Buyer seeking independent financial advice - solicitor error?

NessB

Hi all, 

We've been in a chain since early September, things were delayed because of a new build at the end of the chain. 

On Monday, we finally received confirmation from the top of the chain that we're ready to exchange and set a completion date. 
The bottom of the chain's mortgage offer expires on the 15th March, so tomorrow is the last day that we can exchange (our bank requires 7 working days for funds). 

The buyer at the bottom of the chain was chasing his solicitor each day and was happy to set the 11th as a completion date (this has gone now as not enough working days left), however his solicitor was off that day and apparently nobody else could do it. 

The 3 links at the bottom of the chain are all using the same firm so I assume they've signed conflict of interest forms. 

Yesterday, the update came through to us that the solicitors are not in a position to discuss completion dates (they've been ready since early January so this is confusing), and the buyer is seeking independent legal advice. No further updates have been given. 

Does anyone know what might be going on? Has the solicitor dropped the ball? Could he still away from the office? We're all very confused and quite worried that the chain is going to collapse right at the end. 

Any thoughts appreciated! 
Thanks in advance. 

NessB

Just to add, I realise I've written financial advice in the header, I meant independent LEGAL advice. Apologies! Long day. 

eddddy

NessB said:

Yesterday, the update came through to us that the solicitors are not in a position to discuss completion dates (they've been ready since early January so this is confusing), and the buyer is seeking independent legal advice. No further updates have been given. 

I guess it's a case of asking the client (your buyer?) what the problem is, and how long it's likely to take to get resolved. It's often best to do this via the EA.

It's hard to guess what the problem might be, I suppose it could be...

• Their solicitor has advised something, and they want a second opinion

• Their solicitor is unable to advise on something, so they're asking a specialist solicitor for advice

• For example, they want to do a lease extension as part of the purchase and most conveyancing solicitors don't have knowledge or experience in that area

I think it's unlikely to be a complaint about their solicitor - they haven't exchanged contracts, so they can't really have suffered any substantial losses.

I suppose it could be that they are upset that they've lost their mortgage deal, and a new deal will be more expensive - and they're blaming their solicitor, and they've rather rashly suggested to their solicitor that they'll sue them.

NessB

eddddy said:

NessB said:

Yesterday, the update came through to us that the solicitors are not in a position to discuss completion dates (they've been ready since early January so this is confusing), and the buyer is seeking independent legal advice. No further updates have been given. 

I guess it's a case of asking the client (your buyer?) what the problem is, and how long it's likely to take to get resolved. It's often best to do this via the EA.

It's hard to guess what the problem might be, I suppose it could be...

• Their solicitor has advised something, and they want a second opinion

• Their solicitor is unable to advise on something, so they're asking a specialist solicitor for advice

• For example, they want to do a lease extension as part of the purchase and most conveyancing solicitors don't have knowledge or experience in that area

I think it's unlikely to be a complaint about their solicitor - they haven't exchanged contracts, so they can't really have suffered any substantial losses.

Thank you! The buyer is 3 down from me so I don't have direct contact, and apparently he hasn't replied to his seller. 

The EA for the 2 properties below me is Purple Bricks and nobody's been able to get an answer from them either. 

I was just curious as to whether this was a common occurrence for a certain problem. 

Hopefully tomorrow provides more news. 

eddddy

NessB said:

The EA for the 2 properties below me is Purple Bricks and nobody's been able to get an answer from them either. 

Yes - the problem with using purple bricks is they get paid whether the sale completes or not. 

So they have no incentive to get problems like this sorted out.

A more traditional estate would have been 'progressing the sale', and keeping in touch with buyer and seller, and sorting out problems.

Is the solicitors firm the one that purple bricks recommended? If so, that's probably added to the delays.

Slithery

NessB said:

The bottom of the chain's mortgage offer expires on the 15th March, so tomorrow is the last day that we can exchange (our bank requires 7 working days for funds).

Just FYI you don't have to exchange before requesting funds (otherwise same-day exchange and completion wouldn't be a thing).

Funds can be requested before exchange.

NessB

eddddy said:

NessB said:

The EA for the 2 properties below me is Purple Bricks and nobody's been able to get an answer from them either. 

Yes - the problem with using purple bricks is they get paid whether the sale completes or not. 

So they have no incentive to get problems like this sorted out.

A more traditional estate would have been 'progressing the sale', and keeping in touch with buyer and seller, and sorting out problems.

Is the solicitors firm the one that purple bricks recommended? If so, that's probably added to the delays.

Yes they're all using Premier Property Lawyers, nightmare! I'm not using either, thankfully. 

NessB

Slithery said:

NessB said:

The bottom of the chain's mortgage offer expires on the 15th March, so tomorrow is the last day that we can exchange (our bank requires 7 working days for funds).

Just FYI you don't have to exchange before requesting funds (otherwise same-day exchange and completion wouldn't be a thing).

Funds can be requested before exchange.

Thank you, yes I know this is a thing. However, the bottom won't agree to a completion date so nobody wants to request funds at the moment. I don't know how long solicitors can keep funds for? 

Thrugelmir

Unfortunately as it's their business you'll just have to wait until the issue whatever it is , is resolved.  Being left in limbo is unnerving. Hopefully whatever it is will be dealt with quickly. 

user1977

Opposing parties using the same firm is a recipe for disaster, one way or another.

I wonder if what's happened is one of the possible scenarios ie the solicitors realise at an awkward stage in proceedings that they actually have a conflict of interest preventing them from continuing to act for both sides, and have had to send one (or more) clients elsewhere. 

NessB

user1977 said:

Opposing parties using the same firm is a recipe for disaster, one way or another.

I wonder if what's happened is one of the possible scenarios ie the solicitors realise at an awkward stage in proceedings that they actually have a conflict of interest preventing them from continuing to act for both sides, and have had to send one (or more) clients elsewhere. 

Thank you, yes this is what I was thinking too. Strange though as they were originally asking to complete at the end of January, but we couldn't agree due to the new build at the top having delays.