Sunny_Glesga

I hope someone can help me out here or even give me a bit of advice.
We are due to exchange and conclude today on the house, we have shipped our furniture yesterday and thought it would be one night with the bare esentials only to find out after the shippers had gone ( afater I phoned the Conveyancer) that the buyers have a problem and wont be able to finalise Tomorrow:curse: the thing is they have also told us that there is a possibility that they may do it on Friday but no guarantees as it has not even been booked and that needs to be done the day before. We have booked our flights for next Tuesday after speaking to the Conveyancer over a week ago and she said that wont be a problem everything is in order :curse: Anyway we have no idea whats happening as nobody explained to us in any way that they have another 14 days to conclude after the end of the Contract Date! if we had known this we wouldnt have booked our flights or shipped our stuff.

We have bought a house back in the UK and need to conclude by 31st of October or we will lose it ( in the contract) and we need the funds from the house here to do this so what i did was book a deal through Ozforex 1 week advance as they advised me i can do that as long as i send the 10% to their account which i have done already but i know if it dont happen this week by Friday i wont have the money to complete the transfer as its a F****n cheque i will recieve for the equity which needs to lay for 3 Days ( what a joke) i mentioned to them about fast instant transfer to my bank so i can keep with the deal but they said they are not that far here yet and they cant to it.

Sunny G sitting on a plastic chair writing this waiting for the internet to be cut off anytime as arranged!



Oh btw we looked on the net about the buyer allowing us to release the deposit and phoned the conveyancer only to find out that the deposit is a deposit Bond which we now now is worthless to us to help us complete the sale of the house back home. i mean they told us absolutely NOTHING about all this. if we knew all this we would only have acepted a cash deposit and would or should have been told that if this ws to happen we could look to release the deposit. The thing is everyone knew what we were planning to do from the Estate agent to the Conveyancer and almost the buyers whole family as we got around 5 visits from a few hundred family members during the process.

I just feel like telling hem to go **** off and tell them they aint getting the house, i wont but you know what i mean

Anyone got any advice?

Jerseygirl

Has your UK solicitor and estate agent done the fraud checks yet? For this to be done they must see your passpost...or a legally signed photocopy. If you are transferring a large amount of money to the UK the checks have to be carried out. Banks can normally transfer money electronically within 24/48 hrs...companies like Ozforex who give you a better exchange rate have to make money somehow...they do this by holding onto your money.

If you are transferring the money via a UK bank the bank will need to do a fraud check too.

With the state of the UK property market right now I'd be very surprised if the person you are buying the house from would back out of the sale if you have the cash or means to finance the sale for the sake of 14 days. They may not be very pleased and there maybe contractual penalties for you to pay.

Sunny_Glesga

The way its working is when the house finalises the conveyancer wll give me a cheque for the equity to deposit in my bank her ( Aus) which takes 3 days to clear, i then have to do online transfer to Ozfoex account ( same bank as mine CWB) and they will put it into my UK account to allow me to pay for the house there.

the thing is, its very seldom a house comes up in the are we are moving to and as we know already from a good friend of ours, her friend who we dont really know was wanting to buy the house and has mentioned to her that she knows if they dont conclude the missives on the date set she has first option to buy the house and she has the finance already to go. obviously our frind is kinda in the middle but has assured us she will be silent in all this.

Jerseygirl

If you've come this far and have the money sorted I really can't see them backing out because of a 14 day delay.

You will need to be in the UK to show your UK passport to the bank and your solicitor...unless you've already sorted the fraud checks already.

quoll

Dont suppose you could get a bridging loan or something like that? I dont know anything about them only that some of my friends have been in a similar sort of situation and had to negotiate a loan to tide them over. Good luck with it though, it sounds like a dog's breakfast!

islandergirl

Try not to panic Sunny G, this kind of settlement delay happens ALL the time, and 99% of the time is sorted out within a few days. Get your solicitor to keep up the pressure on the other side.

islandergirl

You can also request special clearance on the incoming cheque for approx$25 fee once settlement goes through.

swimmingsaintee

ask your settlement agent to pay the equity direct to Ozforex. Phone ozforex and check that it can be done. That's what ours did, and she used the banks express clearance system, so that it cleared in 1 day. It cost us $35 for the express clearance, but we settled on a friday lunchtime, and the money was with ukforex cleared on the Monday night ( remember sat and sun don't count as clearing days). It was then sent out on the Tues - but it was sent by bacs, so took 3 days to then get to our account. So, ask ozforex to do a same day payment ( chaps). Again you'll have to pay extra, if they can do it.
Have you actually concluded the contract to buy here in uk, and 31-10 is settlement date? If contract not yet concluded, remember it can still be amended, but you might not want to upset the applecart. Check your contract . sellers might not be able to pull out straightaway, despite what it says - ask your solicitor here what will happen if there is a delay. Hope it all pans out for you

Sunny_Glesga

there has been a move on the situation 7pm last night i got a call from the conveyancer to tell me it hs been booked for today and the buyer want to do the inspection in the morning, why was it so late they got back to me? cause my mobile was ringing out! BULL!!!!!!!!!!!!!! Anyway i still have the internet just now although it should be off

To cut a long story short, we know we have been treated like complete idiots from the very beginning with conveyancer whom we confronted yesterday with all the information we got from the neighbours friend who is a conveyancer and also solictior, She was gobsmacked when i started and didnt know where to look.

Anyway, this special clearance thing as far as i was told even as of yesterday is not going to happen! she has said it will take 3 days even if they pay it direct to my account here whether its a cheque or a transfer but she did mention that she could maybe talk to my bank for some reason to try and help us out to see if they will clear it sooner.

Someone please let me know if this payment for the Special Clearance is not something out of the ordinary and its a normal banking process here if its requested like the UK system (BACS or CHAPS)

The thing is, she told me she wont be in today and cant be reached as she will be travelling to Brisbane at 6am and she will get the secretary to copy the paperwork i requested for my own reference so even if it looks like there is a special clearance it may not happen unless someone else has authority in the office,

Anyway, thanks to everyone who posted, i will keep you all posted as to what happens

islandergirl

If the money is transferred electronically it hits your account as cleared funds,it certainly doesn't take 3 days (but if you are with a credit union it can physically take that long to rock up in your account).

If the money is put in your account as a cheque,even a bank cheque, then it can take 3 days to CLEAR.

Special clearance is requested by the person who physically takes that proceeds cheque up to your bank, they then ask the teller to process it as special clearance AT THAT TIME (can't ask after the event) and pay the fee.

"Someone in authority" does not have to ask for it, the office junior banking the cheque will do - that conveyancer is blowing smoke up your arse with that one!

Anyway breathe Sunny G,sounds promising that all will be well.

Jerseygirl

Bank to bank international electronic transfers take 24/48 hrs...probably the latter...don't know how long it takes using companies such as Ozforex. When the money hits the UK bank they will hold it for another 24 hours...before they will release the funds.

islandergirl

That's actually not too bad for international, my answer was only referring to the conveyancer getting the AUD money from their account to Sunny G by the way.

I am thinking that Sunny G should keep a copy of the international transfer as proof that the money is on it's way, and fax it to the solicitor in Scotland as further proof that he will be in the position to settle on the house in the UK.