Completion Delay - Won't pay costs

Thrugelmir

NNLisbon said:

My solicitor is saying they can't support any longer as they don't deal in litigation and I need to seek advice elsewhere. 

Then there's your course of action. Your choice whether to pursue it or not. Your buyer is calling your bluff I'd say. 

NNLisbon

TheJP said:

NNLisbon said:

The buyer was in clear breach of the contract we had in place, with the key clause requiring funds to be received by 12pm (and for me to vacate the property by the same time). 

The funds only arrived at 5:10pm and my solicitor advised me not to complete as we could not guarantee the funds could then be moved on in time to the next solicitor to complete my onward purchase. Completing on my sale but not my purchase was in breach of my own mortgage agreements. 

The moving team also wouldn't complete the move at that time of the day either, so I was doubly screwed really. 

Does anyone know of any options I have to pursue this? It's not an un-sizeable sum of money and having delivered on my part of the contract, I don't see why I should be liable for costs.

So you did complete on your sale on the correct completion date, however the delay means you have breached the terms of your contract with your purchase. What was the delay in funds from your purchaser? Was it the fault of the bank?

Hi, no not the bank's fault. The buyer simply didn't pay all of their funds to their solicitor until almost 5pm.

Doozergirl

Find a solicitor that deals in litigation.  You can pay for an hour, at least, and get proper advice before you move onto small claims.  

This is why I far prefer traditional solicitors firms - if there is a problem they have litigators in house to pick it up from someone they know.  

babyblade41

also another reason not to exchange & complete the same day .

However I still am slightly confused 

NNLisbon

babyblade41 said:

also another reason not to exchange & complete the same day .

However I still am slightly confused 

I didn't exchange and complete on the same day, that was a typo. I exchanged many weeks before. You've not understood my issue which is perhaps why it's still confusing.

babyblade41

let me get this straight.
1, You exchanged long before completion date 
2, day of completion & it didn't happen or at least until later than 12.00 pm , (I got confused because you stated solicitor advised not to exchange  but meant complete, is that correct ?
3, so completion went ahead but at 17.10 ?

What, as i understand it is that because completion didn't happen on or before 12.00 you then cancelled your removals instead of waiting until end of day 

Am I now understanding correctly ?

In all my moves I have never had an actual time that completion happens by .. it maybe in the morning or around 2.00 pm , depends on the rest involved 

tooldle

i read it that funds were not available for completion until after 5pm and, the OP was advised by their solicitor not to complete and to try again next day. If I were the purchaser, I wouldn’t be willing to pay them OP’s bill either if completion was possible and refused by the OP.

lr1277

For me the other confusing part is what happened to your purchase? I am guessing you didn't have the funds to complete your purchase? So didn't your vendor pursue for their costs? From the breakdown of costs you provided, there is nothing about costs incurred by your vendor. So to me that £1200 figure seems rather low, assuming you had to pay your vendor's costs.

Care to shed some light on the matter?

TheJP

Ok so i think a lot of people are missing the links here;

The OP exchanged contracts on their own property sale in December, they hadn't yet exchanged contracts on the property they are buying.

Come completion day of the house they are selling (already exchanged) the buyer missed the 12pm deadline, removals come close to the end of their shift would have headed back to base. The funds arrived at 5.10pm and completion is complete.

The OP's solicitor advised not exchanging contracts on their onward purchase as they then would breach that contract if completion was due on the same day.

All in all the delay has screwed everyone over apart from the buyer of OPs property.

I do think you should be compensated but depends how clear cut the contracts are regarding the timings.

Thrugelmir

Buyer appears to have done nothing wrong.