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My buying chain has collapsed after exchange due to an error by a buyer down the chain's solicitor not noticing an error

5 replies

Sellingproblem · 05/10/2022 22:22

There was a charge on their property which their solicitor did not spot. then the lending firm for the charge changed hands and cannot provide the information any time soon. Meanwhile we are all stuck. We have all exchanged. My solicitor has advised we move back in the house we have "sold" to avoid any more storage costs so we have booked a removal co. We have to pay the mortgage on the house we have "bought."Anyone been through similar that could advise?

OP posts:
PragmaticWench · 05/10/2022 22:24

If you've only exchanged, and not completed, then why have you moved out? You won't pay the new mortgage until completion has happened.

eurochick · 05/10/2022 22:27

It's not my area but I believe you will all have claims against your buyer for failure to complete and all the associated costs. This will flow down the chain to the party whose solicitor didn't spot the charge and that person would have a claim against their solicitor.

Ithoughtthiswastherehearsal · 05/10/2022 22:28

That sounds very unusual and complicated situation on which you need a lawyer to advise. The negligent lawyer down the chain will have professional indemnity insurance and that insurance might possibly cover some of your costs (but I don’t know if their insurance would only be for his client, or the whole chain).

Might wanna ask Mumsnet to move this to legal.

Sorry not to be more help, I haven’t a clue except you need a lawyer to look at all this.

Sellingproblem · 05/10/2022 22:40

I don't want to bankrupt our buyer or anyone else.

OP posts:
mondaytosunday · 05/10/2022 23:09

This doesn't make sense. You haven't sold until completion. You haven't bought either - so you should t be paying a mortgage on a house you don't own.
My hose didn't complete in the day expected due to funds but moving up the chain in time. I had moved out that day - we didn't find out until 5pm. We did exchange a few days later and my solicitor said I could claim interest from the buyers plus costs. I didn't as it wasn't there fault, but if I had movers booked that had to store my stuff I might have.
I think you need to get the facts straight and go from there.

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