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Funds delayed between solicitors - breach of contract?

TXC
TXC Posts: 265 Forumite
Third Anniversary 100 Posts Name Dropper
in House buying, renting & selling
Hi

I'm hoping to complete today - bottom of chain and my funds despite being transferred by sol this morning still havent arrived with the sellers sol. If for whatever reason the funds don't arrive today am I in breach of contract even though this delay is completely out of my hands? 

Comments

  • GDB2222
    GDB2222 Posts: 26,902 Forumite
    Part of the Furniture 10,000 Posts Photogenic Name Dropper
    TXC said:
    Hi

    I'm hoping to complete today - bottom of chain and my funds despite being transferred by sol this morning still havent arrived with the sellers sol. If for whatever reason the funds don't arrive today am I in breach of contract even though this delay is completely out of my hands? 

    It depends where the hold-up is, but certainly you can be in breach despite doing nothing wrong. 
    No reliance should be placed on the above! Absolutely none, do you hear?
  • user1977
    user1977 Posts: 19,432 Forumite
    Eighth Anniversary 10,000 Posts Photogenic Name Dropper
    edited 21 April 2022 at 2:18PM
    In short, yes, and your solicitor can advise you if and when that happens, but no point worrying about it at this stage.
  • TXC
    TXC Posts: 265 Forumite
    Third Anniversary 100 Posts Name Dropper
    GDB2222 said:
    TXC said:
    Hi

    I'm hoping to complete today - bottom of chain and my funds despite being transferred by sol this morning still havent arrived with the sellers sol. If for whatever reason the funds don't arrive today am I in breach of contract even though this delay is completely out of my hands? 

    It depends where the hold-up is, but certainly you can be in breach despite doing nothing wrong. 
    Hold up is in the ether as far as I can tell! funds drew down last night and were sent first thing this morning. I gave my deposit over two weeks ago.
  • canaldumidi
    canaldumidi Posts: 3,511 Forumite
    Tenth Anniversary 1,000 Posts Name Dropper Combo Breaker
    edited 21 April 2022 at 8:09PM
    TXC said:
    GDB2222 said:
    TXC said:
    Hi

    I'm hoping to complete today - bottom of chain and my funds despite being transferred by sol this morning still havent arrived with the sellers sol. If for whatever reason the funds don't arrive today am I in breach of contract even though this delay is completely out of my hands? 

    It depends where the hold-up is, but certainly you can be in breach despite doing nothing wrong. 
      funds drew down last night and were sent first thing this morning. I gave my deposit over two weeks ago.
    Is the delay the  funds going from you to your solicitor? Or
    from your mortgage lender to your solicitor? Or
    from your solicitor to your vendor's solicitor?
    But 2pm is no reason to panic. I suspect the lack of update since then means you've now Completed and are desperately looking for a corkscrew.....

  • housebuyer143
    housebuyer143 Posts: 4,299 Forumite
    1,000 Posts Fourth Anniversary Name Dropper
    Did it happened in the end? We completed last week and finds were sent to other solicitor at 9:30am and didn't get there until 3pm... I was very stressed.
  • Thrugelmir
    Thrugelmir Posts: 89,546 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    TXC said:
    canaldumidi said:
    TXC said:
    GDB2222 said:
    TXC said:
    Hi

    I'm hoping to complete today - bottom of chain and my funds despite being transferred by sol this morning still havent arrived with the sellers sol. If for whatever reason the funds don't arrive today am I in breach of contract even though this delay is completely out of my hands? 

    It depends where the hold-up is, but certainly you can be in breach despite doing nothing wrong. 
      funds drew down last night and were sent first thing this morning. I gave my deposit over two weeks ago.
    Is the delay the  funds going from you to your solicitor? Or
    from your mortgage lender to your solicitor? Or
    from your solicitor to your vendor's solicitor?
    But 2pm is no reason to panic. I suspect the lack of update since then means you've now Completed and are desperately looking for a corkscrew.....

    You couldn't be more right! Completed at 3pm which meant the poor rest of the chain couldn't start until then. But we're done! Thanks all xx
    Banks are responsible for the physical transmission and subsequent notification. As with any manual process it does have imperfections. Securest form of sending large sums though. 
  • canaldumidi
    canaldumidi Posts: 3,511 Forumite
    Tenth Anniversary 1,000 Posts Name Dropper Combo Breaker
    edited 21 April 2022 at 10:17PM
    Yes but did you find that XXXXX corkscrew!
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