Buyer hospitalised after exchange

silvercar

chainhell said:

silvercar said:

chainhell said:

Just an update, the buyer is still in hospital.  Solicitor has no direct contact with them just a limited line with the hospital.  No idea of prognosis.  We have had confirmation that the full funds aren’t with the solicitor ( as suspected).  

Not sure how long the chain will wait in limbo like this.  

You should give notice to complete. However well meaning you are, this is a transaction and the buyer (or his estate if the worst happens) will be liable for your losses. 

Thanks, all solicitors in the chain have agreed to wait at the moment to give him chance to recover.  Although he’s likely been in hospital for a couple a weeks so this must be serious.  My fear is if the top of the chain give notice to complete the whole chain collapses and it becomes a legal mess.  

 There are approximately 6 in the chain.  I hate to think what the losses could be, which I believe will be passed down to this gentleman who could lose everything!  

Which is why you serve a notice to complete. Solicitor may need to make a hospital visit to discuss implications with his client, if he can’t make contact in other ways.

chainhell

silvercar said:

chainhell said:

silvercar said:

chainhell said:

Just an update, the buyer is still in hospital.  Solicitor has no direct contact with them just a limited line with the hospital.  No idea of prognosis.  We have had confirmation that the full funds aren’t with the solicitor ( as suspected).  

Not sure how long the chain will wait in limbo like this.  

You should give notice to complete. However well meaning you are, this is a transaction and the buyer (or his estate if the worst happens) will be liable for your losses. 

Thanks, all solicitors in the chain have agreed to wait at the moment to give him chance to recover.  Although he’s likely been in hospital for a couple a weeks so this must be serious.  My fear is if the top of the chain give notice to complete the whole chain collapses and it becomes a legal mess.  

 There are approximately 6 in the chain.  I hate to think what the losses could be, which I believe will be passed down to this gentleman who could lose everything!  

Which is why you serve a notice to complete. Solicitor may need to make a hospital visit to discuss implications with his client, if he can’t make contact in other ways.

Yes I’m surprised the solicitor hasn’t been into the hospital as the consequences are so great.  Maybe they are very ill.

Flugelhorn

6 in the chain! I am surprised no-one has given notice to complete. 

if the gentleman was able, can he give temp PoA to the solicitor (though presume it is accessing funding that would be the issue)

chainhell

Flugelhorn said:

6 in the chain! I am surprised no-one has given notice to complete. 

if the gentleman was able, can he give temp PoA to the solicitor (though presume it is accessing funding that would be the issue)

I think the chain will be getting restless soon.  Yes we don’t know the health of the gentleman but he’s made no contact with solicitor.

Flugelhorn

perhaps the chain does need to get restless with the solicitor at the bottom of the chain, if only to get a bit more info and a discussion of the options

chainhell

Both my partner and I are selling houses and buying joint.  It’s the sale of my house and our onward purchase that is in this chain.  Her house sale completes next month.

i was wondering with the funds from her sale, plus if I got a bigger mortgage I could go ahead and complete while I wait for the buyer to recover.  

The risk is that I get rejected on the bigger mortgage 

just wondering if that’s worth exploring or do I just sit back and let this happen !!

Flugelhorn

chainhell said:

Both my partner and I are selling houses and buying joint.  It’s the sale of my house and our onward purchase that is in this chain.  Her house sale completes next month.

i was wondering with the funds from her sale, plus if I got a bigger mortgage I could go ahead and complete while I wait for the buyer to recover.  

The risk is that I get rejected on the bigger mortgage 

just wondering if that’s worth exploring or do I just sit back and let this happen !!

sort of thing I would do - I hate hanging around for people to sort out problems like this - trouble is I expect you would want to reduce the mortgage when your sale goes through and I guess that isn't always possible so early into the term? 

PS you would also need 5% SDLT as would have 2 properties ... would get it back when yours completes but would still have to find the money now

perhaps the person at the top of the chain will buy the house at the bottom.

chainhell

Flugelhorn said:

chainhell said:

Both my partner and I are selling houses and buying joint.  It’s the sale of my house and our onward purchase that is in this chain.  Her house sale completes next month.

i was wondering with the funds from her sale, plus if I got a bigger mortgage I could go ahead and complete while I wait for the buyer to recover.  

The risk is that I get rejected on the bigger mortgage 

just wondering if that’s worth exploring or do I just sit back and let this happen !!

sort of thing I would do - I hate hanging around for people to sort out problems like this - trouble is I expect you would want to reduce the mortgage when your sale goes through and I guess that isn't always possible so early into the term? 

PS you would also need 5% SDLT as would have 2 properties ... would get it back when yours completes but would still have to find the money now

perhaps the person at the top of the chain will buy the house at the bottom.

As it would be a second mortgage there would be a large penalty to repay part of the mortgage.  At least that way I secure the house.  But if I apply for a bigger mortgage I run the risk of losing my current mortgage offer as I need to go to a different lender.  Post exchange this is a risky move !!!!

user1977

chainhell said:

silvercar said:

chainhell said:

silvercar said:

chainhell said:

Just an update, the buyer is still in hospital.  Solicitor has no direct contact with them just a limited line with the hospital.  No idea of prognosis.  We have had confirmation that the full funds aren’t with the solicitor ( as suspected).  

Not sure how long the chain will wait in limbo like this.  

You should give notice to complete. However well meaning you are, this is a transaction and the buyer (or his estate if the worst happens) will be liable for your losses. 

Thanks, all solicitors in the chain have agreed to wait at the moment to give him chance to recover.  Although he’s likely been in hospital for a couple a weeks so this must be serious.  My fear is if the top of the chain give notice to complete the whole chain collapses and it becomes a legal mess.  

 There are approximately 6 in the chain.  I hate to think what the losses could be, which I believe will be passed down to this gentleman who could lose everything!  

Which is why you serve a notice to complete. Solicitor may need to make a hospital visit to discuss implications with his client, if he can’t make contact in other ways.

Yes I’m surprised the solicitor hasn’t been into the hospital as the consequences are so great.  Maybe they are very ill.

If the solicitor has only found out by phoning round the hospitals, I presume the client is unlikely to be in a state to give instructions even at the bedside.

Plus their feeing arrangement is unlikely to cover daytrips out of the office to visit hospitals.

chainhell

user1977 said:

chainhell said:

silvercar said:

chainhell said:

silvercar said:

chainhell said:

Just an update, the buyer is still in hospital.  Solicitor has no direct contact with them just a limited line with the hospital.  No idea of prognosis.  We have had confirmation that the full funds aren’t with the solicitor ( as suspected).  

Not sure how long the chain will wait in limbo like this.  

You should give notice to complete. However well meaning you are, this is a transaction and the buyer (or his estate if the worst happens) will be liable for your losses. 

Thanks, all solicitors in the chain have agreed to wait at the moment to give him chance to recover.  Although he’s likely been in hospital for a couple a weeks so this must be serious.  My fear is if the top of the chain give notice to complete the whole chain collapses and it becomes a legal mess.  

 There are approximately 6 in the chain.  I hate to think what the losses could be, which I believe will be passed down to this gentleman who could lose everything!  

Which is why you serve a notice to complete. Solicitor may need to make a hospital visit to discuss implications with his client, if he can’t make contact in other ways.

Yes I’m surprised the solicitor hasn’t been into the hospital as the consequences are so great.  Maybe they are very ill.

If the solicitor has only found out by phoning round the hospitals, I presume the client is unlikely to be in a state to give instructions even at the bedside.

Plus their feeing arrangement is unlikely to cover daytrips out of the office to visit hospitals.

Exactly!  Hard to make life changing decisions with no information!!