Completion day - today. Help!!
brownsquares · 26/10/2020 14:28
Is there a usual time for completion to go through?
We were told last week by our solicitor to hand keys over at noon. I held off and rang for and update but nobody called back. I rang the agent and they said the buyer hadn't yet been asked for the funds.
This was at 1. The agent asked the solicitor for an update also but they have also heard nothing.
Is there a usual completion time and should I be worried?
We sold via auction if that makes a difference
SocksForceFive · 26/10/2020 14:40
There is no set time, and it being later in the day can be due to the length of the chain. How long is yours?
Is it simultaneous exchange and complete? If you've already exchanged then it'll happen at some point today (and you have contractual remedies if it doesn't).
If its simultaneous then that's a bit less clear - keep phoning your solicitor to chase.
brownsquares · 26/10/2020 14:42
There is no chain - we aren't buying a new property and it's an investor/cash buyer purchasing ours
Chicchicchicchiclana · 26/10/2020 14:42
It is usually 12 noon or 1pm to give both parties time to get the van loaded in the morning and unloaded in the afternoon.
brownsquares · 26/10/2020 14:49
Just rang again and they're now saying they're chasing the buyers solicitors for the funds and that they still "hope" to complete today.
Is this normal?!!
BananaLlamaConCalma · 26/10/2020 14:54
It's not normal per se but it doesn't sound outside the realms of possibilities.
You are set to complete today so I would find out what the financial repercussions are if you don't and why it hasn't happened on such a small chain.
brownsquares · 26/10/2020 14:56
@BananaLlamaConCalma thanks - financial repercussions for me?!
BananaLlamaConCalma · 26/10/2020 15:14
Well for all parties but yes, I would be more concerned for you. I'm an anxious person so would be more concerned than most.
Ultimately you promised that you would pay for a house on this day and have not yet come through. This is through no fault of your own so assume there will be a come back but that's why you lay down a deposit. You want to make sure you don't carry a penalty for whoever is on a go slow today.
BananaLlamaConCalma · 26/10/2020 15:14
Wait are you only selling?
brownsquares · 26/10/2020 15:21
No, we are selling only. Not buying another proper.
I'm stressing like mad here. They told me to "give it an hour" about 30 mins ago and that they "hope" to still complete today.
But the agent has spoken to the buyer who is alleging they haven't been asked for the funds yet!!!
I'm beyond confused and stressed
brownsquares · 26/10/2020 15:21
Greenhairbrush · 26/10/2020 15:24
I don’t know about only selling but we completed our purchase at 4.45pm just before the estate agents closed. It was a very close call. We’d been out of the one we’d sold for hours.
brownsquares · 26/10/2020 15:26
I don't know if I'm being too impatient has when I've just rang the agent and she seemed fed up and unwilling to help!
Last I've heard now is that the buyers solicitor is stalling as they want a certified copy of my marriage certificate!
I hate being in the dark with it. Hoping it's all through today!
WombatChocolate · 26/10/2020 15:35
Have you previously exchanged?
If this is a simultaneous exchange and complete, it might not happen today. It’s exchange which tends to get delayed as everything isn’t in place. As part of exchange, completion date is agreed. It is much rarer for completion not to happen on time if exchange has happened already.
Sounds to me like simultaneous.....and there are regular reports on MN of people in this situation, often with movers waiting and then exchange doesn’t happen, never mind completion and a move.
Hope I’m work g about yours and you previously exchanged....if so, the completion is pretty likely to happen today if today was the date in the all the paperwork. Good luck.
BananaLlamaConCalma · 26/10/2020 15:38
If you're only selling I can't see how there would be financial repercussions so ignore that! I'd be calling again now anyway if the last you heard was 1pm.
I just remember in our past purchases we have been told we lose our deposit if we don't complete on that day. We've only done it twice tho.
brownsquares · 26/10/2020 15:38
It was an auction sale so we exchanged on the day the auction ended, with completion in 28 days
BananaLlamaConCalma · 26/10/2020 15:39
Why do they need that?
brownsquares · 26/10/2020 15:40
I have absolutely no idea - apparently our solicitor is saying they'll send it on transfer of funds and they're saying they want it now!
SocksForceFive · 26/10/2020 15:58
If you sold at auction they'd have had the whole pack for the 28 day period. If they're only just asking for marriage certificate now then there's something else going on I think
DelphiniumBlue · 26/10/2020 15:59
Is the house registered to you in your married name? I'm wondering why a copy of your marriage certificate is required by the buyer. It's a bit late for them to be raising queries!
I'd be asking your solicitor to serve a cpmpletion notice if they haven't completed by the end of the day.
MyOwnSummer · 26/10/2020 16:01
This happened to us. Buyer was an arse and held everything up. We ended up in a hotel for the night, it was shit. And expensive. We also had to pay the removal guys to store our stuff overnight and bring it back in the morning.
Good luck OP, this sucks.
brownsquares · 26/10/2020 16:04
I have no idea what's going on - the last I heard (15 mins ago) was that the buyer solicitor was now seeing how quick the buyer could get the funds over and that "hope to get it over the line" today.
Although I now can't see it...
I don't understand why something this straight forward and chain free has become this farcical!
woodlandwalker · 26/10/2020 16:07
My move was delayed as the person at the bottom of the chain was with Barclays and Barclays systems went down on the day. I was homeless for 3 days, my goods were stored by the removal company and I paid double removal fee. It's not so much of issue if you are not buying somewhere else.
Apparently it is not unusual for banks' systems for transferring the money to go down but usually an agreement can be reached by the solicitors in the chain to allow everyone to move.
BananaLlamaConCalma · 26/10/2020 16:09
Oh you poor thing
MJMG2015 · 26/10/2020 16:12
It's beyond ridiculous how often these things are screwed up by people who are routinely paid to do it!
Mine was a complete nightmare until late in the day and it was a Friday it eventually went through at the 11th hour!
DelphiniumBlue · 26/10/2020 16:15
Ask your solicitor to let you know as soon as funds reach the buyers solicitor. Also to check what time the buyers solicitor'S bank cut off- it may be that they can't transfer funds after a certain time- used to be 4pm I think, don't know if that's still the case.
Also ask what is the contractual completion time, and if it's expired, ask about getting a completion notice served ASAP so that this doesn't drag on for weeks.
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