Help-- the vendor delay the completion

FDEER

The contract exchange happened 3 weeks ago. However, 1 day before the completion data, we received a call from the solicitor. She told us that the vendor could not finish the moving out on time. Consequently, the completion didn't occur in the original completion date. Now, it has been 1 week since the original completion date, the vendor still occupies the property. The more serious problem is that our mortgage bank notify us that if we can not finish the completion tomorrow, they will ask me to return the mortgage. What can I do? Is the vendor's behavior legal? In this situation, if the business fail because of the vendor, can I ask him to pay my loss?

Many thanks

silvercar

Your solicitor should have served notice to complete on the vendor.

The vendor would be liable for your costs.

PasturesNew

I sometimes wonder what planet they kn0bheads live on.

On completion date, once the vendor has received the money the property is yours. And the person living there has no right to be there at all. Not for any reason. They should have packed and been out of the door the very second they received the money.

I am assuming they DID receive the money, it's not entirely clear from your posting. But this is a matter for your solicitor to deal with. The solicitor should have issued them with a piece of paper (no idea of the name) giving them 10 days to get out.

The vendor is entirely wrong.
You have done nothing wrong.
Your solicitor should deal with this for you and you will also be due some compensation from the vendor for failing to complete on the agreed date. The amount of compensation will be decided by your solicitor but it will include any fees/interest/penalties that you have incurred because they didn't move out.

Why on earth didn't they move out. They should have put their stuff in storage and moved into a hotel. Idiots. Selfish, rude, arrogant idiots.

Good luck!

maryotuam

Why not knock at the door, walk in and tell them to get out of your house or you will ring the police! If money has changed hands then it is YOUR house. Seriously though, speak to your solicitor and pressurise them into taking whatever action is possible urgently.

FDEER

PasturesNew wrote: »

I sometimes wonder what planet they kn0bheads live on.

On completion date, once the vendor has received the money the property is yours. And the person living there has no right to be there at all. Not for any reason. They should have packed and been out of the door the very second they received the money.

I am assuming they DID receive the money, it's not entirely clear from your posting. But this is a matter for your solicitor to deal with. The solicitor should have issued them with a piece of paper (no idea of the name) giving them 10 days to get out.

The vendor is entirely wrong.
You have done nothing wrong.
Your solicitor should deal with this for you and you will also be due some compensation from the vendor for failing to complete on the agreed date. The amount of compensation will be decided by your solicitor but it will include any fees/interest/penalties that you have incurred because they didn't move out.

Why on earth didn't they move out. They should have put their stuff in storage and moved into a hotel. Idiots. Selfish, rude, arrogant idiots.

Good luck!

Actually, my solicitor still keeps the money, the problem is that if the completion can not be finished tomorrow, my solicitor has to return the mortgage to the bank. It means that this business is in the risk of being interrupted and I may lose lots of money.

chappers

After completion date was missed your solicitor should have issued a notice to complete the vendor would have then had 10 days to complete and if they failed then yes you would have been able to sue for your loss.What was the reason for not completing, any reason you can't complete tomorrow and what has your mortgage company said can they re advance the money back to your solicitors at a later date.I suspect they just want to make sure the money is still there and hasn't been spent on something other than the property.Check with them and if they are happy to re-issue it then serve the vendors with a notice to complete.

mdj1

I think im correct in stating that if the vendor fails to complete in the allocated time and the chain fails they are liable to pay costs up to 10% of the purchase price. Someone correct me if im wrong,

but in any case you should be on the back of your solicitor 4 times a day!!!

Trollfever

Words fail me.

Are you employing a qualified solicitor?

chappers

mdj1 wrote: »

I think im correct in stating that if the vendor fails to complete in the allocated time and the chain fails they are liable to pay costs up to 10% of the purchase price. Someone correct me if im wrong,

but in any case you should be on the back of your solicitor 4 times a day!!!

As far as i know you can sue for any loss caused by the aborted sale, without limit.

Ditto re your solicitor.

jill2002

This is standard practice that if completion doesn't take place on the chosen date, the solicitor, having received the funds from the mortgage company a few days before- to be ready for completion. They can keep the money for another few days if completion is imminent, but have to return it to the mortgage company and will have to request it again in the normal way.

I agree that this is annoying and frustrating for you, but it happens all the time, don't panic.

FDEER

chappers wrote: »

As far as i know you can sue for any loss caused by the aborted sale, without limit.

Ditto re your solicitor.

This is the most annoying part. My solicitor told me that within 10 days, if I interrupt the business, I will lose my deposit. On the other hand, if the vendor abort the sale, he only need to pay the interest of my mortgage. I think that it is totally unfair and I don't know who is the correct person I should talk with, another solicitor?