We exchanged contracts at the beginning of last week with a completion date of Friday. Everyone in the chain packed up all their things in the morning and waited. And waited. The chap at the bottom of the chain had messed up his money transfer trying to get a better exchange rate and it didn't reach his solicitor in time so the chain failed to complete. 2 families with young children were left at 6.00pm in London the weekend before Xmas with no clothes, furniture or anything. We're also all incurring additional removal costs. Apparently it should all go through today. However we've had to pay for hotels the week before Xmas (so very expensive), clean clothes (only Tesco) and other bits to get us through the weekend. Does anyone know if we can reclaim these costs from the person at the bottom of the chain? We're currently £1000+ out of pocket...,
It’s a question for your solicitor. There was something in our contract about being liable for charges if the money wasn’t through by 2pm on completion day.
However this only relates to the person who bought your house - that’s who the contract was with. So the person above the person at the bottom of the chain might be able to charge him, but I don’t see how you can.
Our solicitor left for her Xmas holiday the morning of the completion. We're being managed by the chap who I think usually makes the tea who was basically beside himself by Friday evening and desperately tying to call the partners- none of whom answered. We did ask him but didn't get a straight answer... I'll try again today. I'd feel awful charging the lovely couple with the young baby buying our house but it is a lot of money. I'm assuming it will all make its way down the chain...? Such a nightmare.
We had this exactly - chain of 7 and the 1st one in the chain didn't sort the money out.
I believe it gets passed down the chain so we got charged by our vendor but we didn't bother passing on the costs we didn't incur any extra costs (just enormous frustration and inconvenience) and frankly by the end couldn't be arsed and was just grateful it all went through eventually (it wasn't much money). I actually cried going to sleep the night it didn't go through as i thought it was all going to fall through. Never ever moving again.
The nightmare continues. The money only hit the account of the solicitor at the bottom of the chain at 5.00 pm tonight. We kept being told it would complete today so our movers hung on. When it didn't they needed their vans back and it was too late to arrange storage and we have too much stuff anyway. They therefore put all the stuff back in our old house. The only movers we can now get are only available on Friday. The rest of the chain is ready to complete tomorrow and technically we are in breach because we will be holding everything up as we can't offer vacant possession as we can't move our stuff out before Friday. It's a nightmare. If we complete tomorrow we're in trouble because we can't offer vacant possession. We're going to be served notice to complete tomorrow and will just have to wait until Friday. Additional costs are £2500 and counting and our buyers solicitor tried to get us to write the money off in exchange for leaving our stuff in the house!!! It's horrific.
It worked out in the end. We moved in a week after we were supposed to. Charged £800 in interest by the people whose house we are buying and an additional £2300 in moving expenses. We have to charge our lovely buyers who have to pass it down the chain. If he doesn't pay them they have to take him to small claims court. Horrid for everyone. Thanks for all the wise words and good wishes.