10:17 AM, 7th May 2014, About 8 years ago 25
After months of searching, we finally found a property deal which was exactly what we had been looking for and at £50,000 below the asking price as long as we exchanged within 28 days from our solicitor receiving the contract.
The time frame was clearly set out in the agreement sent and I also stressed the important time frame condition on instruction of my solicitor. As the deadline was drawing near, I was chasing everyone to try to get things in place, but the searches hadn’t come back and neither had the survey so the solicitor was loath to do the exchange.
All directors held a telephone meeting to discuss this situation and decided that we still wished to go ahead with the exchange without these things in place, but when I discussed this with the solicitor she said couldn’t and then in an email said……
“In view of us still awaiting the results of your local water/drainage and environmental searches, we are unlikely to be able to exchange contracts tomorrow. As I act on behalf of your lender, I am under a duty to ensure that the property provides secure borrowing which is only ascertained from clear search results. I am therefore going to write to your seller to update them of the position. I will also indicate that this delay is not indicative of your willingness to proceed and that you remain extremely keen to purchase the property”
6 days after the deadline I sent an email to the solicitor saying “…..so can we at least do the exchange before it all comes back?”
7 days after the expired deadline I was made aware that the sellers had received a higher offer, and have now pleaded with our solicitor to exchange so I wrote to my solicitor to say “….so can we now proceed to exchange please?”
5 days after this, she tells me sorry but they have just been made aware by the other side that we are now in a contract race. Two hours later we were informed that the property had been sold to the other buyers!
I am now being told that the other side didn’t adhere to the correct protocol and I hadn’t made my intentions clear that I wanted to exchange without everything in place. I know I had detailed conversations with her and gave all my reasons why we were happy to go ahead.
So where does this leave me now? Do I just pay up and walk away? The income would have been £2,400 per month with a repayment mortgage payment of £900 to come out of it.
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