Mortgage funds requested pre exchange!?

backtosquare1

cr1mson said:

Is the sol aware that you are planning on delaying exchange and completion? Has this been agreed with seller?

I've told solicitor that we will not be exchanging until issues have been rectified. Given that this has not yet happened they should already know by exercising some common sense that completion by 17th isn't happening

backtosquare1

eddddy said:

backtosquare1 said:

Herzlos said:
What did the solicitor say when you asked them about it?

 "Glitch in the system"

I'd guess that "Glitch in the system" is 'solicitor speak' for "Oops - I got the dates confused."

In your position, I'd just play along and reply something like "I assume I won't get charged any interest as a result of the glitch".


If the answer is that you will get charged, then maybe start digging a bit further. If the answer is that you won't get charged, leave it at that.

I don't think funds have been drawn yet, only the request made for them to do so. This has now been rectified (apparently) so assume no interest due but will double check

penners324

backtosquare1 said:

cr1mson said:

Is the sol aware that you are planning on delaying exchange and completion? Has this been agreed with seller?

I've told solicitor that we will not be exchanging until issues have been rectified. Given that this has not yet happened they should already know by exercising some common sense that completion by 17th isn't happening

Is the developer aware? 

backtosquare1

penners324 said:

backtosquare1 said:

cr1mson said:

Is the sol aware that you are planning on delaying exchange and completion? Has this been agreed with seller?

I've told solicitor that we will not be exchanging until issues have been rectified. Given that this has not yet happened they should already know by exercising some common sense that completion by 17th isn't happening

Is the developer aware? 

They should be, I've told the solicitor to make them aware so if they haven't then that's something else they're not doing properly 

Hoenir

backtosquare1 said:

penners324 said:

backtosquare1 said:

cr1mson said:

Is the sol aware that you are planning on delaying exchange and completion? Has this been agreed with seller?

I've told solicitor that we will not be exchanging until issues have been rectified. Given that this has not yet happened they should already know by exercising some common sense that completion by 17th isn't happening

Is the developer aware? 

They should be, I've told the solicitor to make them aware so if they haven't then that's something else they're not doing properly 

Your solicitor won't be in communication with the developer directly just the developer's solicitor.  You need to be informing the right people.

backtosquare1

Hoenir said:

backtosquare1 said:

penners324 said:

backtosquare1 said:

cr1mson said:

Is the sol aware that you are planning on delaying exchange and completion? Has this been agreed with seller?

I've told solicitor that we will not be exchanging until issues have been rectified. Given that this has not yet happened they should already know by exercising some common sense that completion by 17th isn't happening

Is the developer aware? 

They should be, I've told the solicitor to make them aware so if they haven't then that's something else they're not doing properly 

Your solicitor won't be in communication with the developer directly just the developer's solicitor.  You need to be informing the right people.

I don't have any contact at all with the developer, only the sales reps who are selling/marketing on behalf of the developer. They are aware

eddddy

backtosquare1 said:

penners324 said:

backtosquare1 said:

cr1mson said:

Is the sol aware that you are planning on delaying exchange and completion? Has this been agreed with seller?

I've told solicitor that we will not be exchanging until issues have been rectified. Given that this has not yet happened they should already know by exercising some common sense that completion by 17th isn't happening

Is the developer aware? 

They should be, I've told the solicitor to make them aware so if they haven't then that's something else they're not doing properly 

That might not be a good way of dealing with this.

It might be a much better idea to get on the phone to the team you're dealing with at the developer's, to tell them what's going on.

For example, if you fail to exchange, and the message hasn't reached them, so they don't know why - they might be tempted to give up on you, and remarket the property.



This is especially true, if their financial year ends on 31st December.

They might be offering you a good deal in order to get the sale completed in December. So that the company's annual figures look good, people get a bigger annual bonus, etc.

If you can't complete in December, they might decide that there's no rush to sell, as they'll be a new flurry of interest in early January.

So instead of sticking with you, they put the house back on the market for £20k more in January. And aim to sell it in quarter 1 of next year.

Hoenir

backtosquare1 said:

Hoenir said:

backtosquare1 said:

penners324 said:

backtosquare1 said:

cr1mson said:

Is the sol aware that you are planning on delaying exchange and completion? Has this been agreed with seller?

I've told solicitor that we will not be exchanging until issues have been rectified. Given that this has not yet happened they should already know by exercising some common sense that completion by 17th isn't happening

Is the developer aware? 

They should be, I've told the solicitor to make them aware so if they haven't then that's something else they're not doing properly 

Your solicitor won't be in communication with the developer directly just the developer's solicitor.  You need to be informing the right people.

I don't have any contact at all with the developer, only the sales reps who are selling/marketing on behalf of the developer. They are aware

I'm begininning to understand why the "glitch" has happened. 

EssexHebridean

If you were to be completing on the 17th I would have expected that the certificate of title would be put in about now, particularly in the light of the fact that this is a busy time of year for completions. 

You won't start paying interest until the funds are sent to the seller and completion happens. 

backtosquare1

EssexHebridean said:

You won't start paying interest until the funds are sent to the seller and completion happens. 

Is this definitely the case? From what I've read and heard from others, interest will start from the moment funds are released by the lender