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Delayed completion
evileye
Posts: 44 Forumite
I wonder whether anyone else has been in such a scenario before. We were scheduled for completion on Friday 28th October but we received an email from our solicitor on 27th that the bank was asking for indemnity insurance for an extension on the property which was completed in 2001. The solicitor provided that but the bank didn't release the funds on Friday. The solicitor says he has been trying to contact the bank since then but hasn't received a reply and don't know whats happening.
We are FTB, the property is vacant so no chain, it was supposed to be a same day exchange/completion so we transferred all our deposit to the solicitor last week and arranged the building insurance to start from 28th October in anticipation of completion but it hasn't happened yet and we don't know why or when it would complete.
What should be our next step? We have been calling the solicitor daily but he says he hasn't got any information from the bank. We tried to contact the broker but haven't received a reply. Can we contact the bank directly, would they let us know the details of the case? The mortgage offer was issued on 11th July valid for 6 months and we haven't received anything from the bank about any changes. Can they retract the offer? Nothing has changed in our finances/expenses.
We are FTB, the property is vacant so no chain, it was supposed to be a same day exchange/completion so we transferred all our deposit to the solicitor last week and arranged the building insurance to start from 28th October in anticipation of completion but it hasn't happened yet and we don't know why or when it would complete.
What should be our next step? We have been calling the solicitor daily but he says he hasn't got any information from the bank. We tried to contact the broker but haven't received a reply. Can we contact the bank directly, would they let us know the details of the case? The mortgage offer was issued on 11th July valid for 6 months and we haven't received anything from the bank about any changes. Can they retract the offer? Nothing has changed in our finances/expenses.
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Comments
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"delayed completion" looks like a very worrying title but actually it isn't such a crisis as you haven't exchanged - otherwise you really would have problems.
reckon you just need to keep pestering whoever you can to get some idea of what is going on3 -
Completion is only a guide until you exchange. You would be surprised how many sales don't exchange on the date they are supposed to exchange.You will complete. It'll just be later than anticipated. With our recent purchase, something else cropped up at the final hour and I'll exchange and completion was delayed by 2 weeks. These things happen.1
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Completion delayed ie echange not agreed for various reasons and if the buyer or seller very unhappy, pull out and move on/ Delays do happen and often for valid reasons but keep an eye on things and push where you need to.1
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