo said:

london21 said:

Adezoo said:

Hi guys, I wanted to ask what are my rights if the completion date has passed but nothing has happened from the seller side? Is it possible for me to cancel the contract and get all my money and legal fees paid back? 

With auction property you need to give more details.

You already deposited 10% hopefully fault not with you because they not only take the deposit but other losses. 

The deposit was taken the same day to be honest. And that was paid cash! I am just saying that since no completion has happened I am not looking to serve no noticed as this was supposed to be a quick sale anyway. I am just looking to get deposit, auction fees and any other legal fees that I might incur! Don’t think legal fees will be much as no completion but don’t know…

Contact the auction company and your solicitor.

My auction experience was stressful.

Lucky if no fault of your own. Your solicitor will have to follow up the process on your behalf.

Strange deposit was cash, usually taken card payment prior to auction and balance paid once you win it. 

Adezoo

user1977 said:

If it was a "mistake" from day one, didn't you discuss that with your solicitor?

I discussed it with the auction agent but they said that nothing could be done as it was legally binding. So I couldn’t do much! I would rather finish the purchase than lose the entire deposit..

Adezoo

london21 said:

Adezoo said:

london21 said:

Adezoo said:

Hi guys, I wanted to ask what are my rights if the completion date has passed but nothing has happened from the seller side? Is it possible for me to cancel the contract and get all my money and legal fees paid back? 

With auction property you need to give more details.

You already deposited 10% hopefully fault not with you because they not only take the deposit but other losses. 

The deposit was taken the same day to be honest. And that was paid cash! I am just saying that since no completion has happened I am not looking to serve no noticed as this was supposed to be a quick sale anyway. I am just looking to get deposit, auction fees and any other legal fees that I might incur! Don’t think legal fees will be much as no completion but don’t know…

Contact the auction company and your solicitor.

My auction experience was stressful.

Lucky if no fault of your own. Your solicitor will have to follow up the process on your behalf.

Strange deposit was cash, usually taken card payment prior to auction and balance paid once you win it. 

Oh how was it stressful? And I meant cash purchase as in no mortgage required! I should have explained better, I apologise! 

I will try and solve the matter and discuss it further with them. Thanks

eddddy

Adezoo said:

Amixo3032 said:

Here we go ..

Was it an unconditional auction? You were committed to buy - usually with completion in 28 days.

Presumably you instructed a solicitor and gave them all the paperwork. Hopefully, you didn't just do nothing !!!! *mad * 

The completion was set within 20 working days. I did my own work, I’ve been sending several emails everyday. Responded to my emails on time. Sent back all details. Money is readily available and I’ve waited on the day of completion but no response. Not sure how you would call that me doing nothing…

I'm not sure if you're replying to me or Amixo3032.

But anyway, everything would be explained in the contract, conditions of sale, and special conditions of sale.

If the auction is using "The Common Auction Conditions" - one of the conditions is that the seller has to have cleared funds from the buyer before completion. Your post makes it sound like you haven't transferred the funds yet. 

The Common Auction Conditions also explain what happens if the seller (or buyer) fails to complete.

london21

Adezoo said:

london21 said:

Adezoo said:

london21 said:

Adezoo said:

Hi guys, I wanted to ask what are my rights if the completion date has passed but nothing has happened from the seller side? Is it possible for me to cancel the contract and get all my money and legal fees paid back? 

With auction property you need to give more details.

You already deposited 10% hopefully fault not with you because they not only take the deposit but other losses. 

The deposit was taken the same day to be honest. And that was paid cash! I am just saying that since no completion has happened I am not looking to serve no noticed as this was supposed to be a quick sale anyway. I am just looking to get deposit, auction fees and any other legal fees that I might incur! Don’t think legal fees will be much as no completion but don’t know…

Contact the auction company and your solicitor.

My auction experience was stressful.

Lucky if no fault of your own. Your solicitor will have to follow up the process on your behalf.

Strange deposit was cash, usually taken card payment prior to auction and balance paid once you win it. 

Oh how was it stressful? And I meant cash purchase as in no mortgage required! I should have explained better, I apologise! 

I will try and solve the matter and discuss it further with them. Thanks

Could have gone terribly wrong.
I had 10% deposit with the auction company.

I was concerned about my 10% deposit, was the reason I joined the forum, sleepless night was worried.
I was then informed that it was not just the 10%, if I failed to complete and the seller does not achieve the price I offered, I was liable for the balance and other fees.

I managed to complete in time, but had to use all my life savings and borrow from family.
Now the property is mortgaged.

Had 6 weeks to complete and was towards the end of the stamp duty holiday. Could not get a mortgage because was a back to back sale the person selling was not on the land registry. (I did not know this prior to winning the auction)

I have finance and compliance background but ultimately should have gotten a lawyer to review the legal pack before bidding. 

Adezoo

eddddy said:

Adezoo said:

Amixo3032 said:

Here we go ..

Was it an unconditional auction? You were committed to buy - usually with completion in 28 days.

Presumably you instructed a solicitor and gave them all the paperwork. Hopefully, you didn't just do nothing !!!! *mad * 

The completion was set within 20 working days. I did my own work, I’ve been sending several emails everyday. Responded to my emails on time. Sent back all details. Money is readily available and I’ve waited on the day of completion but no response. Not sure how you would call that me doing nothing…

I'm not sure if you're replying to me or Amixo3032.

But anyway, everything would be explained in the contract, conditions of sale, and special conditions of sale.

If the auction is using "The Common Auction Conditions" - one of the conditions is that the seller has to have cleared funds from the buyer before completion. Your post makes it sound like you haven't transferred the funds yet. 

The Common Auction Conditions also explain what happens if the seller (or buyer) fails to complete.

Sorry I wasn’t replying to you but to the other commentator. And yes I agree. I was waiting to send the money days before completion but there was no response or document from the seller. Will need to get advice on this. Standard Condition of Sale was used.

Adezoo

london21 said:

Adezoo said:

london21 said:

Adezoo said:

london21 said:

Adezoo said:

Hi guys, I wanted to ask what are my rights if the completion date has passed but nothing has happened from the seller side? Is it possible for me to cancel the contract and get all my money and legal fees paid back? 

With auction property you need to give more details.

You already deposited 10% hopefully fault not with you because they not only take the deposit but other losses. 

The deposit was taken the same day to be honest. And that was paid cash! I am just saying that since no completion has happened I am not looking to serve no noticed as this was supposed to be a quick sale anyway. I am just looking to get deposit, auction fees and any other legal fees that I might incur! Don’t think legal fees will be much as no completion but don’t know…

Contact the auction company and your solicitor.

My auction experience was stressful.

Lucky if no fault of your own. Your solicitor will have to follow up the process on your behalf.

Strange deposit was cash, usually taken card payment prior to auction and balance paid once you win it. 

Oh how was it stressful? And I meant cash purchase as in no mortgage required! I should have explained better, I apologise! 

I will try and solve the matter and discuss it further with them. Thanks

Could have gone terribly wrong.
I had 10% deposit with the auction company.

I was concerned about my 10% deposit, was the reason I joined the forum, sleepless night was worried.
I was then informed that it was not just the 10%, if I failed to complete and the seller does not achieve the price I offered, I was liable for the balance and other fees.

I managed to complete in time, but had to use all my life savings and borrow from family.
Now the property is mortgaged.

Had 6 weeks to complete and was towards the end of the stamp duty holiday. Could not get a mortgage because was a back to back sale the person selling was not on the land registry. (I did not know this prior to winning the auction)

I have finance and compliance background but ultimately should have gotten a lawyer to review the legal pack before bidding. 

Oh wow, that sounds like a nightmare. Mine was bought by mistake, I wanted to purchase something else although placed a bid on another lot. I straightaway said that to the auction agent that call to collect the money, as my bank refused at first, she literally said “I don’t care”. I was also scared of losing my deposit. I had the money to cover it as it wasn’t much but at the same time, it wasn’t what I was going for. Sleepless nights trying to find a solicitor too. Didn’t go through the legal pack correctly. Few days later found that I had to pay most of the fees back to the seller amounting to almost £4,000. Nightmare, definitely not looking to buy at auction anymore, would rather go through traditional house buying process…

Reason why I just want this process to be over but get my money and fees back. I am not dying to get the lot, I just didn’t want any problem with the law. But I am not going to do anything after this failure of completion issue 😕

london21

Adezoo said:

london21 said:

Adezoo said:

london21 said:

Adezoo said:

london21 said:

Adezoo said:

Hi guys, I wanted to ask what are my rights if the completion date has passed but nothing has happened from the seller side? Is it possible for me to cancel the contract and get all my money and legal fees paid back? 

With auction property you need to give more details.

You already deposited 10% hopefully fault not with you because they not only take the deposit but other losses. 

The deposit was taken the same day to be honest. And that was paid cash! I am just saying that since no completion has happened I am not looking to serve no noticed as this was supposed to be a quick sale anyway. I am just looking to get deposit, auction fees and any other legal fees that I might incur! Don’t think legal fees will be much as no completion but don’t know…

Contact the auction company and your solicitor.

My auction experience was stressful.

Lucky if no fault of your own. Your solicitor will have to follow up the process on your behalf.

Strange deposit was cash, usually taken card payment prior to auction and balance paid once you win it. 

Oh how was it stressful? And I meant cash purchase as in no mortgage required! I should have explained better, I apologise! 

I will try and solve the matter and discuss it further with them. Thanks

Could have gone terribly wrong.
I had 10% deposit with the auction company.

I was concerned about my 10% deposit, was the reason I joined the forum, sleepless night was worried.
I was then informed that it was not just the 10%, if I failed to complete and the seller does not achieve the price I offered, I was liable for the balance and other fees.

I managed to complete in time, but had to use all my life savings and borrow from family.
Now the property is mortgaged.

Had 6 weeks to complete and was towards the end of the stamp duty holiday. Could not get a mortgage because was a back to back sale the person selling was not on the land registry. (I did not know this prior to winning the auction)

I have finance and compliance background but ultimately should have gotten a lawyer to review the legal pack before bidding. 

Oh wow, that sounds like a nightmare. Mine was bought by mistake, I wanted to purchase something else although placed a bid on another lot. I straightaway said that to the auction agent that call to collect the money, as my bank refused at first, she literally said “I don’t care”. I was also scared of losing my deposit. I had the money to cover it as it wasn’t much but at the same time, it wasn’t what I was going for. Sleepless nights trying to find a solicitor too. Didn’t go through the legal pack correctly. Few days later found that I had to pay most of the fees back to the seller amounting to almost £4,000. Nightmare, definitely not looking to buy at auction anymore, would rather go through traditional house buying process…

Reason why I just want this process to be over but get my money and fees back. I am not dying to get the lot, I just didn’t want any problem with the law. But I am not going to do anything after this failure of completion issue 😕

Hopefully gets sorted soon.

I did manage to complete on the 29th before the 30th deadline so that was a positive.

Some do get good deals. A relative recently bought a house in the December auction and got a good deal.