Is this right?

Confused_landord

My solicotor rang me today to say i couldnt complete the sale because the builders havnt today sent the building regs certificate over,,and also they didnt send over the outstanding balance that i owe, therefore i couldnt complete.The solicitors have my funds from the lender but asked me if i wanted the solicitors to hold the funds with them until the builders send over these outstanding pieces of imformation but i will be charged intrest for this???Is this right,, i havnt heard of anything like it before....if i do get charged intrest i was wandering how much it might be ,,and i was also considering passing the intrest monies onto the builder as they are the ones at fault...all advice much appreciated...thanks

Confused_landord

?????anybody

silvercar

your solicitor has two options. Hold the money, realistic if there is a good chance the builders will provide the paperwork in the next few days or send the money back, better to do if the builder could take a week or more to sort the paperwork.

You will get charged interest for the time the money was available to you. If you have a contract with a completion date in writing the builders would be liable for any costs you incur because they failed to allow you to complete the purchase on time. If the contract did not specify a completion date then they wouldn't be liable.

static999

I've not heard of this before but I feel its your solicitor who is at fault. Their job is to make sure they have all paperwork (surveys, deeds, covenants, agreements, loans etc...) AND is happy with it before contacting the mortgage provider for a release of fund. It seems to me your solicitor requested for a release but was nowhere close to settlement stage.

Solicitors have client trust account where they hold all clients money there until settlement. Post settlement, they will reimburse the outstanding balance + interest. I assume this is where they will be holding the fund release but to charge you for it? I've not heard of. I believe the charged interest is from the mortgage provider due to fund release. Also, I don't know if there is an expiry date on your mortgage offer. If there is, they could have requested for an extension. Whether it's approved or not is another matter. So, technically, I believe they could reject the funds if you are not in a position to settle.

I hope you have all this recorded on email. If not, get a written explanation from your solicitor. Find out which society/association your solicitor belong to eg. Law Society. I would collate & record all communications and then make a complain to the relevant society. If your solicitor is a junior staff, they are usually supervised by a more experienced member in their firm. In your case, I don't know if it's a mis-sight, miscommunication or mishandling or all of the above on their part.

I must honestly say, I don't know if this is the right route but this is what I would do.

Confused_landord

the property is completed , the builders hadnt sent to my solicitors a building regs certificate and a completion statement, therefore without these my completion couldnt go through,,,,my builders via e.mail and a personal call i made to them was agreed that friday should be the completion date,,,,,,,As for as asking for an extension thatmis not required , i have had them in the passed when it was obvious the buil wouldnt be ready on time,,,,,,i am at "almost" getting the keys stage...I have just been in to the sales office to complain and i said if i am charged any intrest that the lenders monies are being held then i am forwarding that cost to them!!!HHHMMMMM