Failed completion - money returned to lender.

tiger_eyes

Snookie12cat said:

tiger_eyes said:

I experienced a failed completion where the mortgage lender recalled the funds, and a second failure when my solicitor forgot to transfer funds on completion day, and I don't remember being charged for either.

Wow, that sounds stressful. 

Yep. I called the lender to try to work it out, but I failed their security questions when they asked for my address because they recorded me as having moved to a new house... the same one they had just stopped me buying. Be prepared!

Snookie12cat

tiger_eyes said:

Snookie12cat said:

tiger_eyes said:

I experienced a failed completion where the mortgage lender recalled the funds, and a second failure when my solicitor forgot to transfer funds on completion day, and I don't remember being charged for either.

Wow, that sounds stressful. 

Yep. I called the lender to try to work it out, but I failed their security questions when they asked for my address because they recorded me as having moved to a new house... the same one they had just stopped me buying. Be prepared!

I am hoping they are not sending correspondence to the new house i do not live in. Feels like a security risk if important docs are going to someone else's house! 

AndyDragon

I had 2 failed exchanges prior to the successful exchange (unfortunately both had exchange/complete on the same day due to lateness on signing up the chain and misunderstandings)

I was charged the chaps fee by the bank and the solicitor (to send it back) for both, so roughly £80 each time

have a third date planned in but this time we have exchanged in advance

Was pretty annoying

Snookie12cat

AndyDragon said:

I had 2 failed exchanges prior to the successful exchange (unfortunately both had exchange/complete on the same day due to lateness on signing up the chain and misunderstandings)

I was charged the chaps fee by the bank and the solicitor (to send it back) for both, so roughly £80 each time

have a third date planned in but this time we have exchanged in advance

Was pretty annoying

@AndyDragon Yeah the plan was never to do it on the same day but the solicitor on the other side insisted and turns out they changed the answer to an enquiry on the day! 

Caused a huge issue and it didn't happen. Really couldn't believe someone could do that tbh. 

Did you have to call the bank to pay the fee or did they add it into your next successful completion?

AndyDragon

@Snookie12cat The solicitors added the costs to the final fees, so basically 3 transfers from the bank, 2 from the solicitors

The bank contacted me like you to say it was all set up and when the payments were but as soon as they received the funds back contacted me to say that the mortgage wasn’t open and that they’d set it up again if the completion happens

its annoying, it was the right thing to do to get the dates to work but it’s annoying that they failed but it all sorted itself on the third go

whether you have a charge I don’t know, your solicitor can tell you

Snookie12cat

AndyDragon said:

@Snookie12cat The solicitors added the costs to the final fees, so basically 3 transfers from the bank, 2 from the solicitors

The bank contacted me like you to say it was all set up and when the payments were but as soon as they received the funds back contacted me to say that the mortgage wasn’t open and that they’d set it up again if the completion happens

its annoying, it was the right thing to do to get the dates to work but it’s annoying that they failed but it all sorted itself on the third go

whether you have a charge I don’t know, your solicitor can tell you

@AndyDragon thank you. When I started this it never even occurred to me this could happen... House buying is nothing if not stressful! 

AndyDragon

@Snookie12cat said:

@AndyDragon thank you. When I started this it never even occurred to me this could happen... House buying is nothing if not stressful! 

I hear that. I thought when we got agreed date on a small chain (my seller was buying chain free which turned out to be a separating couple and one party’s signing didn’t…) that it would be smooth. Two months later I have finally exchanged.

Still, just under 2 weeks now till completion. Seven months after first view on what should have been a very simple purchase

Never mind… hope it all goes well for you!

Snookie12cat

@AndyDragon

6 months on a two person chain 🤣🤣🤣 it's the simple ones you need to watch out for it seems 😆

Glad you are getting there in the end.