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Original poster

Please let us complete today

18 replies

Uncomplete · 16/03/2015 10:26

We should've completed Friday but our lender didn't transfer the money :(

Lots of frantic phone calls/emails between broker, solicitors...didn't get us anywhere and we don't even know why the funds weren't transferred.

We've been charged interest by vendor's solicitor and I've barely slept all weekend. Our broker is apparently on the case this morning but he's fairly useless so I'm just praying it all goes through today.

Thank god we are chain free and not intending to move into new house just yet as we have work to do there first. It would've been horrendous had we been packed with nowhere to go.

EA told us this is only the 2nd time in 20yrs she's known a sale not to complete on the day...guess we should've taken heed of it being Friday 13th.

Anyone around to hold my hand? I've done all my housework and just sitting here by the phone waiting for some news :(

OP posts:
PiratePanda · 16/03/2015 10:37

Hand holding. How awful for you.

Enidblytonrules · 16/03/2015 11:17

Been there only the other way round - our buyer's solicitor 'forgot' to order the funds from the mortgage lender so buyer was unable to complete.

Buyer did a sit in at the solicitor's the next day until it was sorted - wish I had been a fly on the wall.

No interest was charged to our buyer - we felt really sorry for what had happened and was no real inconvenience to us -empty house- only having to reinstate insurance for the day and the worry that the completion was not going to happen. The mortgage lender's solicitor stated that they had not given permission to the buyer's solicitor for the exchange to happen - luckily all sorted within 24 hours.

RaphaellaTheSpanishWaterDog · 16/03/2015 11:59

Hand holding OP. Hope it all works out for you today.....

Original poster
Uncomplete · 16/03/2015 12:01

Thanks for hand holding Pirate.

Enid you were far more sympathetic than our vendor is being - well, his solicitor at least - we were told Friday afternoon that we owed £300 in interest by that point!

Have heard some news this morning, apparently lender released funds on Friday to their solicitor but they didn't then transfer them on. No one seems able to get hold of the solicitor dealing with it so we still don't know why they weren't transferred. Our solicitor is hopping mad as lender won't discuss anything with him, they will only deal with our broker who is apparently on the case but hasn't come back to us yet.

I. Am. Never. Buying. A. House. Again.

OP posts:
wowfudge · 16/03/2015 12:16

This happened to us - funds didn't reach the vendor. Luckily we hadn't planned to move until the following day anyway (place was filthy and we had cleaners coming in). The transfer happened the next morning. We were buying for an investor and not selling the house we were moving from so it wasn't as though it held up a chain. We never did find out who was at fault for the hiccup.

wowfudge · 16/03/2015 12:19

I'd go and sit in the broker's office if he's not getting back to you.

specialsubject · 16/03/2015 12:19

£300 in interest per day? What are you buying, Buckingham Palace? Challenge that.

the person who didn't complete is liable for penalties, not you.

Hang in there. At least your solicitor isn't comatose, unlike the others.

wowfudge · 16/03/2015 12:21

Correction - we were buying from an investor

Original poster
Uncomplete · 16/03/2015 12:44

Sorry, the £300 isn't all interest, £120 of it is the set up fee or something (I read the rather terse email at a point on Friday when I was already shaking with anger so I didn't make a note of the finer details!).

Would love to go and sit in broker's office but he's in Wales and we're in East Anglia.

Still waiting...

OP posts:
specialsubject · 16/03/2015 13:10

still way too much interest, bank rate is 0.5%.

but as noted, it isn't your liability.

phone every 30 minutes!

SmellTheGlove · 16/03/2015 14:04

Oh god we're waiting to complete today too! Only an hour late so far but didn't even occur to me it might not happen today?!

Original poster
Uncomplete · 16/03/2015 14:09

Interest is being charged at 4.5% if I remember correctly.

We have moved on since my last post, funds have been released but only after we promised to pay the £300 which our solicitor had passed on to the lenders! Bastards! They had us over a barrel really but I'm not happy about it.

Anyway, the funds are on their way to our solicitor and he is letting us know once we have completed.

Smell I think non-completion is very rare so don't panic. The whole process of buying our house has been a nightmare tbh, it's not a straight forward purchase at all and the money we are borrowing is in the form of a bridging loan which I am certain has had an impact on the competency of the lenders and their solicitors - they've quite frankly been a shower of shit right from the start but we had very little options open to us. I have no doubt that none of this would've occurred had we been borrowing from a high street lender, for example.

OP posts:
Enidblytonrules · 16/03/2015 14:18

Really pleased to see that you are on the way to being 'sorted'-enjoy your new house! Interesting you are in East Anglia - so are we - hope it is not the fault of the same useless solicitors our buyer used!!! Bad memories but quickly forgotten.

Original poster
Uncomplete · 16/03/2015 14:21

The lender's solicitors are in Lancashire I believe, they're not local to us otherwise I would've been round there on Friday demanding that they at least answer our frantic attempts to contact them!

I agree that the bad memories will soon be forgotten, this is our dream house we are buying (hence the desperation of taking out a bridging loan!) and if it all goes through it will have been well worth it. We've been in the process of buying it for 6 months now so an extra weekend of waiting is a drop in the ocean. Annoying but hey ho.

OP posts:
LizzieMint · 16/03/2015 18:16

What a nightmare! I hope you have managed to complete now

Spickle · 16/03/2015 19:03

Most contracts have a clause in them which states the interest rate - 4.5% is normal, sometimes it is 4% and sometimes 5%, this is what is charged if completion is in breach of the contract. Nothing to do with current bank's base rate.

Spickle · 16/03/2015 19:59

and agree with the above that it will be the party at fault for breaching contract who will be liable for costs involved.

Spickle · 16/03/2015 20:05

should add that the penalty charge is 4% over base rate, i.e. 0.5% = 4.5%

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