We’re screwed aren’t we 😢

(20 Posts)
Cockwombleseverywhere Mon 27-Sep-21 19:39:34

We sold our house in March to what we thought was a cash buyer. Turns out they weren’t quite the quite what they said they were and we’ve ended up in a chain.
The bottom of the chain has messed us around ridiculously with various issues seeming to crop up weekly.
We were due to exchange and complete last Friday and then their funds mysteriously didn’t arrive.
We’ve then been told that they need to take independent legal advice today before the funds will be released and they were hoping to exchange and complete on Wednesday. Heard birthing today.
Meanwhile as our funds were released for our new mortgage on Friday we are now being charged interest on a mortgage for a house we don’t yet own!
To add more stress our existing mortgage payment is due tomorrow and our new mortgage payment is coming out on Friday 😢.
If we don’t complete before Thursday then there’s stamp duty to factor in too.
What will happen if this all collapses which I’ve got a really bad feeling it’s going to?

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Cockwombleseverywhere Mon 27-Sep-21 19:40:57

Sorry for the spelling issues…. Really stressed.
Should have read heard nothing today.

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Whymustyoubringinthebirds Mon 27-Sep-21 19:54:52

I would suggest speaking with your solicitor with regards to your mortgage funds as that set up sound strange and I would find it extremely unlikely you would make a payment on the mortgage if it has not completed, the mortgage is not classed as 'completed' just because the solicitor has the funds

Cockwombleseverywhere Mon 27-Sep-21 19:59:09

I thought the same but we’ve received a letter today from the mortgage company saying our mortgage started on the 23rd and first payment will be taken on 1st October.
Tried to call our solicitor today to find out but no one was available.
I just don’t know what to do, we can’t afford two mortgage payments in one month as the new mortgage is double what our old one is.
So over £1100 will go in the space of 3 days if it’s not sorted.

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cittigirl Mon 27-Sep-21 20:35:55

Surely the mortgage company shouldn't release the funds until completion date? Or at the very earliest after exchange? Either your solicitor or broker if you have one has messed up. I hope you manage to sort it.

GingerBeverage Mon 27-Sep-21 20:36:33

The mortgage company is securing the funds on the property - no property no security. Very odd.

Cockwombleseverywhere Mon 27-Sep-21 20:48:34

I think the funds got released as completion & exchange we’re supposed to happen on Friday 24th.
We were all told that date was confirmed and then waited all day for the bottom of the chain to start the process. Obviously that never happened.
We have been so patient waiting 6 months for everything to get sorted when we initially thought it was so simple. We are the end of the chain and thought a cash buyer was perfect as it would all be over and dusted so quickly.
More fool us I suppose.

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Catmummyof2 Mon 27-Sep-21 20:57:05

We had exchange and completion delayed on our last house after funds had been released. Your solicitor will return the funds and the bank will not charge you interest, but there is a ‘lag’ period where it still looks like you have two mortgages as they need to process the funds to deactivate the new mortgage again. Hopefully your solicitor will wait until you have more certainty before requesting funds again, as banks don’t tend to like lots of false starts.

TheHouseILiveIn Mon 27-Sep-21 21:03:24

cittigirl

Surely the mortgage company shouldn't release the funds until completion date? Or at the very earliest after exchange? Either your solicitor or broker if you have one has messed up. I hope you manage to sort it.

Yes, this is very odd. Never heard of this, and I have bought a few houses over the years

redastherose Mon 27-Sep-21 21:52:47

Your solicitor may have got permission from the Bank to hold the funds for a day or two in the hope that completion could take place, it is really unusual but can happen if a completion is delayed through an issue elsewhere in the chain. Your solicitor needs to confirm to you whether they are holding the funds or if they were returned.

ScarletApple Tue 28-Sep-21 10:22:04

But surely the bottom of the chain is now in breach of contract?? That’s serious. Are you using a proper solicitor or a cheaper conveyancer? It all sounds incredibly strange.

ScarletApple Tue 28-Sep-21 10:23:47

Ah, exchange hasn’t happened yet? You were exchanging and completing on the same day. So no legally binding contract. Hope it gets sorted OP.

StylishMummy Tue 28-Sep-21 10:47:09

Mortgage adviser here - your solicitors need to return the funds to your new mortgage lender and draw down again when you complete

Cockwombleseverywhere Tue 28-Sep-21 16:12:38

Spoken to the conveyancer today.
Apparently they are holding on to the funds as it would take a couple of days for the bank to receive the funds back and then another couple of days to re-release it confused
And nobody has heard from the bottom of the chain today at all. I’m really worried now.
I knew exchanging and completing on the same day was risky but we are so desperate to get this through before stamp duty ends on Thursday.

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Fabvegetablegrower Tue 28-Sep-21 16:29:23

The bank will need to recalculate the interest payment on the new loan from the actual date of completion. As you didn't complete on the 23rd the current payment is incorrect. Your solicitor should be speaking to the bank. Unfortunately a fair number of conveyancing solicitors aren't very good. Please try not to panic it can be sorted by the bank.

redastherose Sun 03-Oct-21 18:14:33

@Cockwombleseverywhere did you manage to complete?

Cockwombleseverywhere Wed 13-Oct-21 22:48:05

We did manage to complete on the 30th sept at 5:15!!! It was an absolute nightmare and I think I’m just starting to relax smile

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Candleabra Wed 13-Oct-21 22:50:48

Fab update. Phew!

BlueMongoose Thu 14-Oct-21 15:21:47

Great news! Good luck in the new house!

Cockwombleseverywhere Thu 14-Oct-21 22:01:44

Thank you 😊
I don’t think I ever want to move again 🤣

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