Completion Date passed but nothing happened?

Adezoo

Slithery said:

How did you expect to complete if you hadn't sent the funds to the vendor?

This one sounds like your fault to me.

How was I supposed to send the money if I was not given anything on the given “completion” date? Either way I contacted my solicitor and she said the seller solicitor changed the completion to today so I completed today 

Adezoo

london21 said:

Adezoo said:

TBG01 said:

A completion statement is provided by your Solicitor. 

Yeah after communicating with seller solicitor 

You know your solicitor did he contact the seller's solicitor to agree a completion date because my solicitor had to contact the seller's solicitor for this as with he auction already exchanged just pending completion. 

I completed today although I was not told there was a change of date. But I am now selling it so should be alright.

Adezoo

london21 said:

Adezoo said:

TBG01 said:

A completion statement is provided by your Solicitor. 

Yeah after communicating with seller solicitor 

You know your solicitor did he contact the seller's solicitor to agree a completion date because my solicitor had to contact the seller's solicitor for this as with he auction already exchanged just pending completion. 

I completed today although I was not told there was a change of date. But I am now selling it so should be alright.

Adezoo

Tiglet2 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…

Have you not sent your readily available money to your solicitor?  Have they asked for it yet or are there still some matters outstanding?  If your solicitor does not hold your monies for completion, they cannot complete obviously.

If you have already sent the completion monies to your solicitor and they have sent the purchase monies prior to the completion date of 5th January to the seller's solicitor, then it could be deemed to have failed to complete on the agreed date.  Do you know if the seller's solicitor was still waiting for the seller to return the signed Transfer Deed for example?  If so, they may have sent the purchase monies back to your solicitor pending receipt of the signed Transfer Deed.  If this is the reason for the failure of the completion, then your solicitor would serve a Notice to Complete to the seller's solicitor.

I very much doubt you can be refunded all your monies due to a change of mind.  I am assuming that you 'exchanged' on the day of the auction and you and your solicitor had read through the legal pack before you bid.  

I don't understand what you mean by " I am not interested in trying to do any late completion as I do not have time."  You have entered into an agreement and you are unlikely to get out of this easily.  Perhaps speak to the auction house or read the terms and conditions of the auction to find out what the penalties are for pulling out of the purchase. 

Hi, thanks for the comment. Completion was set a day later but I was not told so I was confused. Everything was sent and completed. Now waiting to sell it back. 

Slithery

Adezoo said:

Slithery said:

How did you expect to complete if you hadn't sent the funds to the vendor?

This one sounds like your fault to me.

How was I supposed to send the money if I was not given anything on the given “completion” date?

You send the money before completion. You don't need to be given anything beforehand to do this.

Anyway, glad you got it sorted.

Adezoo

Slithery said:

Adezoo said:

Slithery said:

How did you expect to complete if you hadn't sent the funds to the vendor?

This one sounds like your fault to me.

How was I supposed to send the money if I was not given anything on the given “completion” date?

You send the money before completion. You don't need to be given anything beforehand to do this.

Anyway, glad you got it sorted.

I am glad too and I am referring to the bank account to transfer the money. I can’t send a cheque or hand in the cash. So I couldn’t even complete because I didn’t know where to send the monies.

Adezoo

pinkshoes said:

@Adezoo did completion happen by 2pm yesterday?

If not, has your solicitor sent a notice to complete to the seller?

If they failed to complete and you bought the property by mistake, then speak to your solicitor and get them to negotiate. Your options are probably negotiation of cancelling the sale and getting your deposit back, or forcing them to complete the sale, claiming whatever compensation is due for failing to complete, then at least the compensation will cover any losses when you re-sell it.

Thanks for the comment. I believe the seller solicitor changed the completion date as they might have not taken into consideration bank holidays and more. The completion was completed today finally. 

canaldumidi

I think the lesson here is that auction purchases are to be approached with caution.

The OP not only bid on a property they did not want, but also seems to have had a tenuous grasp of the process.

Auctions are best left to the professionals, or those willing and able to fully research how they work, and what precautions are necessary.

But I'm glad it worked out.Let's hope not too much money is lost in re-selling, presumably by auction again?

Adezoo

saajan_12 said:

Regardless of completion statement, its up to you to transfer the purchase price to the seller's solicitor by today. If they then don't hand over the property, then yes they've failed to complete, but before that point it would be you not completing.

No documents change this. A completion statement just clarifies other monies eg if there was a retention, service charges, your solicitor fees, stamp duty, etc. This is usually your solicitor's responsibility but even if its part of the exchanged contract, it would not be a material term - ie if they fail then you can just get compensation for the extra admin, but completion still expected to go ahead. 

Thanks for the comment. I repeat I was ready to complete, I wasn’t seating doing nothing. I had the money ready. I just didn’t know where to send or whatever other charge it required. Some of The fees were on the document but not all were broken down. So should I just send any amount? 

Adezoo

canaldumidi said:

I think the lesson here is that auction purchases are to be approached with caution.

The OP not only bid on a property they did not want, but also seems to have had a tenuous grasp of the process.

Auctions are best left to the professionals, or those willing and able to fully research how they work, and what precautions are necessary.

But I'm glad it worked out.Let's hope not too much money is lost in re-selling, presumably by auction again?

I believe that anyone can buy at auction as soon as they have the money, the solicitor and the right information available. I was going to bid into another lot, which I seemed to have missed. I know that auction means legally binding therefore I decided to go ahead with it, as reselling or adding value to it would still be possible, rather than being sued for not completing or “exchanging”. I don’t understand what you mean with your sentence,  completion day is usually the day you’re expected to complete right? I am sure that’s not a made up date to dance around. 

Money won’t be lost selling it again so it worked out the way I wanted it.