• Delayed Completion (getting Close To 10 Days!)

    By Guest on 15th Sep 2015

    Hi,
    I am part of a 7 house chain, where we exchanged contracts in July 2015 with an agreed completion date of Friday 4th September 2015. Our solicitors were informed at about 3pm on the day of completion that the solicitors at the bottom of the chain (my buyers buyer) did not have the funds from the bank to allow completion. There was no reason given by the bottom solicitors other than the bank didn't release the funds. It then became apparent on the Monday (7th) that the first time buyer (at the bottom of the chain) mortgage offer had expired the day before completion. All parties have been chasing the solicitor at the bottom of the chain all week and all they keep saying (when they actually answer the phone) is that their client needs to sign a form (they won't say what the form is), but they cant get a hold of him on the phone. The solicitors at the bottom are now saying (15th September) that they are pushing for Friday completion (that will be 10 working days), as a Notice to Complete was served on the failed completion date.
    Due to the late notice from the bottom solicitor each of the parties in the chain incurred abortive Removers costs as well as other storage costs, etc. I understand that it is likely we are going to have to go to small claims court or similar to get this back. Firstly is that the case? secondly, can each of the parties claim against the guy at the bottom of the chain, or will each party have to claim against their buyer who will then pass it on to the next buyer, until it eventually ends with the guy at the bottom of the chain?
    Kind Regards

    Joe

  • 1 Answers

    By Guest on 18/09/2015

    If the loss that you are claiming is less than £5,000 then yes you will need to go to the small claims court. You will need to claim from your purchaser because you do not have a contract with the purchaser at the start of the chain. Your purchase it is obliged to compensate you whether or not he can recover his loss from the purchaser at the start of the chain. In addition to any compensation you will be entitled to keep the deposit which should now be held by your solicitor or else be held by the solicitor for the purchase at the start of the chain in which case that's all that I will be holding it to the order of your purchasers solicitor who is obliged to collect it and pass it on to your solicitor. This is on the assumption that completion does not take place before the expiry of the notice to complete and that's following expiry of the notice you rescind the contract

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