Last minute delay for completion nightmare

[wishIwasonholiday10]

We are supposed to be completing today but our lawyers IT system is completely down and they have been unable to transfer the money. Has anyone experienced something similar and what happened next? Our sellers just rung us panicking as they have had all their stuff packed up and we have loads to deliveries booked to the new house tomorrow (whiteware, furniture etc). We are bottom of the chain - will be liable for everyone’s costs even if it’s our lawyers fault?

We moved into this house many years ago, and apart from the actual packing up and moving (no estate agents involved, just ads in the local paper and word of mouth, yes it was that long ago!) there was no stress because both buyer and seller behaved themselves, no gazumping, gazundering or other messing about. And even then, as I sat amongst the boxes of our things in the new house, I vowed that the only way I would move out of this house would be when I was in a box myself! Reading all your tales of woe on Mumsnet has strongly reinforced this view.

@CBcats That sounds very risky, how can they be sure that everything will be back up and running by the 6th? Unless they know something we don't

But yes, very stressful.

@5334n Setfords daily copy and paste update is again today - "hopefully this will be fixed within days not weeks, Our MD and IT team are working tirelessly to resolve the issues"

I have asked my own solicitor about the option of my buyers (Who are using Setfords) changing, and they have said its unlikely as the new solicitors would have to start the process again, I don't think its as simple as just transferring across.

Very happy for the few people in this thread that are managing to make some progress.

But you should only have to sue if the other party refuses to accept liability. If they do accept they are responsible, you just send them the bills!

Are your solicitors ‘unofficially’ telling you that they aren’t going to cooperate and claim on their insurance? If so, surely that’s what the SRA complaints procedure is for. I’ve never had to use it but I thought it was free to the client.

We are looking to switch from Taylor Rose to another firm. We have less than 2 weeks before our mortgage offer expires and believe it should be possible, but it will be dependent on the compliance checks at the new firm. We have sent searches and documentation from Taylor Rose to the new firm so they don’t need to redo this. The only other outstanding piece is having a mortgage offer reissued with the new solicitors details which may take some time.

HSBC were informed it’s just Taylor Rose and one other firm who aren’t back up and running now.

It’s not my solicitors that are the issue it’s my buyers solicitor that can’t make the completion.

I think my solicitor is just taking a wait and see approach atm.

Did you mean it's been resolved except for Taylor Rose and one other firm?

We're with Setfords too. They confirmed they will not reimburse our legal fees if we choose to appoint new solicitors.
They do not have a timescale but said they said "they hope to have a more positive update", meaning they don't expect any good news this week :(

Does anyone know of any movement or transactions by Oneill Patient?

Anyone know for Your Convayancer?

Unfortunately, I'm in the same position, trying to complete asap :-(
The issue with CTS has still not been fixed, so unless your solicitor has a really good IT department, we stand no chance!

That’s insane as they do have insurance for such incidents. What are you suppose to do when nothing is moving and the whole chain is about to collapse. Of course you’ll try and switch

Completed on FIL's flat. Money now held by solicitors until the systems are up and running.. No idea how long that will be. At least we now know the sale has gone through but we do need the money to pay the care bill.

CTS have said that direct clients would have had an update at 1.30pm today.

Does anyone know what this was?

As its my buyers solicitors, i'm not able to speak to them to find out.

Absolutely nightmare. We are with Taylor rose and you can’t speak to anyone- we remortgage in a couple of days. Am thankful that we are only remortgaging and having got a whole chain but still going to lose hundreds of completion doesn’t go through. Why is there no contingency for this? How is everyone going to afford it?

Does anyone know what the update was?

My move failed to complete. There was a chain of six and the one at the bottom banked with Barclays whose systems went down. We we had all packed up with all my worldy goods on a removals van. The solicitors attempted a "gentleman's agreement" so we could all get keys and move but it was too late in the day on a Friday for this to work. Apparently it usually does work. I spent my weekend at my brother's house with my household goods in the removal lorry. We returned to the house on Monday morning and the money went through.
Barclays paid compensation for additional costs. It was a very stressful time.

Our buyer is with O Patient. We have been given a completion date today of 5th December. Surely they are confident of making this date?

@ELS014 where did you hear that info re CTS reporting to their direct clients at 1:30 today ? Be great to know the source if you don’t mind.

My solicitor at Setfords has been great at communicating but sadly there is no news from CTS as of this morning. Based on the last time this happened (another firm not CTS) she said it took 12 working days to get systems back and up and running.

We cannot exchange so have had to inform the chain we won’t be completing next week as agreed and the options are

1)Wait until this is resolved and then carry on ,no estimate of how long that could be as potentially kicks it until post Christmas so risk chain collapsing for various reasons.
2) Set a new completion date and if the situation resolves with a week or more prior to that date exchange as normal. If it doesn’t chose whether to further delay to the new year or risk a same day simultaneous exchange and completion which the whole chain has to agree to. This is as the individual solictors can only hold funds for 24 hours once transferred from the lenders I think (it’s confusing ) so at 6 days prior they apply to release funds and then once they are in the account go for it . The risk is no security of having exchanged so anyone can pull out at any time but on the flip side you are not contracted so not liable if it’s goes wrong . Just lumped with movers costs etc if it fails

such a nightmare , really hope all are coping ok

no, but your Solicitor will be able to

Hi,

Ive been calling CTS direct on their contact phone number on the web page - 0345 872 4400

told me that the next update will be going out 1.30pm today to firms affected.

I believe with your option 2, if funds get sent and then have to be returned to the bank you get a small charge of £30 (which is minor vs what most people re being hit with due to this)

We are at the point of reviewing this each week now on Thursday/Friday and then making the choice to delay by a week as time drags on - which gives us the weeks notice so we don't get charged by our van hire company.

Yes, funds were transferred yesterday by ONP and the formal completion will be done tomorrow after contact with the rest of the chain. I don’t think the systems are up and running fully but they are using some sort of work around.

I've just been hit by this issue! Thankfully just a remortgage, so not causing us quite the stress it's causing you - just rather annoying! Wed been told nothing about it till today when the new bank called to let us know it wouldn't all be going through on Friday like we thought. Completely in the dark about when it is going to get resolved....... 🙄

We are also in this position. So are you going to be hit with the standard variable rate?

@Burgundylover Which costs are Barclays covering?

So sorry for all involved. There's not much I cba to do on a voluntary basis but I'd get behind a consumer campaign to make conveyancers more accountable.

Hi has TR completed manually